Homeowner & Renter Policies
Homeowner Policies
Section titled “Homeowner Policies”Tools stored in your home or garage are generally covered under the personal property section of your homeowner policy. Key points:
- Coverage usually applies to theft, fire, and certain natural disasters
- Tools in a detached garage or shed may have lower limits
- Power tools and hand tools are typically treated the same
- There’s usually a sublimit for tools (often $1,500–$2,500)
Renter Policies
Section titled “Renter Policies”Renter insurance covers your personal property, including tools, in a rented space. The same sublimits and depreciation rules apply.
What’s Typically NOT Covered
Section titled “What’s Typically NOT Covered”- Tools used for business purposes (even if stored at home)
- Gradual wear and tear
- Tools left at a job site (requires separate coverage)
- Mysterious disappearance (some policies exclude this)
Increasing Your Coverage
Section titled “Increasing Your Coverage”If your collection exceeds the sublimit, ask your agent about:
- Increasing the sublimit — sometimes possible for a small premium increase
- Scheduled endorsement — list high-value tools individually
- Replacement cost coverage — pays to replace, not depreciated value
Having your ToolDB PDF report ready makes these conversations much easier.