Hobbies are supposed to be fun. Whether you enjoy wandering around and taking photos, playing the guitar in your basement, or painting, these activities relax you and help put you into a peaceful frame of mind. They’re not supposed to be stressful, which is what could happen should your prized guitar break or your expensive camera gets stolen. Having to pay out of pocket to replace these precious items can be pricey, which is why you need to have the right insurance policies for your hobby.
Insuring Your Hobby?
It sounds strange to insure objects that relate to a hobby, instead of a business, but some items can be expensive. A quality guitar can cost thousands of dollars, and that doesn’t include additional equipment, like pedals, amplifiers, and more.
Cameras can be just as expensive, especially once you reach the skill level required to handle one featuring non-automatic settings and multiple lenses. Other hobbies, like collecting vintage items, sewing and embroidery machines (that also run into the thousands), show just how expensive your hobbies can be, making it even more important to have the right insurance policies in place.
Insurance Types and Options
Thankfully, when it comes to insuring the expensive things that make up your hobby, you have several options.
Insurance Riders – If your collectibles and other things qualify, they can be added to your homeowner’s insurance policy in a rider or endorsement. These are special additions that are a part of your overall policy, although they are specifically for your pricey items. For example, if you have a watch that’s worth $1,500, you can add it to that policy under an endorsement.
Separate Policies – Continuing with the watch example, if you have multiple ones worth that much, then you’ll need a separate liability policy for just that part of your collection. These insurance policies stand by themselves and provide a higher amount of protection than a standard insurance rider of endorsement.
Specialty Policies – Finally, there are specialty policies. These policies are designed for collectable items that are not only worth a lot of money but are also unique in the way that they need to be insured. Collectible cars are a good example of this because they need to be insured when they’re sitting in a garage, as well as on the road or at a car show. These variables make it necessary to have a specialty policy.
What If You Turn Your Hobby Into a Business?
In some cases, your hobby can become a business. Getting out on the road with your band or simply playing local events turns your guitar hobby into a job, for example. When this happens, you’ll need to get a proper business policy in order to maintain coverage.
Questions? Contact Spivey Insurance
Do you have any questions about your hobby and how you can insure everything that goes along with it? If so, contact Spivey Insurance. Our knowledgeable agents are here to help you.