What did they even steal?
If someone steals your tools would you even know what they stole?
Recently, I came across this 5-year-old Reddit post (don’t ask me how), and the top comment is from someone in the insurance industry that spills the beans on how the insurance process works!
First, a quote:
Our goal was to use the information you provided, and give the lowest damn value we can
So here’s how he says that it works:
- Whatever you write down is what they replace.
- If you write down “snap cutter” they assume that you had a $20 Home Depot special. You know, the one that cuts anywhere except the scored line.
- However, if you write down Montolit P363, not only will they have to replace the value of that snap cutter (currently in the $450 range) but they obviously will think you’re a badass for your fine taste in tools.
Additionally, they may ask for proof of certain bigger ticket items. Can you provide receipts? What about photo proof?
Document EVERYTHING
If I closed the door to your van or garage and asked you to detail what was in there how much would you come up with?
No doubt, you’ll remember the saw they stole. Therefore, you would write down “Dewalt D24000S”. But what about the other things that you keep with the saw? For instance:
- Helix Copperhead 10-inch blade ($100)
- 120 grit Alpha hand polishing pad ($19)
- RTC dressing stone ($15)
- Ardex Sponge ($3)
- Plastic Swanson speed square ($8)
It all adds up.
Your action list is:
- Keep your receipts
- What about electronic versions of your receipts stored in the cloud?
- Take photos and videos of ALL your tools. Both in your van and in your garage
- Take photos of your tools model and serial numbers.
Not only will this help your replacement value but it might help identify the crooks!
If you find yourself in the unfortunate position of having your tools stolen hopefully, you’ll be fortunate enough to have insurance.
Unless they’re Ryobi tools. But no one would steal those anyways.
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