> I'm struggling a bit with how to value each of these items on the
> inventory list. If I buy a power tool on sale, do I put the sale price
> or the regular retail price? That value of course will change a bit over
> time. I do have replacement value insurance, but I was just wondering
> how to properly document this stuff?
Not sure this is right ... but it seems to me that you should record the
actual price you paid and the condition of the tool (new, used, broken,
whatever). Since you do have replacement value insurance, your property
will have to be re-evaluated after a loss, to decide what the insurance
actually pays. You may have bought that Starrett 5-6" mike for $15 at a
yard sale, but it's "replacement value" is a whole lot more than that.
Personally I've done nothing whatever yet, but my plan is to take a whole
bunch of digital photographs, store them on a CD and put a copy in my safe
deposit box. If I do have a loss, and we can't read the logo on the tools,
then of course that was a Snap-On wrench, not a Crapsman; and of course that
was a Hardinge lathe, not an Atlas. Crapsman doesn't make them like they
used to anyway, you've about got to buy Snap-On these days to get the same
quality as my old Craftsman wrenches. Recording every single tool, and a
guess as to what it cost, (besides, what do I put for the water pump pliers
I found laying in the middle of the road ?), is far more than I'm willing to
do.
Randall
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