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Boucher
06-22-2011, 09:18 AM
If you are going to come out on the right side of a major insurance claim you have to do the paperwork. I have had three major loses and a scary near miss since the first of the year. The tornado did a lot of damage but a close encounter with a brush fire was a real wake up call.

One day I opened a drawer and realized that I had more invested in inserts than I did in my lathe. I have always hated doing paper work. A few good pictures of contents of drawers are the easiest way to prove to the insurance company what was there. First you need to have realistic evaluation and coverage for both the structure and the contents. Think about it.

sasquatch
06-22-2011, 09:25 AM
Good reminder that many of us put off over time!!

Sorry for your'e problems.

fixerdave
06-22-2011, 10:47 AM
I've come to realise the little things are often more expensive than the major equipment. Two examples:

I'm visiting my inlaw's in Japan, will be every other year for the next decade or so if all goes well, so I decided to put together a tiny woodworking "shop in a box" I budgeted $300, spent $400, and only bought 2 power tools, a drill and a circular saw, totalling $140. As for the rest, $100 in nice Japanese chisels (treat to myself as they're coming home with me) and $160 in... what... nothing over $8, mostly dollar store crap. Almost 1/2 the money spent went to misc nothings that never get inventoried properly. Bits of sandpaper, screws, ruler, spring clamps... stuff. I probably spent more than that and forgot to even count the money.

Second example, I helped with an estate sale... lots of tools. I inventoried everything worth anything - estimated about $15k for newish sale price, set prices at 60% or less, much less for the big machines, and still pulled in well over $8k. Why, people bought the little things, incidentals, $2, $5... man that adds up fast.

At this point, I would expect 30% or so of the value of an average home shop is stuff that never gets inventoried, never gets claimed, never even gets considered. But, it's the stuff that makes a shop useful. I mean, just how far are you going to get without that can of WD-40, the tub of grease, a wire brush? Emery cloth, calculator, metal marking pens, duct tape... how do you inventory all that?

Me, I photograph periodically. Yeah, I'm overdue for another round. At this point I have so much tool duplication the insurance company would probably accuse me of fraud. Like they're going to believe me when I tell them how many drills I had ;)

lazlo
06-22-2011, 10:54 AM
The tornado did a lot of damage but a close encounter with a brush fire was a real wake up call.

Byron, you had a tornado in Burnet?! When?

Boucher
06-22-2011, 01:53 PM
Robert. I awoke at 2:20AM Feb. 1 to what sounded like an airliner spooling up in the front yard. It was not all the way down on the ground. Twisted a 2 ft dia oak tree about 12 ft up. Lots of dammage but not total destruction. It totalled our guest house and carport. That was actually good. I have been trying to get the wife to do that for the last 15 yrs.

The brush fire was even scarrier. We have the cedar off our property. The next door neighbor has large cedars down from the other storm and the property behind us is solid brush. The fence line is about 130 yards behind our house. A power line runs down the property line. We stayed and watered the roof until the fire burned that power line into shutting off our electricity.
When a gust would hit the fire you could feel the heat on our patio. The angle off was such that I felt that we were going to miss the main front.
The big helicopters saved the day.