vivisky

I have a home business (not sewing or quilting) and have a separate policy to cover my business items. My basic homeowners policy would not cover any business related items.

However for sewing items, even if I were not "in business" with them, I would think it prudent to keep an updated inventory of your more valuable items.

That said, the "value" of sewing machines is not an investment. The 10k or 20k sewing machine depreciates just like a new car once it leaves the showroom. Once it is past the "everything" warranty period (1- 5 years) the value --as far as an insurance agent is concerned-- will be a small percentage of original price paid to dealer.

Sewing machines such as the very expensive TOL (10-20k) are a lot like desktop computers. There are frequent new technologies and what was TOL a year ago is soon eclipsed. If they have a higher stitch count (have been driven) they are worth less. They really are a lot like new vehicles.

Even so, some day I hope to own one, just for the joy of "driving" a TOL sewing machine for a few years before it breaks down. There is nothing wrong with that at all! But, to an insurance agent, a 5 year old TOL computerized embroidery or LA set up is a **depreciated asset** not an investment vehicle. They will value it as a used item--not replace it with the current year's model.

I know how emotionally attached we get to our machines, we love them! But the insurance agent does not count the emotional attachment to your machine when placing a **value** on them.

tuckyquilter

I provide photo's to my homeowners insurance so they know what I have. They are all covered. I would be so very sad to lose any of them though, as they are all vintage.

Charleen DiSante

Hi Liking quilting, I used to help write homeowner's insurance and in that "other life" learned that without a rider specifically insuring certain items, you will not get the full value to replace them. Perhaps because of the age of the items will only get a percentage of the amount it takes to replace. I would not hesitate to contact your insurance company, as someone else posted, that's what they are there for. They should be able to give you quotes on how much coverage you need and the cost.

cashs_mom

It sounds like your new agent is really good. I have a friend who does estate appraisals. She has taught me a lot about insurance and having a photographic/video inventory. It's very important because no matter how much your house contents are insured for, you have to prove you had that much in the home in order for the insurance to pay off. I'll also agree that most people are underinsured. On their houses and the liability limits on their vehicles. At the price of cars today, $50,000 doesn't pay for that much if you have an accident.

cathyre

I have my machine listed seperately with their serial no noted , as the lady at the insurance compant said it is
not the usaul thing to have four Bernina machines , worth around $45,000 , in a home sewing hobby
easy to see she wasn't a quilter , I didn't try to explain about the fabric stach.

cindi

I’m not an insurance agent, but this is a thought. If your insurance is covered by your homeowners policy, is the amount your machines are worth taking away a large chunk of replacement of other possessions? Let’s say you have $200,000 in homeowners coverage, and your LA and a nice sewing machines are worth $30-40K. Your house (gawd forbid) burns to the ground. If your homeowners policy covers your machines at full replacement value, that’s taking off $30-40K towards the replacement of everything else in your house. That’s a big chunk of change. Could you replace all of your other possessions for $160-170K? Do you need to increase the amount of your homeowners policy? Or would a separate rider on your policy be better?

QuiltE

Cindi ... you're bang on!
No, I am no more an insce agent than you are, but definitely the guidelines I was given by my agent.
My agent is good in that he will always answer what-if questions/scenarios. Actually encourages them.
After my sister had a house fire, can you imagine the questions I had for him??
All for where their coverage seemingly came up short.
Was it their lack of action? Or an agent who was not working with them, for their benefit?
Not for me to ask ... but it sure made me ask my agent. We tweaked a few things in my policy.

That's where everyone needs to get down to the nitty-gritty with their agents.
It's not always how much insce is in place, but what that insce covers (or not!).
And, all the different possibilities.

Likewise for the contents value (or even your dwelling's value)...
... how many people have increased that value on a regular basis?
Or has one continued with the same insured values from twenty years ago?

It could be a very sad time, if there is a loss.

cindi

Exactly. And I meant to say if your Machines are covered by your homeowners plan. Not insurance. My brain was obviously working faster than my fingers, lol.

maryb119

This is a very interesting topic and I will call my insurance agent on Tuesday. I have 2 Pfaff machines, a long arm and an antique treadle machine as well as a healthy stash of fabric. I would be sick if it was ruined and no way to replace it.

QuiltE

Fingers sometimes are the other way around ...

One needs to check what "homeowners plan" includes ...
For example ... while it covers our machines, at home. What does that coverage include?

Also, many of our machines do have a habit of travelling. Are they still covered?