Tools & Equipment Insurance
Are New Tools Automatically Covered When I Buy Them?
Under blanket coverage, yes — new tools are generally covered up to your blanket limit without notification. Scheduled policies require you to add new items explicitly.
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Are newly purchased tools automatically added to my tools policy?
If you have a blanket tools policy with a $30,000 limit, a new $500 drill you buy tomorrow is covered — you don’t need to call your agent. The blanket limit covers all your tools collectively, and new additions fall within it automatically.
If you have a scheduled policy where each item is listed individually, new tools are NOT automatically covered. You need to contact your agent to add them via an endorsement. Until they’re added, new items aren’t covered.
For high-value new purchases (specialty equipment over $2,000), notify your agent regardless of coverage type — for blanket policies, to ensure your total doesn’t exceed your limit; for scheduled policies, to get them explicitly added.
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