Underestimating the cost to replace all your tools if they are stolen or destroyed is very common. They're accumulated over time and yet when you add them all up our customers are often surprised at the overall value. The bigger items are easy, but add in all the little stuff and it soon adds up. This may not be such an issue with a burglary, but a flood, cyclone or other natural disaster could see the whole lot wiped out. We've had a number of claims recently were the builder has found themselves to be underinsured. Is it really sensible to save $400 a year on a premium that would save you $10,000 if your tools get wiped out?

Is it really a good idea to insure your tools for $10k when you easily have $20k worth? Or to insure $20k when the cost to insure the full $30k is only an extra $400?

Whatever you decide, step one is to know how much your tools will cost to replace. Use our smart tools inventory to work this out, record evidence of ownership and keep it updated as you buy stuff.