Insurance on garage contents

[mike7570]

I just got home after a fire evacuation in my neighborhood of Murrieta. The house is insured but I kept thinking about my garage contents and the car under construction. I must have about 35-40K in vehicle and parts and it’s maybe a little over half way complete. I need to check with my insurance carrier and see if it would be covered. I’m worried producing receipts would be hard to do since it has taken me quite a few years of collecting parts to get this far. Also arguing the value of a race car vs street car could be very difficult.
It something we should all think about, starting over after a burnt out garage could be overwhelming.

[C8OZ]

I hope your place stays safe from the fire.

I never knew how hard it could be to remember *exactly* what was in my shop until I had a major burglary a few years ago. I still have to add small items to the "likely gone" list what seems like every couple of weeks.

That renewed my habit of photographing everything periodically. Open every drawer on the toolbox, every cabinet, etc. It only takes a few minutes, but it means a lot if you ever happen to need it.

[BigBlueIron]

I asked a similar question to my insurance agent awhile back. They have no sense of what tools really cost, they are in my mind a lifetime investment. He responded with what they called wedding ring insurance, basically you pick a value say 25k then a rate is based on that. In some cases an appraisal would need done before hand for such coverage but its tools you will better qualified than anyone. And if your like me I bargain hunt, swap meets, auctions, etc. I'm poor and list price on the snap-on truck hurts even though I've done that plenty too, but I never buy anything I don't need... Now I need a bigger box..

I also had about 3k worth tools stolen about 10yrs ago, still makes me sick.

[67428GT500]

Most policies cover tools/content up to your limits. Tools aren't like firearms or jewelry with most carriers unless they are used commercially.
Your vehicle can be insured via Hagerty or another carrier.  My Shelby has very reasonable agreed value coverage of a 170K for about 650.00 a year with no mileage limitations. They cover mechanical down time, roadside assistance and 500.00 in mechanical cost.  This is through USAA.  I also know that you can get coverage on an unfinished project vehicle. I covered the Shelby while it was garaged disassembled and at the body shop for three years for paint.

                                                                                                            -Keith

[mike7570]

'67 Shelby Stocker Project could have gone up in flames 

[machyoung]

Typically your car is NOT covered under your homeowners. There are also differences in coverage of your garage if it is detached or attached. I'm in Temecula and use a barn as my shop. I raised my limits a couple of years ago on my barn as well as it's contents. It's typically a nominal increase in comparison to the additional coverage. Hagerty for the cars is a great deal!

[67428GT500]

I'm glad that all is well.  Be sure to insure your project. Hindsight won't save your investment, in time, blood, sweat and tears.

                                                                               -Keith

[Bolted to Floor]

Here in Texas, Allstate would not cover my car while I was working on it under a home owners policy. They said it had to go on an auto policy. So, it got a policy to cover it in the garage with a max value of 25K then an additional 25K for “aftermarket parts” as he called it for about $35 a month. Moved it over to Hegarty once it was road worthy. 

[67428GT500]

Here in Texas, Allstate would not cover my car while I was working on it under a home owners policy. They said it had to go on an auto policy. So, it got a policy to cover it in the garage with a max value of 25K then an additional 25K for “aftermarket parts” as he called it for about $35 a month. Moved it over to Hegarty once it was road worthy.

Allstate is one of the worst carriers out there. I would steer clear of them period.  As for coverage, as I explained most of the collector car insurances offer insurance for vehicles in project stage. Once again, pictures of state of completion and agreed value.  It cost me less than 300.00 a year for 85K in coverage.
I am in Texas as well. Insurance was ran by the good ol' boy's club when I relocated here.  I was with AAA for 27 years. I have NEVER had an at-fault accident since I have been driving. However, what we're seeing now is the influx of illegals as in California.  At the end of the day our rates go through the roof because of uninsured motorist.  As a veteran I finally elected to move away from AAA here because the rates were averaging 160.00 a year increase every six months for someone who hasn't had a moving violation or an accident in 30 years.   Sometimes you just have to shop around.

                                                                                  -Keith

[Falcon67]

Usually the limit in Texas without any add-ons is 10% of the coverage of the house.  So really, no where close.  As for collector/race cars, that's going to be a separate issue.  We were going to cover the trailer and dragster with a policy, just haven't done it yet.  A 16K dragster in a 24K shop with gosh knows how much $ in equipment - no way made whole by regular home owners.

[67428GT500]

I carry 300K in contents coverage. Firearms and Jewelry had to be covered under a blanket policy. I am in Colleyville, TX.


                                                                                                         -Keith