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Insuring Your Craft Materials and Equipment

By Compuquotes Team on March 27th, 2008
Homeowners Insurance

Chances are good that you have home insurance - few homeowners would be without it, and many renters are seeing the importance of insuring their belongings when they live in buildings owned by others. People who collect coins, stamps or gems usually know enough to insure their collections against theft or loss. Most avid crafters, however, have probably never considered covering their crafting materials and equipment with a rider on their home insurance. And yet, the average crafter owns several thousand dollars worth of equipment and supplies that are vital to their crafting, and which would be a financial hardship to replace.

If you're an avid crafter, you may never have thought of your supplies and equipment in terms of replacement value. Take a few moments to consider what you spend on supplies for sewing, scrapbooking, needlepoint, woodworking and other crafts. Even the average knitter might have nearly $1,000 worth of knitting needles, yarn and other supplies and equipment in their home. One scrapbooker estimates that the value of the equipment she uses and the various papers and stamps she keeps for future projects is closer to $5,000. If your hobby is woodworking, those values might easily reach $10,000 when you include the cost of power tools, saws and home workshop equipment. Have you considered insuring those items against loss? Could you easily replace them all if they were damaged in say, a flood after a pipe bursts?

In most cases, your standard household insurance will only cover items with values up to a pre-determined limit. If you own an expensive sewing machine or pottery kiln, you may be on your own to replace it if it is damaged in a fire or other mishap. Those items may need to be covered by a separate rider. Other supplies may be covered by your insurance policy, but in order to get fair reimbursement for them, it's very important to keep accurate records of your purchases and uses for the craft supplies that you own.

Creating a Crafting Inventory

The most difficult part of creating an inventory of your crafting supplies and equipment is at the beginning. You'll need to put some time into setting up an inventory system and recording all of the items that you own. Depending on the craft and the equipment, you may be able to manage with a 3-ring binder for your records.

Start with any valuable equipment. Photograph the piece of equipment, then put the photo, purchase receipt (if you have it) and an pertinent information regarding it into a manila envelope that you can bind into the binder. If you don't have the original purchase receipt, add a clipping from a catalog showing the price for that particular machine. That, together with the photograph, should be enough to establish value and ownership if you ever have to submit a claim.

Next, create an inventory of your supplies on hand. It doesn't matter whether those supplies are lengths of fabric, boxes of nails and screws or sheets of paper for scrapbooking. The procedure is essentially the same. Attach a photograph or sample of the supply to a sheet of looseleaf paper. Not the price paid and date purchased by each sample. If your collection is large, you can group like items together in a single photograph to make it easier. Once you actually have recorded the things that you own and created a system, keeping it up is far easier. Just make it a habit to store receipts in the binder, and at the very least make a note of the item, date purchased and price paid in your inventory list. When you use an item, cross it off the list.

The whole process seems a lot more complicated than it really is. It only takes a few minutes a month to be sure that you have an accurate record of the equipment and items you own for crafting or hobby work so that you'll be able to claim their loss in case of a covered accident or incident.

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