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Old 03-03-2021, 01:36 PM
 
6,705 posts, read 2,998,883 times
Reputation: 6522

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Need auto and renters insurance with a rider for my shop equipment and tools in the garage.

I'd like a company I can actually speak on the phone with. One I tried was all emails and I gave up.
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Old 03-03-2021, 02:11 PM
 
872 posts, read 1,038,188 times
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Summit Insurance Advisors. Small office in N Phx. I talk to them on the phone whenever I need anything. Super friendly and know their stuff.
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Old 03-04-2021, 07:17 PM
 
Location: Phoenix, AZ
3,548 posts, read 1,860,396 times
Reputation: 9369
Quote:
Originally Posted by madison999 View Post
Need auto and renters insurance with a rider for my shop equipment and tools in the garage.
Are you using the shop equipment and tools for business or work, either at home or away from home? If you are, the standard HO-4 renter's policy limits property used for business or work to $2500 on the residence premises and $500 away from the residence premises. If the answer is yes, you'll need what's called a "tool floater" rider or policy where you list the specific items and their values and that's what they are covered for. Make sure you get Replacement Cost coverage. Otherwise your property will be depreciated if you have a claim.

OTOH, if you are a hobbyist (like me) with a shop full of stuff for hobby and home use you don't need a "rider." You just need sufficient limits on Coverage C - Personal Property to cover everything. To that end I suggest you make a photographic and written inventory of all your tools and equipment and what you paid for them. If you have any receipts for anything (including household stuff) keep them as well as keeping receipts for anything you ever buy in order to establish proof of ownership and values. Trust me, adjusters are very strict about documentation.

Also make sure you get Replacement Cost coverage.

See if you can put your auto and renter's policy with the same insurance company. You can sometimes qualify for a multi-policy discount.
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Old 03-04-2021, 11:48 PM
 
6,705 posts, read 2,998,883 times
Reputation: 6522
Thank you very much. I'm just a home hobbyist.

I have like 20 bench vises, mostly Wiltons. Obviously I'm only using about two. Do they have a problem with stuff like that?

What about vintage shop equipment like metal lathes and drill presses, how do they value that?
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Old 03-05-2021, 08:32 AM
 
442 posts, read 209,863 times
Reputation: 515
My best by far was Nick Rose Insurance, a farmers agent, based in Cali, but does a ton of business in AZ, and was exceptionally helpful with an unusual circumstance. Roof needing replacement...
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Old 03-05-2021, 04:18 PM
 
Location: Phoenix, AZ
3,548 posts, read 1,860,396 times
Reputation: 9369
Quote:
Originally Posted by madison999 View Post
Thank you very much. I'm just a home hobbyist.

I have like 20 bench vises, mostly Wiltons. Obviously I'm only using about two. Do they have a problem with stuff like that?
No problem. You own them, they're covered.

Quote:
Originally Posted by madison999 View Post
What about vintage shop equipment like metal lathes and drill presses, how do they value that?
They are valued at what it would cost to replace the item with one of like kind and quality at today's prices.

With tools, vintage ordinarily just means old unless they are bona fide antiques with substantial collector value. If you have anything like that you'll need do the research and document its value with close up photos to show condition, and records of sales of similar items at antique auctions.

There are numerous resources online that can help you research values.

https://duckduckgo.com/?q=vintage+to...=v252-1&ia=web
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Old 03-05-2021, 09:27 PM
 
442 posts, read 209,863 times
Reputation: 515
https://agents.farmers.com/ca/valenc...m_medium=Local

Very responsive, daughter works for them and has a degree in Finance. They do a lot of boat insurance for Havasu. Strange thing was, I lived next to a farmers agent in Phoenix.. but NRI beat him by a mile, especially on the SFH.
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Old Yesterday, 05:13 AM
 
12 posts, read 2,065 times
Reputation: 10
Quote:
Originally Posted by adjusterjack View Post
Are you using the shop equipment and tools for business or work, either at home or away from home? If you are, the standard HO-4 renter's policy limits property used for business or work to $2500 on the residence premises and $500 away from the residence premises. If the answer is yes, you'll need what's called a "tool floater" rider or policy where you list the specific items and their values and that's what they are covered for. Make sure you get Replacement Cost coverage. Otherwise your property will be depreciated if you have a claim.

OTOH, if you are a hobbyist (like me) with a shop full of stuff for hobby and home use you don't need a "rider." You just need sufficient limits on Coverage C - Personal Property to cover everything. To that end I suggest you make a photographic and written inventory of all your tools and equipment and what you paid for them. If you have any receipts for anything (including household stuff) keep them as well as keeping receipts for anything you ever buy in order to establish proof of ownership and values. Trust me, adjusters are very strict about documentation.

Also make sure you get Replacement Cost coverage.

See if you can put your auto and renter's policy with the same insurance company. You can sometimes qualify for a multi-policy discount.
I am in the same boat and i was looking for some advice, this advice helps me a lot..
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Old Today, 04:41 PM
 
1,658 posts, read 1,496,540 times
Reputation: 1786
Quote:
Originally Posted by madison999 View Post
Need auto and renters insurance with a rider for my shop equipment and tools in the garage.

I'd like a company I can actually speak on the phone with. One I tried was all emails and I gave up.
Excuse me, bu if you want someone who will talk on the phone - I agree, me too - then just call them and don't give them your email.
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