insurance coverage?? what we should ask or have

[larry merlau]

after hearing of fellow creekers having mishaps, be it a accidental cut or total loss threw fire or storm. i feel that we have enough professionals ,lawyers, insurance agents and those who learned from either good or bad experiencs that we could get a list of what ask or check for and what not to do, in our policies to help the rest of us from being one of the victims of either ignorance or false teachings. once this info was brought out, perhaps a knowlegable creeker could compile it like vaughn did for the photo placment process so those of us could print it off and have it ready for our next insurance agent visit. just thinkun out loud in hopes of helpin each other//thanks for listening.

[Carl Eyman]

I am not expert in this field, but here's what I did and why I don't do it now:
I had a policy that insured mytools against loss or damage from natural disasters and fire - not theft. I had to list each tool separately with a value assigned. Any tool not listed was excluded. As I added tools the premium kept going up. Eventually, I decided the protection was not worth the price. That was 15 or 16 years ago and I've not had cause for a claim since; so I've been right, so far. If anyone has a different experience. Of course, if your shop is at home, your homeowners' does a good job, but mine wasn't.

[Jim O'Dell]

One question I learned early on doing repair work on stereo theft in cars was the difference in actual "cash" value, and replacement value. Actual cash value depreciates until there is no value for the loss, or at least to a point that you could never replace the unit. Replacement value will provide for a like kind and quality replacement in case the exact model is no longer available. Makes a huge difference in what you get reimbursed. That was a lot of years ago. I'm guessing it is the same today. Jim

[Roger Bell]

I had this discussion with my insurance agent last week. I have homeowners and that is set up to give me replacement value on everything in my (detached, recreational, not professional) shop, including the building itself. Fire and theft are my major apprehensions.

For theft, I have an inventory on an excel spreadsheet for every tool or non-consumable hardware item over $10 or so in value, showing brand, model, when/where purchased and purchase price. I also keep receipts. I don't have SN's or the like. Setting up this spreadsheet several years ago was troublesome, but now I simply stash the receipts and update the inventory 2-3 times per year. Takes a couple of hours. Perhaps a bit anal, but I am concerned about catastrophic loss, since it took 15-20 years of penny pinching from the necessities jar and doing without other things to build up what I have.

I also take a walking video tour of my shop every year or so, pointing out the major stuff with a stick as I walk, opening drawers up, etc. I take about an hour of footage. I do the same in the house. My agent said that both these items would more than suffice should I have a claim. He said that it is not necessary to submit these items until there is a claim.

[Joe Tonich]

What about for a lightning strike? Lightning struck a tree (then traveled thru the gas line into the home) a few doors down from us, and blew up everything electrical, blew out the gas line, and busted the water main. The owners are having a heck of a time with the insurance company. I guess it's considered an 'Act of God' and they're fighting the claim.

[Mark Pruitt]

....that there is a "ceiling" for compensation for loss of any kind--well, except flood which is irrelevant to our specific location--and I bought a policy with a ceiling that I was comfortable with. I told the agent I had a lot of ww'ing equipment and she said "no problem." As long as I'm using my shop as a hobby and not doing ww'ing for profit my homeowners policy has my ww'ing stuff covered. Oh--there is also "earthquake coverage" that is additional, but the amount I pay is so small for the peace of mind, it was a no brainer to add it.

[larry merlau]

yes my agent made it clear that i wasnt doing this for abusiness and they also said that if there was any way that a adjuster could contrive that it had been previously during the contract that it was not coverd! and the flamables wernt metioned to be aproblem for tha agent i asked and showed them the finsihes and thinners and where they were located. but i think that could be a gray area when it came time to have to Pay up. i havnt got burned yet by this company but was cancelled on a homeowners whern i had one claim after over twenty years that was caused from a tornado and was for only 56oo dollars so i have thorn for insurance in general.. that is why i thought that this could get the nesacary questions out in the open and we could al benifit