[delraydella]

I was curious as to the forums take on insurance on their equipment. I carry coverage for replacement on all my tools and machines in case of theft for up to 40K. I've had this insurance for the last 18 years . Last year my shop got broken into and they took a TIG, a MIG, a Spoolgun ,3 full tanks, 4 Genie Superlifts and grinders a lot of other stuff totalling about 25k. The insurance covered it all for replacement value or only half the value for a cash settlement due to depreciation.

My question is....it was a royal pain in the a$$ dealing with the insurance company and it took at least a month to settle everything for what I got. If I hadn't of had insurance in the first place, the money I would have saved on the premiums over 18 years would have bought back the same equipment a lot faster and 3 times over. Is it worth keeping or even having the insurance? I'll probably keep it, regardless, because I'm in a lousy neighborhood, but I'd like to hear other views on the subject.

Thanks,
Steve

[jpence38]

I have all my equipment insured. I guess it would depend on the situation. What type of policy did you have your equipment covered under? Home owners policy, inland marine policy. My wife is an insurance rep. for State Farm. If you have any questions feel free to ask.

[Steve from Ohio]

I checked with my insurance agent and here is what he told me.

MY equipment is covered under my homeowners policy. But I should document the equipment with photos and if possible receipts.

All My tools are insured and protected.....by a 44 magnum....if needed.

[Rbeckett]

I was gonna say I had a .308 policy, but I got allstate too. I carry actual value replacent on all of my stuff since inflation makes em more expensive every year. Cost a little more but eliminates tha hassle getting them replaced. Just have to make sure I keep the inventory current or they wont cover it. My Allstate agent takes care of this by sending me a quarterly request for updates. The .308 policy is for my tools and equipment out at the house, then I let Allstate handle the rest of the home stuff and all of the off site stuff. My dog barks over here, and bites over there quite nicely at 100 yards and better. Just make sure you lead em enough to not get the tool too....Heh
Bob

[delraydella]

Mine is on a contractors policy with State Farm.