Habile de vos mains, vous êtes un véritable bricoleur du dimanche. When you’re not at work, you can be sure to find you in your workshop, putting the finishing touches on one of your many projects. And to keep your passion alive, over the years you have acquired several tools, each more specialized and more expensive than the last. But is this investment well protected?
In this article, Assurances Multi-Risques aims to demystify this issue by explaining under what conditions your tools may be covered by your home insurance and what you should declare to your insurer.
Are your tools covered by your home insurance?
If you only use your tools for personal enjoyment, they will generally be covered by your home insurance. However, be vigilant and be sure to declare them to your insurance agent or broker. This will ensure that these assets are properly covered. Because prevention is better than cure! We also recommend that you make a detailed inventory of your tools and their value so that you can submit it to your insurance company. This will make things easier for you in the event of a claim, as your insurer will already be aware of your unusual situation.
However, if you use your tools to carry out paid work, you must first understand what an insurer considers to be a professional activity in a home insurance policy. In general, insurance companies define a professional activity as “an activity that generates income for you and is carried out on a continuous and regular basis.”
As such, several insurers pay a maximum amount ranging from $2,000 to $5,000 for your personal property used for professional purposes. Of course, this may vary from one insurer to another. However, these items are also often included in the limitations and exclusions found in home insurance policies.
In short, if you use your tools to perform work that generates income, we strongly advise you to notify your home insurer. This will let you know whether or not they can be covered by the latter. This way, you will avoid many problems in the event of a claim, and above all, you will avoid unpleasant surprises in your final compensation.
In closing, we are convinced that, as a DIY enthusiast, all your free time is devoted to your craft projects and that once you are in your workshop, insurance is the last thing on your mind. So to save time that you can use for DIY projects, we recommend contacting an independent insurance broker who represents several different home insurance providers. He will take care of shopping around for you to find the right protection for your tools while you are busy hammering, screwing, sawing wood, etc.