Impact of Bridgeport in garage on Home Insurance?

[ToyMaker]

When I inherited my dads workshop tools I called my insurance guy. He came to the house with a couple of tool catalogs and we went through and appraised everything at *replacement* value, not accounting for the fact that some of this stuff is 50 years old and been 'rode hard and put away wet'.
So if my shed burns to the ground I'll come in to about 15k worth of tools (mostly wood and hand) that is costing me about 65 a year ... hmmmmmmmm.

robotic regards,

Tom
= = = = =
"All Roads May Lead to Rome. All Roams Do Not Lead to Roads."
- - Norm Balleine

[OzarkCNC]

Insurance companies are funny birds. One will cover tools, another won't. My SO ran into business insurance problems when she wanted to put a barber chair in her spare room. Immediately here Ins co dropped her saying that they didnt cover businesses in a mobile home and that you COULDNT insure anything in a mobile home. She went round and round with several call and arguments and finally called it quits.

Insurance companies are getting tighter and tighter on restrictions. I had my own insurance canceled because they said my ROOF was 15 years old. I had to spend 4,500.00 on a new roof when the old one was perfectly fine.

Case and point, when I moved here to N ark. my car insurance doubled just because of the town I moved to. I was paying 353 a year for 2 vehicles. Now I pay close to 800. My deductible was 250, now its 1000. My record is spotless, no accidents and no tickets and still I pay more than some states HI-Risk.

Its almost better NOT to insure your tools (unless there is something that just cannot be replaced).

Lastly, health insurance. If you have a torch, welder, or are a woodworker, be prepared for exclusions. Wood dust is very dangerous as are welding gases.

Its funny when I worked on radiators breathing solder fumes and muriatic acid fumes that no one batted an eyelash back then.

*Stepping off soapbox*

[bluejay_ca]

I had a fire in my shop, caused by my wood stove in 2003, Christmas Eve to be exact. I had complete coverage i.e. go to the store and buy it new or 75% cash. Mind you I did have to provide proof which meant digging through ashes and soot for days - believe me every drill, bolt or sawblade is costly to replace so I found them all, even if I had to sift and use magnets.
As far as large items (bridgeport) I did not have much then. Now I have a '57 Bridgeport w' Heidenhain DRO's, Tig & Mig etc, plus the wood CNC. Heating is now infloor, boiler is 100' away.
I have increased my coverage and they didn't care to come out.
Now I periodically take a tour with my video camera, drawer by drawer in my tool boxes and through every single item in my shop.
Wonder how they would value my cnc?

[limerick]

Originally Posted by mxtras Excellent point, Trevor - I have all of my important stuff in a fire safe in my office. I copied the contents of my wallet and put it in there along with birth certs, SS card, passport, vehicle titles, recent bank statements and pay stubs, insurance papers as well as spare sets of keys to everything and back-up CDs from the computer. I would urge everyone to get a fire safe and do the same.

you should know that a fire safe is only a protection for paper related items,
not to exceed a certain internal temperature, for a certain limited amount of
time. Also know that computer media melts at much lower temperature than
the char point of paper. so, you would be well advised to get a media grade
insulated container to place your computer media in, then inside the fire safe
along side your papers.
Ron