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Texas | I have an inland marine policy with several hundred k of stuff on it. All equipment for my business things like heavy equipment, some Trimble gear, etc. I think the cheapest item I have listed is around 10k.
I too have a lot of tools I would hate to lose but I tend to view insurance differently than a lot of people. I see it as an expense to cover things I really can't afford to replace my self. You see insurance companies make a profit. They make a profit after paying for advertising, their big buildings, sales commissions, staff salaries and lastly claims. Knowing that on average you are money ahead to self unsure as long as the cost of the item won't be too big of a blow if something happens to it.
For example I buy health insurance because I can't afford a multi hundred thousand dollar quadruple bypass and hospital stay. I buy auto insurance (liability) because I can't afford a million dollar lawsuit if I cause a wreck. I buy homeowners insurance because I can't absorb the cost of a new home if mine burns down. I don't however buy insurance on my hand tools because if something happened to them I would hate it but it wouldn't ruin me financially. I would be sad as many of them were my late fathers but I could afford to replace them and therefore I don't want to contribute to the insurance company's bottom line for that coverage.
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educate me on insurance, are my work tools covered?
