One of the best parts of being in your home is the ability to take risks. If you want to take up woodworking in your garage, you don't have to check with a landlord about whether it violates the terms of your rental agreement. But your passion projects are clearly more than just the inherent value of whatever it is you create. Will a home insurance policy account for all the time and effort that went into each item? We'll look at how this works and which policies are better for the hobbyist homeowners of the world.
Common Passion Projects
Passion projects can include anything from wine collecting to furniture restoration. It can be nearly any hobby in which you spend a good deal of time and energy to complete. When it comes to balancing this out with your home insurance, you need to consider how much that property is really worth to you. A rare stamp you purchased may have cost $200, but what about the fact that you spent years tracking it down and then several more years on the waitlist for it? It's something worth keeping and protecting, so you might want to ensure your homeowners policy covers it.
Personal Property Coverage
Basic property coverage ensures that your things have coverage from named events, like storms and theft. Still, if you own particularly special items, such as rare jewelry, there may be sub limits imposed to reduce your carrier's responsibility. If you want to learn more about your particular coverage, you'll need to check your plan. Each policy will have its own specifications and limits when it comes to how much the policy will pay. You might be able to purchase additional coverage for these special items if you request it.
Possibilities and Protections
The long and short of passion projects is that there are ways to insure them. However, you will need to bring them to your carrier's attention to ensure they have coverage. Therefore, you'll be able to account for the cost of the time and effort you put into each piece of property. You can do so through an addition to your home insurance policy or as a separate type of coverage, depending on the nature of your hobby.
And if your passions turn into commercial opportunities, you'll likely need to update your home insurance carrier then, too. Business expenses are not covered by standard homeowners policies. While the insurance industry can be confusing, you can clear up many of your questions with a few conversations. The more informed you keep your carrier, the more likely it is your policy will cover what you need it to cover.
Also Read: Should You File a Home Warranty Claim or a Home Insurance Claim?