Does Your Hobby Need Insurance Coverage? February 5, 2020
Gary and Nancy Doss of Burlingame, CA have been collecting Pez dispensers for two decades. They now have more than 500 of the small candy containers. The rarest product, a “Make a Face” Pez from the 1970s, is worth $5,000.
Do you have a hobby that has grown larger than you may have anticipated? You don’t have to be as dedicated as the Dosses to find yourself heavily invested in a hobby. A model locomotive could be valued at $300. One guitar can easily cost $1,500.
Whether you collect, build, or play, funding for hobbies can quickly add up to significant amounts. If you think you’ve invested quite a bit in your hobby, do a quick review.
Consider the value of your items and supplies. Is it more than $500? If you have invested more than $500 so far, you should make sure it is properly protected.
Review your insurance policies to make sure the items are covered under your homeowners or renters policy in the event they are damaged or stolen.
Keep in mind there are certain limits to most policies, and high-value items might max out the coverage. You may need to purchase a rider to add a particularly valuable piece of equipment to your insurance coverage.
If your hobby investment is less than $500, you should still make sure any high-priced items are included in your home inventory.
The beginning of the year is the perfect time to update this list. If you have any questions about your insurance coverage or needs, feel free to contact a Forward Insurance agent.