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Old 08-30-2019, 11:57 AM   #1
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Default Organization for Insurance, question

Any insurance reps in here or anyone who has ever had to make a claim including craft supplies?

As many times as I have organized and gone through my supplies, I have never made a comprehensive list of them and certainly have not kept receipts for all I have purchased over the last 15 years. I was just taking photos and videos of our home (incl my supplies) and wondered if those would be enough to help with a claim in the event of need. I can’t imagine having to go through and determine how much money I have in stamps. But how about an easy example; could a photo with my Copic markers in their tower suffice to show how many I have a give them a value based on x per marker? Lord willing this will never be necessary, but I’m wondering if it may be worth going through and recording these things over time just in case.
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Old 08-30-2019, 12:10 PM   #2
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I did an extensive list a couple of years ago so now all I do is update the list each month. I also took pictures.
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Old 08-30-2019, 05:09 PM   #3
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Not sure how it would work with crafting supplies but tools (big shot, cricut, scan and cut and more) should be...When I insured my photography equipment, the initial purchase price had to be more than $100 per item to have it covered. A set of markers should qualify, and I think if you had photos of the stacks of embossing folders and dies and listed them as X number initial cost $3-$10 or what ever they might be insured as a group for replacement-----knowing as you do already that many are discontinued and so replacements might be new designs...papers,tapes, receipts might be required...and just know that for businesses,,,,they generally allow so much for basic tools in a line item type thing......so I would think bone folders, special rulers, glass mats, craft mats, and so forth that didn't make the "magic number" mark could be counted and replaced through that.
Not an insurance person,,,just sharing a bit of experience.....
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Old 08-30-2019, 05:10 PM   #4
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"nother thought" be sure to include good photos of all your storage items, work tables, chairs and so forth with prices....
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Old 08-31-2019, 02:02 PM   #5
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I'm not a rep but it depends on the type of insurance plan - full replacement cost value versus actual cash value. Full replacement is the actual cost to replace property. It's a more expensive type of policy. Cash value/actual cash is replacement cost minus depreciation.

Personal possession insurance (PPI) can cover personal items. What items are covered varies. Deductibles do too, so it's not one size fits all.

Renters insurance is available too, if someone doesn't own. It's much less expensive and well worth it.
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Old 09-01-2019, 12:17 PM   #6
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It is a good question. DO try to get a pretty close estimate. If you have to look up things, do it. Just be analytical about it and not get into OMG HOW much did I spend?

Point: Some things may no longer be available or may have dropped in price-like if you can only get it on ebay used now. So you may take a loss there. Just be advised. We can buy a couch forever but you cant get THAT stamp forever.

I am currently working on getting new apt insurance and I can share this-not just for you but anyone...
Bjean is right. If you want to be able to replace in the now, you have to have replacement value. Otherwise they will just give you what they feel it is worth based on age. This may not cost a lot more but will depend on your total values.

On replacement value: you have to go out and buy it new-give them the receipt and they give it back to you. Otherwise they default to whatever the original cost minus depreciation is.

I have to follow up on that bc say you had a fire and lost everything. To front all that money to get it back is not possible for most people. So then what? You buy some stuff, get that money, buy more stuff and so on? How long does it take for them to cut that check? For how long will they pay out? If they are only going to keep the case open for a year...and they take 2 months to pay you...

I expect this is because they dont want to hand people money they dont actually use. And maybe there have been a bunch of scams where people got quotes on stuff that were inflated. So you actually have to spend the money now.

Depending on the values you want like 250K or whatever....they may want to come in and do an inspection of their own.

Some items will require a special rider-art, jewelry....and depending on the company-if you want to say...I dont know, 50K for crafts-they may want one for that. Esp if you have a built out room.

I am finding this to be awful. It is very confusing to me. I have a friend who worked in insurance for many years. She gave me these marching orders: before you sign with anyone-you must have everything in writing-every endorsement, addendum and a glossary of terms (which could change company to company) to be read very carefully and question anything you dont understand.

Photos are good, mini vids are even better, and you can do that on your smart phone and send it to your computer, download to a memory stick and store that where ever you keep your important documents. My advice is to shoot the vids every 5 years because we dont realize how much more we may have added.

I am thinking now that frankly there are things here that if I lost them, I would not replace them so if I got just whatever on them it would be fine.

It really is making me have to re-think all of this.

I would suggest you get with a broker firm who reps a lot of different companies and not just one. So you have much more choice available to you. They can do a lot of homework for you. On the other hand you might pay a bit more to cover their fee. It wont be said as such, but like Hartford-is now offering discounts to AARP members. They took themselves away from many brokers so you may have to talk to them directly. I would assume so they are not paying a fee on a discounted plan.

If your area had any issues like flood or tornado...I would ask around about who paid out cleanly and who gave people a lot of trouble and delay. Part of that is going to be how easily we can file the claims. If it takes us months to gather up papers and so on...well. These events can be very emotionally traumatic and we are not thinking at our best. So to have it as a ready to go package some place safe is a good idea in my mind anyway.

The companies may be hard to work with-I felt re-traumatized last year with Allstate bc they were not helping at all after having them for 26 years with no claims. They admitted months later they messed up, but that did not help. I wont even use them again personally. It seems insane that you pay people to help you and then they don't and I certainly am not the only one that ever happened to. So I am just saying help yourself by being prepared as best you can.

Obviously where we live deeply affects our costs also. There are many factors. Don't ever feel bad about making a broker or the insurance company take time to explain it all to you after you have read it for yourself. I print it so I can make notes in margins. This is something you are paying for as well you don't want any rude surprises at a bad time. It may also color your decisions about things you buy in the future. (big ticket items) Never ever assume anything-even what sounds like common sense.

My GF knows that her homeowners-if her pipes blew-they would replace everything but they will NOT replace the pipes themselves. Crazy right? And plumbers are not cheap. This is the kind of thing you need to know.

Hope something in there helps a bit.
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Old 09-01-2019, 01:09 PM   #7
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Consumer Reports (CR) has written articles on the best homeowner insurance companies, and has broken the terms down to more understandable language. Other organizations have also written similar articles and ranked companies, but some of the orgs are legit and others are funded by insurance companies or have their hand in the insurance business in some way, so consider the source and as they say, let the buyer (or reader) beware.

I’m not saying CR is the end all and be all - they’ve steered me wrong about some items - but they’re non-profit and do not accept advertising, so a good resource.
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Old 09-02-2019, 02:53 PM   #8
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Thanks, ladies. Good food for thought as we move forward. I really need to go back over our policies and know for certain what is what. Even though we are not in a flood zone, we purchased flood insurance just in case. We also moved away from Allstate after having them for many years. Actually, though so many of us in FL had policies with them for YEARS with no claims, they were the first to leave after a busy hurricane year. Infuriating. We won’t even use them for car insurance now.



For now, I took video of everything and uploaded it to the cloud so it’s available wherever. I have one bedroom closet that has my “other” craft supplies in it. Bins with yarn, fabric, things like that. It’s the only one where I didn’t open everything to record what is in every bin; it’s the one area I would be least concerned with.



At one point yesterday, we considered evacuating and I was prepared to put my coloring tools, stamps and dies in my suitcase with clean underwear, a toothbrush and one set of clothes and call it good. Lol. Priorities, ladies!



Which made me realize that I’m So thankful I have transitioned my stamps over to clear pocket storage because they would fit better that way! I’m laughing at myself!
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Old 09-04-2019, 04:08 PM   #9
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I'm glad you didn't have to evacuate - are you safe now?
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Old 09-04-2019, 04:24 PM   #10
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I’ve asked my hubby about this before. I have all my stamps, dies, folders, colour mediums, tools, inks (not done them yet), stencils, paper packs and card kits in a database. And I have a Copic app for my collection.That way I can show insurance people what I had should anything go wrong. But knowing how large some of our stashes are, you should each check how much would be allowed on your home or renters insurance for a hobby or collection. Many plans need you to pay a bit extra per month for expensive photography equipment, a jewelry collection over a certain amount, a coin collection etc. Knowing how many stamps and dies etc I own, my own collection might exceed the max! I’m having hubby look into it.
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