Home insurance is meant to provide you with protection from damage and risks your home and your property could face. In most cases, this includes fires, storm damage, and theft. However, many homeowners don't realize they can file a claim for damage or loss for other items in their home, not just the structure itself. A standard home insurance policy provides contents coverage. This can help to cover valuables including your workshop tools.
Home insurance policies cover the contents of the home if those contents are damaged or lost as a result of unavoidable incidents. The event causing the loss must be a type of covered incident. For example, if your home insurance covers theft and your tools were stolen, they may be covered. On the other hand, if your policy excludes coverage for a flood, and your tools were damaged in a flood, the coverage may not be applicable.
Home insurance contents coverage is limited to items that are up to a certain value. Your policy will tell you exactly what limit this is. If your workshop tools are valued at a higher level than the limit, it is best to list them on the policy separately to ensure you have enough coverage to protect their value alongside the rest of your home's contents. Keep in mind that home insurance does have limits and workshop tools can be quite valuable. Take a look at your contents limits and ensure it is high enough to protect your losses.
In addition to this, most policies 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.
For those that have a high-value workshop in their home, it pays to let your home insurance provider know about it. It should be listed on your policy so that coverage applies to the value of these items. In many cases, damage or loss to those tools can be compensated through your insurer, saving you money.
Are your assets covered? Call Peachstate Insurance at (877) 997-2478 for more information on Marietta home insurance.