Are Tools Covered Under Homeowner's Insurance?

Your personal tools are a regular fixture around the house -- repairing that faucet that has been leaking for days or assisting a Saturday afternoon working in the garage. What happens if they're lost, stolen, or damaged in an accident? The good news is, your personal tools and other belongings may already be covered!

Your Homeowner's Insurance can help protect your personal belongings in certain circumstances. Keep reading for a better understanding of when your tools are protected, and the circumstances in which you may need additional coverage.

Learn How Homeowner's Insurance Can Help Protect Your Personal Tools

If you use your tools for hobbies or home repair, they may be covered by your Homeowner's Insurance. However, it's important to understand how your homeowner's policy works to cover your belongings to make sure you have adequate coverage.

Your Tools May Be Covered from Specific Events

Homeowner's Insurance protects more than just your house -- it can also help protect your personal tools and other belongings from specific events. This means that if your tools are stolen or damaged in a house fire or another accident your insurance may be able to help you replace them. What events are covered depends on your policy, so be sure to check with your insurance agent.

Warning: Your Protection May Only Cover Certain Items

In general, your Homeowner's Insurance will cover personal items like tools in an amount of 50% to 70% of the insurance you have on the structure of the house. However, more expensive tools, like specialty power tools, may require additional coverage. 

The best way to ensure if this coverage will be enough for your belongings is to conduct a home inventory. Then take that inventory list to your insurance professional. Knowing what items you own, and what their value is, will help you ensure that you have adequate coverage to protect your tools and equipment. 

Homeowner's Insurance Protects Personal Belongings

Your Homeowner's Insurance is intended to cover your personal property, so if you run a business from your home, you may need additional insurance. For tools that are used for business purposes, Inland Marine Insurance for contractors can help keep your equipment protected.

Your tools are an important part of your daily routine, helping you keep the home you love running smoothly. Make sure your equipment is protected from theft or disaster. Learn more about Homeowner's Insurance with Aegis.




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