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# Insurance value of quilts?

02-12-2013, 06:14 AM
#1
Senior Member

Join Date: Oct 2011
Location: Iowa
Posts: 816
Insurance value of quilts?

I am entering my quilt into a show that requires me to put an approximate insurance value. It only requires an appraisal if you have a value of \$1,000. I do not have a resource available to me to appraise the quilt (and I don't think it is over \$1000 anyway).

Can anyone tell me a reasonable way to determine the value of the quilt? As far as I'm concerned, it is priceless. There is no way I could make this thing again. At the same time, I'm not a known quilter, so I can't imagine it would sell for much of anything. So I am at a complete loss of the value.
02-12-2013, 06:27 AM
#2
Super Member

Join Date: Dec 2010
Location: Central New Jersey
Posts: 1,013

If you use a long arm quilter, they are pretty good at estimating. It's their livelihood.
02-12-2013, 07:20 AM
#3
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Join Date: May 2011
Location: Pacific NW
Posts: 7,675

Short answer, put down \$900 on the form.

Long answer - estimate how much fabric for backing and top, multiply by cost of fabric; example 8 yards times \$10 = \$80. Same thing with thread and batting. Estimate how much time you spent cutting, sewing, quilting and multiply by what hourly rate you think you're worth. Add all figures together.

i made a quilt for my MIL and my husband told her to insure it for \$7000; he did the math and figured out that's how much it would cost to replace. (It had over 9000 pieces in it.)
02-12-2013, 07:24 AM
#4
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Join Date: Feb 2009
Posts: 5,367

"i made a quilt for my MIL and my husband told her to insure it for \$7000; he did the math and figured out that's how much it would cost to replace. (It had over 9000 pieces in it.)"

I'd love to see a pic of that quilt!
02-12-2013, 07:32 AM
#5
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Join Date: Oct 2012
Location: oregon
Posts: 1,371

Add up the cost of the fabric,the batting and thread: multiply the number of hours by the cost per hour- more than minimum wage,by the way, and add that : then add the artistic value( my dog painting with his muddy feet on the kitchen floor,vs, my grandkids painting,vs Picasso): you'll be surprised! I agree your quilt should be insured for at least \$998. Let's hope the quilt show has good security. Also,be sure you have a picture of your quilt.
02-12-2013, 07:32 AM
#6
Senior Member

Join Date: Oct 2011
Location: Iowa
Posts: 816

Originally Posted by Normabeth
If you use a long arm quilter, they are pretty good at estimating. It's their livelihood.
No, I did my own quilting.

Originally Posted by Peckish
Short answer, put down \$900 on the form.
By hours, it is WELL over the \$1,000 mark at \$10 an hour, which I think is low. No way would I do this for someone else at that price.
02-12-2013, 08:20 AM
#7
Super Member

Join Date: Jan 2009
Posts: 4,688

You're much better off finding an appraiser. You'd be surprised at the appraised value of quilts. A friend recently insured hers for \$1,000 for shipping to a show and then had it appraised at the show...the appraised value was over \$8,000.

Does the show intend to insure exhibitor's work while there? That's very rare indeed. Your insurance agent can find an appraiser for you and it doesn't cost all that much to have it done. Just a suggestion.

Appraised value for work by an 'unknown, unsold' quilter is replacement value only, btw....materials and labor. No 'artistic' value.

Last edited by ghostrider; 02-12-2013 at 08:25 AM.
02-12-2013, 08:35 AM
#8
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Join Date: Oct 2011
Location: Iowa
Posts: 816

Originally Posted by ghostrider
Does the show intend to insure exhibitor's work while there? That's very rare indeed.

No idea why they want it. It is AQS, the form just says approx insurance value (over \$1,000 must include letter from appraiser).

I do not intend to insure it as a rider on my home insurance- if something were to happen to it, I would be devestated, but money couldn't replace it anyway.
02-12-2013, 09:09 AM
#9
Super Member

Join Date: May 2011
Location: Pacific NW
Posts: 7,675

It would be interesting to know if AQS thinks of insurance value as replacement value only, or includes artistic value in that. I guess they're letting the quilt owner determine that when they fill out the form, aren't they?
I'm assuming their insurance company requires this as a condition of whatever policy I'm sure they purchase for the show, in case of fire, tornado, whatever.
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