So many Americans pass the time with hobbies that keep them entertained and add value to their lives. From collecting model trains to restoring antique furniture, there are a variety of ways that your hobby can add up to a substantially expensive endeavor. Some hobbyists’ collections or work are worth thousands of dollars.
Most collectors rarely think of the value of their hobbies, instead of focusing on the enjoyment they provide to them and their families. Hobbies can quickly add up to significant amounts of money whether you build, collect or play. If you’ve invested quite a bit in your hobby, it is worth it to do a quick review.
The first question you should ask is if the value of your items and supplies themselves is worth more than $500. If so, you should take action to make sure they are properly protected.
Carefully review your insurance policies to ensure your homeowners or renters policy covers the items you use for your hobby in case of damage or theft.
For some very expensive hobbies, you may want to look into a separate rider that covers the amount of money you would need to replace your collection or hobby supplies. There are certain limits to most policies, and high-value items may max out the coverage.
Even if your hobby investment is less than $500, make sure to include the high-priced items in your home inventory list.
If you have any questions about how your insurance policy covers your hobby or if you need a separate rider, contact our office today via email or phone. We are always here to help.