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You can insure your tools so they’re protected wherever you use them, but the type of coverage you need depends on how you use them and how much they’re worth.
The best way to cover your tools will depend on how you use them. Either way, you’ll typically be covered for theft or damage of your tools.
If you use your tools for hobbies or home repair, and aren’t paid for projects you use your tools on, you can get coverage through your homeowners or renters insurance.
If you use your tools for business purposes, they might be excluded from coverage in your homeowners or renters policy — you’ll need to talk with your insurer to find out for sure.
If that’s the case, you can protect them with contractors equipment insurance. This is a form of business insurance that protects your tools most places you take them, including on the job site. It covers you for:
If you have a nice collection of tools, it makes sense to insure them for a number of reasons:
If someone steals your tools from your home or car, there are steps you can take to improve the chances of getting your tools back or of having a successful claim. Here’s what you need to do:
Exclusions vary based on your insurer and policy type, but you generally won’t be covered for:
If you have under $1,000 worth of tools that you use for home projects and hobbies, you may already be covered by your homeowners insurance — but you should check with your insurer to find out exactly what you’re covered for. If you have pricey tools that you want additional coverage for, compare home insurers with valuable personal property coverage if you use your tools for personal reasons, or take out contractors equipment insurance if you use your tools for business.
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