Insurance

[Woodandstuff]

Over the years i have collected a number of power tools and hand tools which would be prohibitively expensive to replace with out insurance if stolen or a fire. Apart from doing it though my content insurance are there any companies that specialise in workshop/tools insurance.

Individually they may not cost a lot of money but collectively it soon adds up and has taken a long time to collect. Power tools are a bit more straight forward as I have receipts.

A lot of my hand tools have been found at car boots, eBay etc and am unsure how you document them for insurance purpose . I can estimate their collective value of x but am unsure if i need more evidenced of ownership to make a successful claim , which i hope i never have to.

Any tips would be appreciated

 

[marcros]

whenever I have had to make an insurance claim (not tools), the insurance company always wanted proof of ownership. a receipt is ideal, but failing that photos with the items in question have been sufficient, even if it is in the background. they have always been reasonable with me, they have asked for empty boxes or cases, but if items are old, have accepted that I may not have kept them. the purchase price is largely irrelevant, they will look for replacement value. on the couple of times that I have claimed, I have found sold ebay listings, or buy it now prices for old stuff and the nearest equivalent model on newer stuff. for power tools/electrical, the insurance co may have a preferred supplier where possible (eg if they keep the same brands).

 

[RichardG]

I’ll be interested here as well. I’ve looked for specific tool/workshop cover and they all seemed aimed at professionals and very expensive. I’ve always ended up with contents insurance where the contents can be located in outbuildings. Currently with SAGA who offer 100k of cover no matter where it’s located.

I regularly take a video of my workshop so I have proof of ownership.

 

[artie]

whenever I have had to make an insurance claim (not tools), the insurance company always wanted proof of ownership.

It's been a few years and it wasn't commercial premises but Aviva paid for my gear and for other stuff belonging to another party stored at my place.

 

[Blackswanwood]

Assuming that you are not using the tools for a trade the easiest way to find cover will be under your home insurance.

Most home insurers are only interested in standard risks where the underwriting is straightforward. Insurers who are more flexible (and generally have wider cover) include Hiscox and NFU Mutual. They may not be the cheapest but as with most things you get what you pay for.

Most of my career has been in the insurance industry including paying claims and photographs/videos are quite often used to evidence ownership of jewellery so the suggestions above are definitely worthwhile.

 

[Woodandstuff]

Thanks videos are a great idea, i current have a spread sheet as an inventory and was going to take photos , but a video makes more sense, and a lot quicker .

 

[TheTiddles]

If it’s not professional use just make sure your garage/shed etc is included on your contents insurance. The question I check with is “if I put everything I own in the garage and it was stolen, would I be covered” if yes, then that’s fine. Some limit you to £1k or similar, which on using isn’t helpful

 

[Fanous]

I was just talking to my home insurance, and they would only cover up to £2.5K on the contents cover as part of the house insurance. That would not cover everything in there... Anyone else found some suitable cover?

 

[Spectric]

Where you live will also have a big input, some areas are high risk and will cost you more plus the insurance may stipulate certain conditions such as alarms or chemically marked etc.

Looking at where Tarbert is I would say you are in a low risk area, I bet many will never have heard of it without doing a search and as a clue I doubt the criminals in Glasgow would venture into the wilderness that far to nick a few tools, to many fish nearer home.

 

[--Tom--]

Some of the household insurers cover outbuildings up to the limit on contents cover, but many don’t. From memory LV do, but definitely check

 

[Blackswanwood]

I was just talking to my home insurance, and they would only cover up to £2.5K on the contents cover as part of the house insurance. That would not cover everything in there... Anyone else found some suitable cover?

I would suggest trying NFU Mutual or Hiscox as mentioned in an earlier post.

 

[mccpe]

+1 for Hiscox. They are expensive, but I have made two claims in 15 years, both settled instantly with no fuss. Most recent was for £2600 of tools stolen last autumn from my workshop (detached garage), police not interested. Now I work in Fort Knox.

 

[Alasdair]

Watch out for the small print regarding security. My commercial/home insurance wanted 5 lever locks and security doors and a specific grade of padlock etc. It also needs a wiring check etc There is also a limit to the maximum amount covered per item. If its worth more than say £500 it has to be mentioned seperately on the policy. Where possible I also take a note of serial numbers and am in the process of engraving an identifying mark on anything that is valuable and portable as well as photos.

 

[Ollie78]

It's very tricky, I struggled to find cover for my workshop as no-one wants to insure carpenters/joiners apparently. I have cover with Zurich there are lots of separate sections, static machines, portable power tools,hand tools,materials etc. Quite complicated. If stuff is in my van it's basically not covered much by van insurance or workshop insurance. I tried to find an "all circumstances " tool insurance but they are very limited on value.
I suggest listing everything with photos as others have mentioned. Give a few brokers a ring, but it is hard to find the cover for tools.

Ollie

 

[HamsterJam]

Some of the household insurers cover outbuildings up to the limit on contents cover, but many don’t. From memory LV do, but definitely check

But usually not for theft.
I looked recently and Hastings premium offers £5k outbuildings theft cover as standard although that won’t go very far if you have a well equipped workshop.

 

[Droogs]

You may find what you are looking for amongst this lot about halfway down the page is specialist garage and shed insurance

https://www.homeprotect.co.uk/contents-insurance
or try this

https://craftinsurance.co.uk/

 

[Fanous]

Thank you all, much appreciated feedback.

I've sent queries to multiple companies, let's see what will come back.