Dos and Donts of Insuring Tools

Dos and Donts of Insuring Tools

To avoid the loss, damage or destruction of valuable things, people often insure them. This provides a layer of protection beyond any warranties or guarantees, a layer which may provide for a new item if the insured one is stolen, or repairs if the insured item is damaged in some way. However, not every single thing needs to be insured. Crazy, right? You probably won’t hear this from many other insurers, but there are some items which just don’t warrant the costs and headaches involved with the whole insurance process. Specifically, tools come to mind.

That doesn’t mean some tools shouldn’t be insured, not at all. But there are some dos and donts when it comes to insuring tools which would be good to look at before you make that commitment. For instance, do you want to use said tools for simple jobs around the house, or will you be depending on them to make a living as a handyman or mechanic? In the former case, insurance probably isn’t necessary unless the tools are especially valuable. In the latter case, your tools are literally your living, so being able to quickly replace them if they are lost, damaged or stolen is of paramount importance.

Dos and Donts of Insuring ToolsNext, ask yourself if you will be the only one using the tools in question. If you treat your tools with respect and don’t push them hard enough to break them, then you basically are the insurance against them being damaged or destroyed. However, who can say what another person is really like? If you loan your tools out to other people, even friends, bad things can happen to those tools. They may not even come back, as is often the case when people borrow things and “forget” to return them. Even compact reciprocating saws might be worth insuring if there is a real risk they could disappear.

These concerns aren’t really unique to tools, either. These are things you should think about before insuring anything at all – weighing the risks involved with your item against the benefits a solid insurance policy can bring you in regards to them. There are some things which should always be insured, like homes. But even some vehicles can go without insurance, at least if you live in a place where insurance isn’t a requirement to drive. The house where you live is just worth so much more than the tools you use to maintain it. Get more news here about reciprocating saws and other tools.

Now that you’re a little more educated about the dos and donts of insuring tools, take some time to think about how valuable your tools really are and whether or not you should insure them. If you need those tools to make a living, you should probably keep them protected with a nice policy that offers speedy replacements or repairs. If the tools aren’t worth much to begin with, or you don’t often work with them, then the need to insure them is lessened significantly. It’s really up to you what you do in the end, and there’s no such thing as too much insurance if you can afford it.