Who Should Insure Their Hobby Equipment?

By Compuquotes Team on November 19th, 2008

Homeowners Insurance

Do you need insurance for your crafting and hobby equipment? Many of us have invested significant amounts of money in the pursuit of our leisure time activities. Unlike those who collect things for fun - stamps, coins and other valuables - hobbyists, crafters and sports enthusiasts seldom think of their equipment in monetary terms, but they should. Think about your favorite activities and the things you own to help you enjoy them. If they were lost or damaged in a fire or flood, could you replace them easily? If not, you may want to consider an insurance rider specifically to cover those items.

But what about my homeowners insurance?
Some of your equipment may already be covered under your contents cover by your homeowner insurance. Before you talk to your insurance agent about a rider or extension of coverage, go over your policy and decide if it is adequate to cover replacement of your most important pieces of leisure and hobby equipment. There are a few considerations that are important in making that determination:

  • What is the value of each piece of equipment?

Most homeowner policies limit the amount you can claim per single item. If that limit is $1,500 and you own a camera that will cost $1,800 to replace, you'll only recover $1.500 for it. You're on your own for the remaining $300. The easiest way to deal with a limit that's too low if you own several expensive pieces of equipment is to increase the coverage limit. It will be less expensive than separate riders as well.

  • Where do you store your equipment and supplies?

Equipment and items that are stored outside your house, in a detached garage, shed or outbuilding, for instance, may not be completely covered by your insurance policy. If you have a home workshop or office in the garage or former shed, talk to your agent about an extension to cover property stored there.

  • Are some things covered by separate insurance?

Some items may be covered by other insurance that kicks in when you register a product or warranty, or by insurance provided as a perk with purchases on a particular credit card. Check the coverage before you go to the expense of adding an unnecessary rider.

Hobby and Leisure Supplies and Equipment
Most people consider the big ticket items when totaling insurance - game consoles, ski equipment, mountain bike, digital camera. Many hobbyists, crafters and sports enthusiasts also build up quite a collection of smaller ticket items related to their interest. A fly fisherman, for instance, may have built up an impressive collection of flies and tying supplies, none of them very expensive on their own. Taken as a whole, however, they could cost several hundred or even thousand dollars to replace. While you don't need special riders to cover those things, it is important to have an inventory of sorts to help evaluate your loss in case of an accident or misadventure.
The same holds true for many other hobbies. A fire or break-in could leave you facing the expense of replacing a few thousand dollars worth relatively inexpensive power tools or inventories of craft papers, fabrics and yarns. Your insurance company isn't likely to pay out that sort of cash for 'craft supplies' unless you can back up your claim. An up-to-date inventory of supplies on hand may seem like an unnecessary annoyance, but it's not difficult to keep up to date once you've spent a few hours setting one up.

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