Did you know that January is National Hobby Month?
Our staff enjoys hobbies like cooking, photography, bike riding, gardening and crafting. We find ourselves investing in these hobbies often, not even realizing just what we are putting into our extracurricular life. The time and the funds add up but improves our mental and physical health, so it’s well worth it if you ask us!
What about you? Are you an avid quilter or do you have an expansive collection of stamps? No matter what your hobby may be, we want to take a moment to remind you that some homeowners and renters insurance policies may not completely cover your collection or materials in the event of a loss. Luckily, we are here to offer some options:
1. Schedule Collections and Higher Value Items
Items that may require being scheduled:
- Art work
- Memorabilia Collections
- Cameras and Equipment
- Musical Instruments
To schedule an item is to declare its value ahead of a loss. In the event of a loss, a stolen bicycle may only qualify for up to $500 as a payout due to the internal limit stated within the policy BUT if you schedule the bike for the cost to replace it you would get up to the scheduled value, not the internal limit of the policy. Additionally, scheduling an item removes your requirement to pay a deductible in the event of loss or covered damage to your schedule item/collection.
2. Hobby Craft Business Exposure
Nowadays it is simple to make extra income while enjoying your hobby. People can sell just about anything with the power of Etsy, Ebay, Social Media and local networking through craft fairs make the possibilities endless. Did you know though that all of those yarn skeins, the computer you wrote off on your taxes, quilting materials and all the beading supplies would fall under business personal property? This coverage is not automatic on a homeowner or renters’ policy but can easily be added.
3. In-Home Direct Sales Business
Just like a hobby craft business the number of direct sales businesses seem to be on the rise. What many direct sales professionals have told us is that they stock pile their most popular supplies to have some on hand whenever a client may need something or for a party/booth. Also, many seem to need their own office space for the time they put in to their business and for tax purposes. Just like the hobby craft supplies these supplies and office equipment would not be covered under a standard homeowners or renters policy.
If you found yourself wondering whether or not your miscellaneous collection, home office or hobby craft supplies are truly covered by your insurance while reading then please, don’t hesitate to reach out.
We are available at theteam [at] mcgregorins [dot] com or (360)289-2808 to help.
Clam digging, attending local events and spending time with my dog Leo are some favorite hobbies of mine.
Thanks for reading!
- Nicole Carrigan Agent/CISR at McGregor Insurance, Inc.