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Insurance Valuation

W

Wilford Bickel

Joined
Apr 29, 2004
Messages
282
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Location
Alpine, AL
I realized upon arrival of the new Delta X5 lathe that it had been about 3 years since I had verified my insurance level on my woodshop was accurate. I requested a copy of the tools listed with the insurance company and made a new addition list for them to add - this included mainly my turning tools. The value was much higher than I realized - this is not a cheap hobby!! 🙁

Thank goodness my wife is in full support when she saw the figure!! 🙄 I am glad that no losses occured before I added the coverage. Just posting this as a reminder to each of you to keep your valuation up to date!!

Wilford
 
Mine was extra expensive because my shop is not attached to the house but less than 150 feet away. I could not afford replacement cost of all the equipment so I just got enough to cover the building and the large equipment. I have thousands of dollars of things like file, rasps, router bits, drill bits, carving tools etc. but when you lump all that together and figure out the Xnumber of dollars per $100 that that they want to charge it was just too expensive.
I sent a Fax to the AAW insurance company but haven't heard back from them. That was Thursday of last week.
 
Hi Wilford

This is something that haunts me from time to time. I have a huge insurance premium for theft, fire, liability, etc. I know that I am undervalued right now on the contents, but right now my attitude is the insurance company is betting the shop won't burn down, so I am betting it won't burn down too. It is alarmed, and I have a good field of fire from the house if I am home. Some bad guys broke a window last week, but I am pretty sure it was some kids passing through. A couple of neighbors also had some minor vandalism, and no one showed up the next night, although I did wait for them with a couple of my friends, Mr. Smith and Mr. Wesson. 😉

Sometimes I think about incorporating and telling the insurance company to take a hike, although that only protects me against liability, and then money goes to taxes instead of insurance.

Bill
 
We left the farm one day for a Dr visit. Upon our return we found that a arsonist had hit us - lost the well house, well pump and a storage building with lots of my dads tools I had inherited. Total was over $12,000. Sure was glad I had replacement cost contents - they covered everything except a few items that were "farm" related they said should of been insured seperately. I lost about $500 deductible and another $1000. They paid over $11,000. I quit complaining about premiums! (Same arsonist set something like 7 major fires in this area that day - don't know if they ever caught anyone but they sure made it hot for whoever it was hunting them!)

I am lucky in that the woodshop is strictly hobby and they will insure it on a rider for the farm. If it ever goes professional it will take a seperate policy. In my meeting with the agent - he wanted me to value the large items. The small items like drills, hand saws, files, bits, etc. they will cover under my contents as they did on the arson claim. This is one hobby I am determined to keep just that - my photography went professional and after doing as many as 65 weddings a year it lost all the fun. Now that health won't let me do the weddings I am just now starting to want to shoot for fun a little bit.

Wilford
 
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