My shop was burgled. They took a Lie-Nielsen hand plane and a vintage Stanley Bedrock planer from the 1920s. I filed a claim. The adjuster looked up “Hand Plane” on Home Depot’s website and offered me $40 for a generic “Buck Bros” plane. My stolen tools were worth $800 to collectors.
Key Takeaways
- Like Kind and Quality (LKQ): Standard RCV (Replacement Cost Value) policies promise to replace with “new item of like kind and quality.” For antiques, there is no new equivalent, so they default to the cheapest modern version.
- Agreed Value is Essential: For vintage/rare tools, you must insure them for “Agreed Value.” You and the insurer agree before the loss that the tool is worth $800.
- Appraisals: You need proof. A listing on eBay isn’t enough. You need an appraisal or a record of what you paid for it.
- Functional vs. Collectible: Insurance covers “Tools” as functional items. If you claim it as a “Collectible,” it might fall under a “Fine Arts” exclusion in a commercial policy.
The “Why” (The Trap): The Commodity Mindset
Adjuster software (like Xactimate) treats tools as commodities.
- Input: “Hand Plane.”
- Output: “Avg Price $50.”
They do not know the difference between a pre-war Stanley and a Walmart brand. Unless you have a specific schedule that describes the item’s rarity, you get the commodity price.
The Investigation: “I Called Them”
I tried to insure a vintage toolkit.
1. Blanket Coverage
- Result: Disaster. They applied the “miscellaneous hand tool” average value. Offer: $100 for the lot.
2. Scheduled with Description
- Action: I listed: “Vintage Stanley No. 4 Bedrock Plane.”
- Result: Better. Adjuster found one on eBay for $300. Offer: $300.
3. Agreed Value Schedule
- Action: I provided a receipt showing I paid $600. We set the limit at $600.
- Result: Check for $600. No arguing.
Comparison Table: Valuing Vintage Gear
| Policy Type | Basis of Payment | Payout Estimate |
| Standard Blanket | Functional Replacement | $40 (Generic) |
| Scheduled (RCV) | Market Value of Vintage | $300 (eBay avg) |
| Agreed Value | Pre-set Limit | $600 (Full Value) |
Step-by-Step Action Plan
- Identify the Rarities: Separate your “users” (modern tools) from your “collectors” (vintage/rare).
- Appraise/Document: Find sold listings on eBay for your specific vintage tools. Print them to PDF. This is your market value proof.
- Schedule Them: Do not leave them in the blanket coverage. List them individually: “1920 Stanley No 4 – Value $500.”
- Clarify Usage: Tell the agent you use them for work. If they are just for display, they need a “Fine Arts” floater, not a “Contractors Equipment” floater.
FAQ
Q: Can I claim “Sentimental Value”?
A: Never. Insurance covers financial value only.
Q: What if I built the tool myself?
A: They cover the cost of materials + your labor hours (at a standard rate), or the cost to buy a generic equivalent. Hard to get full value for custom tools.