too many tools

[bfullmer]

Farm Bureau agent came to look at new house and barn and said I have professional tools from when I was working as a mechanic and are not covered ?? He is looking for another company to cover them-anyone have this problem ? No business just private residence.

 

[Lazy WP]

I am a firm believer that a person should swap insurance agents every so often. Makes them work harder for YOU.

 

[TimV]

bfullmer: It's pretty common--many insurance companies have a relatively low (a couple thousand dollars) amount of tools they will cover as part of a general homeowner policy, to cover the relatively small amount of tools the typical homeowner has for minor repairs, and past that you have to buy extra coverage. As any mechanic can vouch, it doesn't take long to have 5-10 grand (or more) tied up in tools, but I'm sure enough people have tried to claim a "stolen" toolbox with 10 grand worth of tools that the insurance companies don't want to cover that kind of loss without the homeowner buying special coverage for them, quite possibly including an itemized list of any big-ticket stuff, similar to what you'll often need with jewelry, firearms, or other high-dollar items.

 

[grandpa Love]

Friend of ours had his truck and trailer loaded with tools stolen out of a driveway while he was installing a fence in backyard. Insurance covered truck. Not the trailer or tools. I called my insurance company and sure enough not covered. 15 grand in tools and trailer no theft coverage. Yikes. Called around no way to get it either. Just a lot more careful.

 

[kevinj54]

Seems strange, Farm Bureau sold me a higher that standard contents coverage????

 

[steve706]

I had to get a rider on my house/property insurance because my tools are not run of the mill hardware store stuff, but classified as professional tools. Cheap tools would fall under regular contents, but any quantity of Snap on, Mac, etc costs extra.

 

[4play]

$10k worth of tools is a small toolbox to some people or a lot to others, that amount of money might only buy half of a empty toolbox too. Tools are part of my profession and if I brought them all home then I would definitely need to add to the policy or shop for some more coverage.

 

[moresmoke]

When I signed up with my current insurance provider, coverage on my tools was one of the requirements. I had questioned the shop I worked at at the time, and they claimed that one of the benefits was their policy would cover my tools in their shop, but could not show me a policy that stated as such. I had my reasons not to trust them. So I found a policy that covers my tools wherever they are. It is bundled into a farm policy for my home place. The large items are listed in the policy, and I do try to keep an inventory.

 

[sms]

May not apply as I have a commercial policy. I added a ryder that covers the tools on my truck and also one to cover the contents of my shop since I don't own it (mom owns it).

 

[el6147]

a friend of mine has a close friend that is a owner agent, the agents statement to him was this "insurance company's are in business to make profits with as little risk as possible"

From what I understand the Amish are self insured through the church, they are assessed and pay into a fund only when that money is needed for a claim. Insurance company's just keep sucking it out of you for a lifetime, and you'll never know how good it is until you are in need of it.

 

[bigbob1939]

First, no such thing as to many tools. My home insurance will only cover items in detached buildings at 10% of the house value. I had to buy extra coverage for tools, welders, torch set, tire machine, tire balancer. A good idea is to take a video of all the items in shop, pull box drawers open. Describe everything as you video it. This way you have a record of everything in shop. I have state farm insurance. Bob

 

[woodbutcher]

That is so true! I bought a farm and ranch policy from Farm Bureau so I can get umbrella liability coverage. I wanted the lowest priced basic coverage rather than the full-value replacement-cost bells and whistles policy with a premium that goes up every year. They were very reluctant to write it the way I wanted it, so I'll probably be shopping around next year when my premium goes up.
Butch

 

[woodbutcher]

I do that, WP. I have a set amount I'll pay for the yearly premium, and when the company I'm with goes over that amount, I start shopping. I won't say I've had great success finding new insurers, though. I've returned to Farm Bureau because they have a new young manager who finds ways to write a policy for coverage I've asked for. The deductible is so high that it will take a large catastrophe to justify filing a claim. I'm mainly interested in the liability.
Butch

 

[rustyfarmall]

(quoted from post at 11:43:02 04/30/17) Farm Bureau agent came to look at new house and barn and said I have professional tools from when I was working as a mechanic and are not covered ?? He is looking for another company to cover them-anyone have this problem ? No business just private residence.

Farm Bureau? Really? What about all those farmers that are covered? Quite a few of those farmers own tools that could be considered as "professional". General maintenance on modern farm machinery can no longer be done with just a screwdriver and a crescent wrench. I think you need to find another agent.

 

[SC Farmall]

I have a classic truck with insurance through Hagerty. As part of that insurance I opted for the "Shop and Tool" ad on. They cover up to 10K in tools for fire, destruction, and general theft. For about $20 extra per year on my classic vehicle policy.

 

[John - OH]

Mine is a percentage of house value. Doesn't matter what they are. If the percentage isn't enough coverage, I can adjust accordingly.