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Old 09-08-2004, 11:13 AM   #1
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Default Are Your Stamp Supplies Insured?

Recently we've learned of Gloria who lost her stamps in a fire. And other dear poster had her home broken into. We've had hurricane Charley and Frances which didn't affect anyone here, but it's a big world so we don't know that some poor stamper out there didn't lose all her stamps to either of the two hurricanes. So I ask, are your stamps insured under your home owners policy? I'm looking at renter's policies right now and wondering if you can even get insurance for stamps. I mean, they cost a small fortune, more than my tv or computer when accumulated, so I wonder if insurance is possible.
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Old 09-08-2004, 11:17 AM   #2
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I am a Demo, so I called my Insurance Company and increased my business coverage from the standard $500 loss coverage to $5,000. It cost me a whopping $16 extra a year. Well worth it!
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Old 09-08-2004, 11:24 AM   #3
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Mine are insured under my home owner's policy. I really should figure out how much my stuff is worth, just in case (God forbid!).
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Old 09-08-2004, 11:26 AM   #4
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wow fairly cheap to add stamps to the insurance policy. My DH collects toy tractors (Allis Chalmers ones) and it cost so much for the insurance that we had to drop it. He has many of them but just can't afford the insurance... at least with them if you have a fire you can always repaint and put on new tires though Will have to look into that, don't have that many stamps right now, but when you add up all the ink pads (I have 2 complete sets, 1 old and 1 new) and the eyelets, ribbons, cardstock, etc. It will probably scare me..
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Old 09-08-2004, 11:44 AM   #5
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We had a fire 3 yrs ago where we lost everything. They covered my stamps 100% after I replaced them (If you have current price replacement insurance on your items.) If you are a demo you really should have a small business policy to cover them. My husband has a small in home computer business and it does not cost much extra to cover the stock he carries. They even suggest an extra policy for Home-schoolers because of all of the curriculum we have on hand.
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Old 09-08-2004, 04:41 PM   #6
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But insurance won't cover your cards or samples you have made. I might have to store mine in a protective metal case or something fire proof, just in case.
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Old 09-08-2004, 06:40 PM   #7
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Quote:

Originally Posted by kelwil
But insurance won't cover your cards or samples you have made. I might have to store mine in a protective metal case or something fire proof, just in case.
Kelli
That is very true. If you have very special ones I would store them elsewhere. Our fire was so hot everything in the fire saftey box turned to ash too.
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Old 09-08-2004, 06:56 PM   #8
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Thats a very good idea to have stamping supplies insured..I'm sure we all have several thousands of dollars worth...only problem is getting insurance means we have to tell our husbands how much we've spent on stamps
*wonders if there is a way to insure without him knowing*
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Old 09-08-2004, 06:59 PM   #9
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I use to work for STATE FARM insurance as a Claims Representative for Homeowners insurance so I HAVE ALL THE ANSWERS!!!

IF YOU ARE NOT A DEMO
1. your homeowners policy will cover your stamps + accessories any where in the world.
2. Your stamps are considered "coverage B - personal property". ANything in your house in considered "coverage B" so make sure you check that your limit is appropriate for all of your property in your house.
3. You WILL BE required to PROVE that you owned this property. YOU need to make and INVENTORY + TAKE PICTURES!!!

IF YOU ARE A DEMO
1. Your stamps, accessories, catalog, form, ect will be considered "business property". This property is usually limited to $500 if something happened to it in the home. THere is no coverage if it is not in your home!
2. YOU NEED TO GET A BUSINESS POLICY. You can work with your agent to determine what your policy limits should be. MEntion to your agent that you travel with your "business property" because you may need to get a special endorsement on the policy. Other wise there may not be coverage if something happned to it while you were traveling!!
EXAMPLE:...on the way to a stamp camp...you stop at Walmart...your van gets broken into and everything is stolen.... You want to make sure you are covered in a situation like this.
3. The business policy also provides LIABILITY coverage for you. SO if you drop ink on someones carpet you business policy will pay for their damages. THe homeowners policy will NOT pay....it is excluded!!
4. YOU NEED to inventory + take photos of your property. Your insurance company will require you to prove that you owned all of these items. As a demo myself I know How much $$$ I have invested...but the claims adjuster may not believe you!!! TAKE PHOTOS!!!!!!


I HOPE THIS HELPS. IF you are still a little leary....call your insurance agent....he should be able to answer all of your questions.
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Old 09-08-2004, 07:07 PM   #10
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Wow I didn't even think about insurance for my stamps now that I'm a demo. I'll have to ask Jen my upline if she has insurance on her supplies.

I buy & collect Longaberger baskets too, I wonder if there is some kind of insurance policy on that kind of stuff as well. If anyone knows Longaberger they are not cheap.

Now I'm gonna get on the ball and start this insurance for my stamps.
I'm so glad you posted this subject. Another thing to add to my list of things to do.

Felicia
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Old 09-08-2004, 07:18 PM   #11
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I never even thought about insurance!!!! Thanks for the heads up - how devastating it would be to lose all my toys... ahem... I meant business supplies.. yea, yea.. that's what I meant!

Seriously, years of collecting supplies is a big investment - I mean to protect mine by calling my insurance company tomorrow!
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Old 09-08-2004, 07:18 PM   #12
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I added a business rider onto my renters policy. It cost me $13 extra a year for $5000 worth of coverage! Very much worth it in my opinion. Especially when you add in paper racks, shelves for the stamps, accessories, etc. I keep an inventory of sets on a disk which is in a safe so I know what I have!

Amy "Pro" K
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Old 09-08-2004, 08:39 PM   #13
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Thanks so much, Paris, for educating us in this area! I am planning to call the insurance company tomorrow as well. :-
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Old 09-09-2004, 04:43 AM   #14
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Thanks so much, parisotremba, for the complete run down. I definitely need to get on the ball and get some insurance. I'm not traveling with it too much right now, but I have a boat load in the house. I would be devistated if I had to try and replace it all and all those retired sets...that would be impossible.

I'm glad I put a bug in some people's ears. I know I've needed to have one in my ear a time or two about things.

Thanks again for the info.
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Old 09-09-2004, 05:31 AM   #15
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You know, I often wondered about this!
Quote:

Thats a very good idea to have stamping supplies insured..I'm sure we all have several thousands of dollars worth...only problem is getting insurance means we have to tell our husbands how much we've spent on stamps
*wonders if there is a way to insure without him knowing*
I guess this is what has made me hesitate! My ins. agent is also a close friend...his wife stamps too. I should ask her if she has hers covered! Then I would know he handled stamping issues before!!!!
Great post! And thank you Paris for the inside scoop!
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Old 09-09-2004, 05:37 AM   #16
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We had a fire a few years ago, too. Our second floor was destroyed but the damage on the first floor was mostly water and smoke damage. The items that survived damage were the ones in sealed Rubbermaid and Tupperware containers. Even if you can't put everything in fire safe containers (WAY too expensive for me), you can put them in plastic to protect them. The items that survived were the ones that had been put away and weren't lying around the house in piles. Another reason to keep a tidy home.

And insurance--oh yeah! Our fire was started by an electrician in another part of the townhouses we were renting. We didn't have insurance and it took three and a half years to get a dime from his insurance company even though it was his fault. Get insurance! The little bit of money it costs is worth every penny!
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Old 09-09-2004, 06:24 AM   #17
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What a great thread!! I've never given a thought to needing business insurance. Paris, I've printed your advise and I'm setting up an appointment with my insurance agent immediately! WOW, the ladies on this site NEVER fail to impress me with your knowledge and experience....not to mention talent!

Thanks again,

Michelle
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Old 09-09-2004, 11:20 AM   #18
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OK, I have another question...do you have to have pictures of EVERY set, embellishment, tool etc. or is a list just as good? What about just a picture of the outside of the labeled drawers? TIA. Great post, thanks!

Sue
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Old 09-09-2004, 11:38 AM   #19
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Default Insurnce for your stamps.

Hello All,
I am new to SCS and saw your dialogue about insurance. I recently had a construction accident at my home and the house collapsed. I am a demo and my stamps, etc were not covered by home owners. So if you choose to go that route, be cautious, home owners policies are tricky.
JLM
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Old 09-09-2004, 12:22 PM   #20
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Quote:

They even suggest an extra policy for Home-schoolers because of all of the curriculum we have on hand.
Wow, momof6, I never even thought of that. I do have alot of curriculum. We just started our 4th year and I have a little one that is coming up right behind my older son. So I saved alot, to re-use again.
Thanks for posting that... I will be calling today.....if I can pull myself away from SCS
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