Go Back  Quiltingboard Forums > Main
Insurance value of quilts? >

Insurance value of quilts?

Insurance value of quilts?

Old 02-12-2013, 06:14 AM
  #1  
Senior Member
Thread Starter
 
Join Date: Oct 2011
Location: Iowa
Posts: 816
Default 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.
Skittl1321 is offline  
Old 02-12-2013, 06:27 AM
  #2  
Super Member
 
Normabeth's Avatar
 
Join Date: Dec 2010
Location: Central New Jersey
Posts: 1,013
Default

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

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.)
Peckish is offline  
Old 02-12-2013, 07:24 AM
  #4  
Super Member
 
dakotamaid's Avatar
 
Join Date: Feb 2009
Location: South central Nebraska, US
Posts: 5,367
Default

"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!
dakotamaid is offline  
Old 02-12-2013, 07:32 AM
  #5  
Super Member
 
Join Date: Oct 2012
Location: oregon
Posts: 1,371
Default

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.
francie yuhas is offline  
Old 02-12-2013, 07:32 AM
  #6  
Senior Member
Thread Starter
 
Join Date: Oct 2011
Location: Iowa
Posts: 816
Default

Originally Posted by Normabeth View Post
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 View Post
Short answer, put down $900 on the form.
I think I'll go with your short answer
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.
Skittl1321 is offline  
Old 02-12-2013, 08:20 AM
  #7  
Super Member
 
ghostrider's Avatar
 
Join Date: Jan 2009
Posts: 4,688
Default

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.
ghostrider is offline  
Old 02-12-2013, 08:35 AM
  #8  
Senior Member
Thread Starter
 
Join Date: Oct 2011
Location: Iowa
Posts: 816
Default

Originally Posted by ghostrider View Post
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.
Skittl1321 is offline  
Old 02-12-2013, 09:09 AM
  #9  
Super Member
 
Join Date: May 2011
Location: Pacific NW
Posts: 7,675
Default

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.
Peckish is offline  
Related Topics
Thread
Thread Starter
Forum
Replies
Last Post
bearisgray
General Chit-Chat (non-quilting talk)
8
06-18-2016 06:07 PM
roxie623
General Chit-Chat (non-quilting talk)
13
09-23-2011 12:19 PM
Parrothead
Main
9
05-01-2011 01:36 PM
craftybear
Links and Resources
4
04-07-2011 04:41 PM
donnaree59
Main
11
12-21-2010 01:28 PM

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


FREE Quilting Newsletter


SEO by vBSEO ©2011, Crawlability, Inc.