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RayV
 
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Default Insurance stories?

My father used to tell me, "Life insurance is the worst bet you can
ever make. You're betting that you'll die; they're betting you'll
live".

I was looking for a part and then somehow made it to the snap-on
website and saw the current price for the ratcheting screwidriver
($51.70). I have two of these. I got to thinking...

How much $$$,$$$.$$ would it take to replace my tools in the event of
theft, fire, etc.?

Would the insurance company pay replacement price or some concocted
devalued amount giving me pennies per tool?

How would I prove what I have? A fire would burn up the folder with
the receipts and that is only the receipts for the big-ticket items(not
one in there for the two $50 dollar screwdrivers).

Yeah there is furniture, appliances, clothing and other stuff in the
house but what about the tools? Any experiences with tool losses and
insurance companies?

  #2   Report Post  
Duane Bozarth
 
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Default

RayV wrote:

My father used to tell me, "Life insurance is the worst bet you can
ever make. You're betting that you'll die; they're betting you'll
live".


Well, the obvious answer is you buy life insurance for the beneficiary,
not for you...

....
How much $$$,$$$.$$ would it take to replace my tools in the event of
theft, fire, etc.?

Would the insurance company pay replacement price or some concocted
devalued amount giving me pennies per tool?


Depends on the terms of the policy--whether it is replacement value or
market value. How much total liability for major tools is included in a
standard homeowners policy w/o a specific rider is probably limited to
something fairly small...

How would I prove what I have? A fire would burn up the folder with
the receipts and that is only the receipts for the big-ticket items(not
one in there for the two $50 dollar screwdrivers).


You keep copies in either fireproof locations or better yet, somewhere
offsite that is readily accessible in the event of a disaster. The same
is true of proving value/contents after any disaster, not just fire.

Yeah there is furniture, appliances, clothing and other stuff in the
house but what about the tools? Any experiences with tool losses and
insurance companies?


See above...
  #3   Report Post  
tom
 
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Default

Record your purchases in a ledger, detailing what, how much, and when
bought. Save all reciepts. Video tape the contents of the entire
estate, and put it in a safe place. And be on good terms with your
insurance agent! Tom

  #4   Report Post  
Leon
 
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Default


"RayV" wrote in message
oups.com...
Snip

Would the insurance company pay replacement price or some concocted
devalued amount giving me pennies per tool?


It all depends on what you buy. ASK questions, don't go tot he agent and
tell him to simply sell you insurance. Tell him what you expect out of your
policy.


How would I prove what I have? A fire would burn up the folder with
the receipts and that is only the receipts for the big-ticket items(not
one in there for the two $50 dollar screwdrivers).


My agent took pictures. Make copies of receipts and keep them in a fire
sage or at another location. Standard procedure for protecting valuable
information.




  #5   Report Post  
Robatoy
 
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Default

In article .com,
"RayV" wrote:

[snippered]
How much $$$,$$$.$$ would it take to replace my tools in the event of
theft, fire, etc.?

I spread all the little tools out on the shop floor, took a high-res
digital shot of several batches like that. I included the front pages of
some area newspapers in order to somewhat 'date-stamp' the pictures.
I then burnt a few copies of the CD I created and filed them with my
insurance people and my safety deposit box.
I have replacement coverage, which isn't cheap, but at least the premium
is tax deductible.

It is amazing what a router-bit collection adds up to.
My regular toolbox has accumulated several thousand dollars worth of
small stuff...stuff you'd forget if you had to fill out a claim from
memory.


  #6   Report Post  
Lew Hodgett
 
Posts: n/a
Default

RayV wrote:

Would the insurance company pay replacement price or some concocted
devalued amount giving me pennies per tool?

How would I prove what I have? A fire would burn up the folder with
the receipts and that is only the receipts for the big-ticket items(not
one in there for the two $50 dollar screwdrivers).


A video camera.

Keep the tape off site, like in a safety deposit box.

Lew
  #7   Report Post  
RayV
 
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Default

I'm assuming the premiums are dedcutible as a business expense?

I hope it is not comprable but the *RING* alone added almost $300 to
our homeowners policy. Don't tell her, but the tools cost a lot more
than her ring.

  #8   Report Post  
Steve DeMars
 
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Default

Being an insurance adjuster I can tell you. . . .

Photo everything.
Try to put together a comprehensive list that coincides with the photos.
Establish prices today for "REPLACEMENT" This is also for your wife should
you die so she can sell it all and not get screwed.
You will be paid on the actual cash value initially, until you replace your
property unless you live in Florida. Then you get replacement cost up front.

Keep one copy at your home in fire proof box / safe and give one copy in a
sealed envelope / box to your trusted agent.




"RayV" wrote in message
oups.com...
My father used to tell me, "Life insurance is the worst bet you can
ever make. You're betting that you'll die; they're betting you'll
live".

I was looking for a part and then somehow made it to the snap-on
website and saw the current price for the ratcheting screwidriver
($51.70). I have two of these. I got to thinking...

How much $$$,$$$.$$ would it take to replace my tools in the event of
theft, fire, etc.?

Would the insurance company pay replacement price or some concocted
devalued amount giving me pennies per tool?

How would I prove what I have? A fire would burn up the folder with
the receipts and that is only the receipts for the big-ticket items(not
one in there for the two $50 dollar screwdrivers).

Yeah there is furniture, appliances, clothing and other stuff in the
house but what about the tools? Any experiences with tool losses and
insurance companies?



  #9   Report Post  
Dave W
 
Posts: n/a
Default

Just for the fun of it, I made a wild guess of the value of my shop stuff
before phothgraphing and listing everything. I was low by half. It is not
the saw, lathe, shaper and jointer that contain the value. The worth is in
the details.
Dave


  #10   Report Post  
 
Posts: n/a
Default

Digital Camera and DVD/CD disks. Scan in the receipts and the
digitial photos - store in safe deposit box - update quarterly or what
ever is appropriate. I keep the image file on the harddrive - keep
the latest DVD in the safe deposit box - update and replace as
necessary - DVD writeable media is approx 40cents a disk (or less on
sale or with rebates/specials - not a lot of expense for peace of
mind)

John


On Thu, 25 Aug 2005 16:17:03 GMT, "Leon"
wrote:


"RayV" wrote in message
roups.com...
Snip

Would the insurance company pay replacement price or some concocted
devalued amount giving me pennies per tool?


It all depends on what you buy. ASK questions, don't go tot he agent and
tell him to simply sell you insurance. Tell him what you expect out of your
policy.


How would I prove what I have? A fire would burn up the folder with
the receipts and that is only the receipts for the big-ticket items(not
one in there for the two $50 dollar screwdrivers).


My agent took pictures. Make copies of receipts and keep them in a fire
sage or at another location. Standard procedure for protecting valuable
information.





  #11   Report Post  
Mike Marlow
 
Posts: n/a
Default


"Steve DeMars" wrote in message
news:SOoPe.4139$Sj1.68@okepread04...
Being an insurance adjuster I can tell you. . . .

Photo everything.
Try to put together a comprehensive list that coincides with the photos.
Establish prices today for "REPLACEMENT" This is also for your wife should
you die so she can sell it all and not get screwed.
You will be paid on the actual cash value initially, until you replace

your
property unless you live in Florida. Then you get replacement cost up

front.


I've never experienced this form of payment on any claim. I've always
gotten replacement value up front. I haven't turned in many claims, but I
have had the experience of "testing" my homeowner's policy. There is no
requirement to replace lost or damaged property and the insurance is against
damage/loss, so why would you only pay market value on something that has
coverage for replacement value?

--

-Mike-



  #12   Report Post  
Randal
 
Posts: n/a
Default

RayV wrote:

My father used to tell me, "Life insurance is the worst bet you can
ever make. You're betting that you'll die; they're betting you'll
live".

I was looking for a part and then somehow made it to the snap-on
website and saw the current price for the ratcheting screwidriver
($51.70). I have two of these. I got to thinking...

How much $$$,$$$.$$ would it take to replace my tools in the event of
theft, fire, etc.?

Would the insurance company pay replacement price or some concocted
devalued amount giving me pennies per tool?

How would I prove what I have? A fire would burn up the folder with
the receipts and that is only the receipts for the big-ticket items(not
one in there for the two $50 dollar screwdrivers).

Yeah there is furniture, appliances, clothing and other stuff in the
house but what about the tools? Any experiences with tool losses and
insurance companies?

I had a friend whose house burned (I had tools over there for a project), he
had just put a nail in the wall of his workshop for a clock. He nicked a
wite and his house burned that night. Totaled. I had to help him figure
out both what he had and it's value, he only had market value, not
replacement, and he had no problem maxing out the claim. Most people can't
afford full replacement value on everything. You'll have to talk to your
agent and decide the best risks for yourself. (I had to replace my own
stuff, including my tablesaw)
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