I was part of a discussion about insuring sewing machines on this thread by Murphy224
Are your machines insured
and it really got me thinking about whether my machines were properly insured or not. So, I marched on down the street (okay, I leisurely got in my car and drove over) and talked to my agent, Brittany at Nationwide Insurance. We talked for about an hour, and here’s what I found out:
1. Homeowners policies are normally calculated as a percentage of your actual physical home value. I did not know that!
2. As long as you do not run a quilting business from your home, your machines are covered by your homeowners policy. However,
the machines are only covered up to the limits of your policy. This is an important point to remember! If you have full-replacement coverage, it will be covered at 100% of the cost to replace it Today. Otherwise, it will be covered up to the limits of the policy (normally 70-90%), less the deductible. So, if you have 70% coverage and an $8,000 sewing machine, do you have an extra $2400 to be able to replace that machine? And That amount only covers the original purchase price you paid 6 years ago. Not what it would cost to replace today. The amount would be so much more if you also have a longarm!
3. There are no policy riders available for sewing machines. You are totally dependent on the homeowners insurance. After we talked, Brittany spent a lot of time on the phone with other brokers to see if there were any riders available. Nope, none. She was so curious she even searched the internet for people who talked about insuring their machines, and nobody had a rider.
4. It is highly suggested to send pictures of expensive machines to your insurance agent to attach to your policy as proof of ownership, along with any receipts and order forms - especially important if you ordered additional items with your machines. This guarantees payment for every single thing you originally bought.
5. If your sewing room is in the basement or other lower level room, it is important to get water damage coverage in the event the water heater blows, the sump pump backs up or the tub or toilet over your sewing room ruptures and your machines are ruined. If the damage is due to water, it will not be covered unless you have water damage coverage.
I hope this helps others! If you have anything to add from personal experience, please do. After we talked I immediately sent her pics and receipts for my machines. It has me thinking of how much $$ I really have invested in my sewing room!