Do you keep a detailed inventory of everything in your workshop? - Page 2 - Router Forums
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post #11 of 49 (permalink) Old 05-16-2019, 03:04 PM
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Herb; you know the old sayings 'Read the fine print' and 'It's all in the detail'.
I know I paid likely more than the low bidder for my policy, but my Insurance Broker made sure I got FULL coverage.
Believe me, I thanked my lucky stars I listened to him. A good Broker is worth their weight. The Adjuster was great as well.
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post #12 of 49 (permalink) Old 05-16-2019, 03:10 PM
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You folks might want to check your Policies...
"Various insurance companies in different states may offer replacement cost coverage in their standard property insurance policies. Others may require you to specifically ask for and choose this option. Whenever you are purchasing a property insurance policy, you should always ask whether coverage is for replacement cost or actual cash value. Replacement cost coverage usually reimburses you for the full cost of replacing the lost, stolen or damaged item, rather than simply reimbursing you for the value of the item at the time of the claim. Actual cash value, on the other hand, accounts for depreciation and is considered a lower level of insurance."
https://www.trustedchoice.com/homeow...ost-insurance/
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post #13 of 49 (permalink) Old 05-16-2019, 11:06 PM
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Originally Posted by DaninVan View Post
Tom; re the insurance compensation. If you have a decent policy it should be for REPLACEMENT COST of the items, not the depreciated value. When I had my claim I did have a lot of the original receipts but the adjuster was only interested in them in the sense of proving that I actually did own them; the compensation was for the new replacement tools at full invoice value.
I got tired of collecting receipts,so pictures wouldn’t be proof enough I guess ?
I could take video , this way they know it’s not photoshopped.

I wonder how far your banking information goes . I could probably find the transactions if it goes back a decade or two
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post #14 of 49 (permalink) Old 05-17-2019, 05:57 AM
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I have pictures of everything and receipts for most of everything. At least the bigger items. None of the smaller hand tools. I did get to start from scratch with building the shop and then arraigning everything so I have everything pretty well organized. Well actually the wife is the organizer so I can't take too much credit!! We have a lot of stuff from metal fabricating to wood working so we knew we needed to organize it as clean as we can. We are actually going to build a mini shop now to accommodate our growth and we will take photos of everything there too.

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post #15 of 49 (permalink) Old 05-17-2019, 10:34 AM
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Rick; the Adjuster just wants to know that you're not trying to scam them. Pictures and videos are much appreciated by them.
The thing about keeping records is that they hope you've recorded the serial numbers! They won't try and make you take it/them back once they've settled, but it does go a long way towards allowing them to seize recovered stolen property (and successfully prosecute).
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post #16 of 49 (permalink) Old 05-17-2019, 11:43 AM
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...We are actually going to build a mini shop now to accommodate our growth and we will take photos of everything there too.
About 12 years ago, after moving to the high desert, we had a 12x24 shed installed. About the size of a single car garage. It is jam packed in there. It would only have cost another $1200 or so to have had a 16x24 shed built, and another $1500 to have it built on a slab. I wish we'd done that now. At the time it looked so big, but now I have to work my way around tools to get to tools at the end of the shop. So I suggest you not scrimp on size, you'll be happy you did in a few years as your shop fills up. The worst thing is that when I try to cut down BB ply, it's 6 inches too wide to fit on the table saw because it bumps into the sliding miter's table. Very annoying. Regret at leisure.

Looking forward to seeing your project pictures.
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post #17 of 49 (permalink) Old 05-17-2019, 11:49 AM
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I plead guilty to not keeping records,or rather keeping them all in one big box and storing them in the shop attic, and they burn up in the fire. But I do have pictures of projects on the shop to verify the larger equipment and then there is the charred remains the adjuster takes pictures of.
But I am really bad about keeping serial numbers,never crosses my mind until the item is stolen.
Come to think of it maybe that would help get a tool back from a neighbor who borrows it and after a year claims it as his own. HMMM........
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post #18 of 49 (permalink) Old 05-17-2019, 01:50 PM
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Agree with Dan - insurance providing replacement value is the way to go. If you replace the item that was lost, stolen, damaged, they will pay the cost of replacement. If you have an item that you don't want to replace, or can't replace, they will give you the depreciated value. You must actually replace it to gt "replacement value". In most cases, if you had the item for quite some time, the depreciated value will be far below what the replacement cost is. If you have a large loss, this makes the cost of replacement coverage worth it.
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post #19 of 49 (permalink) Old 05-17-2019, 02:25 PM
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Quote:
Originally Posted by DesertRatTom View Post
About 12 years ago, after moving to the high desert, we had a 12x24 shed installed. About the size of a single car garage. It is jam packed in there. It would only have cost another $1200 or so to have had a 16x24 shed built, and another $1500 to have it built on a slab. I wish we'd done that now. At the time it looked so big, but now I have to work my way around tools to get to tools at the end of the shop. So I suggest you not scrimp on size, you'll be happy you did in a few years as your shop fills up. The worst thing is that when I try to cut down BB ply, it's 6 inches too wide to fit on the table saw because it bumps into the sliding miter's table. Very annoying. Regret at leisure.

Looking forward to seeing your project pictures.
The one we built is 20x20 with 10' walls, and as soon as we started to fill it up we said it should have been 20x30. So now we will build a second one probably 15x15 or so. This one will be mostly for storage of the lesser used tools and smaller stuff that is just in the way now. We still have plenty of walking around room but when things bet busy on a weekend or so it gets cramped real fast! LOL

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post #20 of 49 (permalink) Old 05-17-2019, 02:40 PM
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Excellent point on the accumulated depreciation vs the slightly higher premium cost, Steve!
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