Insurance Review
Posted: Tue May 16, 2017 12:04 am
Just finished the new Woodshop last month. 24x30, 10' walls, concrete floors, vinyl siding, metal roof and fully finished inside. Climate controlled. Year round woodworking.
Lots of things to do when that contract was satisfied!

The new shop from the front...

A view from just inside the garage type door. The width is 24', the depth is 30'
Getting all the equipment out of the storage trailer and set up... whew... lots of work, lots of thought, and LOTS of rearranging.
Meh... gave me something to do... finally. Got me out of the house.
Alarm System. The Day I started moving the equipment in, I made sure the alarm guys were on site, wiring the new building into the alarm system. TOO much to lose.
Speaking of Loss? Insurance. I called the insurance agent and told him when we started on the building about the construction. We were covered both by our policy, and the contractor's. Once the building was finished, we upped the OTHER structures coverage for that one building, a RIDER don't you know, to cover replacement costs. But, I got to thinking about content. The other structures coverage didn't come close. I told my agent we needed to get together and discuss an overall review of total homeowners. I thought he was going to stroke out. Most folks won't bother.
I wanted to insure that there would be adequate coverage for at least wood shop content if necessary, the guns, certainly, and possibly certain jewelry pieces need adequate coverage as well. Then there are the fly rods and reels, the reloading related equipment, sheesh, fly tying setups, and a few others.
We are set to meet here Thursday morning for a walk thru and a sit down. NO commitment. He'll take the information and do a workup for each area of concern, make the necessary recommendations, and let us know what the coverage will add to the policy, or the best way to set up a package to cover it all, without breaking the bank. We can choose what best suits, or choose to stay where we are. (We have already added the addendum to cover the new Wood Shop. No problem with having him come and and do the work up. "It's my job, and get's me out of the office." he said.
I have spent the last ten days or so doing detailed inventories of some areas, overviews of others and the research to determine replacement costs for certain items on certain inventories. OMG...
It has been a LOT of work. Photos of every item, an Excel Spreadsheet with the inventory and indexed to the photos, and the best thing about Excel, it does the math.
Make a change and like your GPS, it's recalculating.
I had no idea what we had accumulated in the last twenty to thirty years. WE don't have that much, but what we do is quality. The figures came as a surprise to say the least. In certain categories I was very close since I had a very good idea what was in those categories and the market value of the items. In others, I was either very far off on the accumulation, or the current value. Well below the actual totals.
In addition, I knew I had several discs with photo inventories in the safe and stashed off site, but was surprised to find that the newest of those was dated 2013. Sheesh, where does the time go? They recommend you do a documentation walk thru every 12 to 24 months, with a video camera, opening drawers, doors, closets: and video taping everything, including the walls, under things and what is standing in the corners.
If there is a fire, major theft or a natural disaster; you'd be surprised how much it will help you compile an accurate list and substantiate a claim. You'd also be surprised how much you may add, without subtracting much, in that short period.
Give it some thought, bet your agent wouldn't complain if you asked what an increase might cost you if needed.

The new shop from the front...

A view from just inside the garage type door. The width is 24', the depth is 30'
Getting all the equipment out of the storage trailer and set up... whew... lots of work, lots of thought, and LOTS of rearranging.
Alarm System. The Day I started moving the equipment in, I made sure the alarm guys were on site, wiring the new building into the alarm system. TOO much to lose.
Speaking of Loss? Insurance. I called the insurance agent and told him when we started on the building about the construction. We were covered both by our policy, and the contractor's. Once the building was finished, we upped the OTHER structures coverage for that one building, a RIDER don't you know, to cover replacement costs. But, I got to thinking about content. The other structures coverage didn't come close. I told my agent we needed to get together and discuss an overall review of total homeowners. I thought he was going to stroke out. Most folks won't bother.
I wanted to insure that there would be adequate coverage for at least wood shop content if necessary, the guns, certainly, and possibly certain jewelry pieces need adequate coverage as well. Then there are the fly rods and reels, the reloading related equipment, sheesh, fly tying setups, and a few others.
We are set to meet here Thursday morning for a walk thru and a sit down. NO commitment. He'll take the information and do a workup for each area of concern, make the necessary recommendations, and let us know what the coverage will add to the policy, or the best way to set up a package to cover it all, without breaking the bank. We can choose what best suits, or choose to stay where we are. (We have already added the addendum to cover the new Wood Shop. No problem with having him come and and do the work up. "It's my job, and get's me out of the office." he said.
I have spent the last ten days or so doing detailed inventories of some areas, overviews of others and the research to determine replacement costs for certain items on certain inventories. OMG...
I had no idea what we had accumulated in the last twenty to thirty years. WE don't have that much, but what we do is quality. The figures came as a surprise to say the least. In certain categories I was very close since I had a very good idea what was in those categories and the market value of the items. In others, I was either very far off on the accumulation, or the current value. Well below the actual totals.
In addition, I knew I had several discs with photo inventories in the safe and stashed off site, but was surprised to find that the newest of those was dated 2013. Sheesh, where does the time go? They recommend you do a documentation walk thru every 12 to 24 months, with a video camera, opening drawers, doors, closets: and video taping everything, including the walls, under things and what is standing in the corners.
If there is a fire, major theft or a natural disaster; you'd be surprised how much it will help you compile an accurate list and substantiate a claim. You'd also be surprised how much you may add, without subtracting much, in that short period.
Give it some thought, bet your agent wouldn't complain if you asked what an increase might cost you if needed.












