Tools and machines - what is your shop worth?

[UKRay]

A couple of days ago I read this in another post: "...the average (working) leatherworker has about 15 grand in tools in the shop...".

It prompted me to sit down and value the contents of my shop and store and I was both delighted and horrified by the figure I came up with.

I've got a fair number of old machines in my shop that are pretty well worthless to anyone else and a couple of almost new sewing machines that have some value. I have a fair sized (but not massive) collection of well used hand-tools, some newer small machinery and some leather. In addition I have a stock of finished goods that I take to shows and sell.

I have calculated that I was under-insured by a factor of 10...

I only moved into my current shop a couple of years ago so I can't quite believe where all this 'stuff' has come from and how much it is all worth.

Are you in the same situation? Tell us about it? How much is your shop really worth?

Ray

[Luke Hatley]

IF I TOLD YOU..........MY WIFE WOULD FIND OUT AND I WOULD HAVE TO HARM TO YOU.

Now that you mention this, when you come for a stay we will inventory the shop.

[Denise]

I did this a few years back not only for the shop but for the house to figure things out for insurance purposes. (Amazing how much stuff we accumulate! We live in such a prosperous society, and we take it for granted.) We know a number of people who have lost everything to fires, so it does make sense to know what you have. Time for me to redo and update the list. The other thing that is recommended is to take pictures. Now with a digital camera it doesn't take much to go around your house and shop and snap paictures of everything. Then make a copy and keep it somewhere else. If you ever have to sit down and make a list of everything you lost for the insurance company (and yes, they do ask you to do this!) pictures make it a whole pile easier.

[dirtclod]

Hi Ray, just figuering off of the top of my head to replace ever thing with new probley 30 to 35 thousand dollars. Now thats for machines, tools, leather, hardware, nylon, tables, cabinets. Then add another 10 thousand for the building. So about 40 to 45 thousand. Amazing what a person will get over 20 years.

[Kevin]

I've sort of been through this.

Talk to your insurance agent, mine told me my household insurance does not cover my machinery if I use it in a business.

I did have a fire, luckily all I lost was the bathroom and kitchen. After doing one inventory, I had to do another with values. Then they said I needed to replace the stuff and give them the receipts. How do you replace 30 years of kitchen crap in the limited time you have without borrowing money?

How do you value a tool you bought at the flea market for $3 that you've never seen anywhere else and you use it everyday? A lot of stuff has some rust from condensation after being in a house with no heat for a year. They won't pay you for the time it takes for you to clean all that up.

I'm not really complaining, it could have been a lot worse, they got rid of all the smoke smell (including my smoke tanned deerskin moccasins) and I have a more modern kitchen and bathroom.

I guess what I'm trying to say is no matter how carefully you keep records, they need to be better. And don't keep them in a drawer in the kitchen.

Good luck,

Kevin

[Sasquatch]

I have been at it for about a year now and I figure I have spent about $3,000 on tools and leather. Not bad since I made about $500 in the last month and I do leather part time and hold a full time job. I figure I have made $1500 in the last year and a lot of my time was spent learning a hobby I love.