Burst Pipe #2: Tool Shopping

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Blog entry by Sivers posted 03-08-2010 09:28 PM 1197 reads 0 times favorited 2 comments Add to Favorites Watch
« Part 1: The verdict. Part 2 of Burst Pipe series no next part

It’s been 4 weeks since the pipe burst and everything is getting back to normal. For those wondering about insurance in this case here is how my insurance company is handling it. They had a third party compnay come in to inventory all the damaged possesions and present a list to the insurance company.

They then asked me to put a cost next to each item as well as the date it was purchased. Many of my tools were gifts or hand me downs so that was very difficult to do. In the end I just looked most of them up online to figure out prices. So insurance went through and assigned each item their own “replacement value” as well as the depreciation for each item based on the purchase date. They then sent me a cheque for the depreciated value of everything. So take a $100 sander, purchased 3 years ago, they sent me a cheque for $70. If I don’t want to replace the sander I can opt to keep the $70, but if I replace it with a new one they will reimburse up to the 100+tx (113). So they will send me another $43 to make up the difference.

Their valuations were bang on for most items. If I choose to upgrade the additional costs fall on me. The one discrepency was my table saw, it was an old Makita model. They compared it to $130 table saw while all Makita saws on the market were $400-600 range. That was the one item I questioned once I had looked at some of the cheaper table saws on the market. They came back and we negotiated a fair replacement value.

Getting a little tired of hardware stores but here is the shopping list of tools purchased so far: (Been trying not to look at the credit card bill)

Milwaukee 12” Dual Bevel Sliding Mitre Saw (w stand) – this one was a major upgrade but this saw is amazing!!
Rigid 16 Gallon Vac
Makita 10” Circular Saw
DeWalt 13” Planer – Found it on sale so this was an upgrade from my 12” Dewalt
Milwaukee 5” ROS

Also put in a bulk order for sandpaper from Keen Abrasives. They are a Canadian supplier for many abrasive products, they had quick shipping and great selection. I couldn’t even get a comparable price through work.

Still on the TO BUY LIST:
Table Saw
Jig Saw
Forstner Drill Bit Set

All in all it has been a huge pain in the butt dealing with all this and I wouldn’t wish this on anyone. At the same time it helped clear out the clutter from the basement and helped me realize what tools are important.

Financially I will be on the hook for the $1000 deductible but figure I should come out $600-750 in the positive on personal property between catching things on sale and not replacing some things. And as an added bonus I have a brand new high efficiency furnace. Of course over the years I will end up paying that money back to the insurance companies many times over but it is nice to know they treat you right when the time comes.

2 comments so far

View BOB67CAM's profile


269 posts in 3037 days

#1 posted 03-08-2010 10:23 PM

u should almost do a review on your insurance company, cuz our we lost a bunch of stuff in a storm, 1 that infuriated me was the 3 month old steel shed that we spent 300 on and got 73 bux for
so my butt went from x to O it was not pretty, i really fear anything happening while were (un)covered by this company
all the money we got from them went to the roof of the house and we lost a few windows, all the window shutters, the shed all the solar garden lights…. it was a huge list and i think we took back maybe a 1/3 or what it shoud have been
glad to hear yer getting yer stuff back and yer company is doing what the entire premise of them should do ;)

-- if you dont have it, build it, especially when its a stupid idea

View HokieMojo's profile


2104 posts in 3693 days

#2 posted 03-08-2010 10:59 PM

Sorry to hear about the damage. At least you are having a good attitude and trying to make the best of a bad situation. I’m particularly impressed with their methods. I thought it would be entirely up to you to figure out what got lost. how detailed do they get? Would they replace things that fall in the under $5 category? Just curious, cause that stuff sure can add up, although it might not matter as much with water damage as opposed to a fire.

It sounds like you have cash value insurance. I think replacement cost would give you the price to re-buy what you lost. cash value just gives you what you’d be able to sell the item for used on something like craigslist.

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