Most homeowner’s insurance policies are designed to provide you with protection from damage and risks to your property and home. In most cases, this includes fire damage, theft, and storm damages. However, many homeowners are unaware that they can file an insurance claim from damage or loss for other items in their home. Not just the structure itself. A standard homeowners insurance policy provides contents coverages as well which can help you protect valuables like tools.
Home insurance policies cover the contents of the home if those contents are damaged as a result of unavoidable incidents. The event must be covered by your insurance policy, however. For example, if your homeowner’s insurance policy coverers theft and your tools were stolen, then they may be covered. However, if your policy does not cover flooding for example and a flood ruins your tools, then the coverage may not be applicable.
Be sure to check with your insurance agencies to ensure you have the correct coverage amounts for the property in your home. Contents coverages only cover items that are up to certain values. Check your policy to see what this limit is. If your workshop tools are higher than the limit, then it is best to either get a second policy or discuss raising your limits with your insurance agent.
In addition to covering workshop tools and other contents of your home, most of these coverages have deductibles. You will likely have to pay the deductible if you file a claim for the tools. A deductible, usually a limit that resets on an annual basis, is the amount of money you must pay out of pocket before the insurance company pays out the remaining sum. If your deductible is $5,000 and your tools are worth $6,000, the most the insurer will pay is $1,000.
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