discussion Stashes and insurance.

[Geoffers]

This morning I added up the approximate value of the kits in my stash which came to £350 including the AM bits and bobs (and my stash is very modest compared to some)

However it did get me wondering how much everything else I have would cost to replace such as airbrushes, compressor, extractor, benches plus all the tools and consumables I have stashed away.

Including the kits I reckon it would cost me at least £1500-2000 to replace everything should I suffer a catastrophe at home.

I’m not sure my household insurance would cover this I need to check my policy.

Has anyone else got separate insurance or have any experience of this?

Cheers,

Geoff.

 

[Steven000]

I don't have an extra insurance Geoff, hope nobody here ever will need it though.

 

[yak face]

I know one thing geoff , some of the members stashes on here are so big if the house ever caught fire it would be burning for months like chernobyl !
I suppose like most insurance claims it would depend on having proof of the cost ( ie. receipts) , if so then I dont see why it wouldnt be covered under the house and contents policy ( any Insurance experts feel free to correct me if im mistaken )
That said — who saves receipts for everything ! although I suppose a photo of the stash might be proof enough ( cue everyone rushing up to the loft to take pictures)

 

[John Race]

Knowing insurance companies, they will find a way of not paying !

 

[Geoffers]

Thanks for the interesting answers lads

Geoff.

 

[pjgtech]

I think some home insurance has limits on some single items. Next time you renew ask the insurer how much to add special items, eg: your scale model gear/kits, I doubt that it would add much to the overall policy?
TBH the one and only time I had to claim for home insurance stuff, we had a flood in our last house (the whole street was affected) and it was during a time of many floods in the UK, I think it was back in 2012 ish, a very long wet winter with many storms, etc. The insurance company were great TBH, we just told them what was damaged, eg: carpets, skirting boards, ground floor furniture, etc and they just gave us whatever the cost to renew the item was (new cost), they did not quibble anything.

 

[pjgtech]

I know one thing geoff , some of the members stashes on here are so big if the house ever caught fire it would be burning for months like chernobyl !
I suppose like most insurance claims it would depend on having proof of the cost ( ie. receipts) , if so then I dont see why it wouldnt be covered under the house and contents policy ( any Insurance experts feel free to correct me if im mistaken )
That said — who saves receipts for everything ! although I suppose a photo of the stash might be proof enough ( cue everyone rushing up to the loft to take pictures)

When we made our claim (see above) we did not need to provide any receipts etc, when the insurers assessor came, she just immediately looked up what the item would cost via her phone online and awarded us whatever the new cost. I think nowadays as long as you can roughly gauge the cost, even if that means a quick google search, or ebay, or amazon search, etc that would be good enough.

 

[stillp]

Remember that 1500 - 2000 is peanuts compared to many claims.
Pete

 

[pjgtech]

Remember that 1500 - 2000 is peanuts compared to many claims.
Pete

Good point..... our flood claim was about £10k for all the contents and then the building work to make good all the damp walls, floors, etc, was about another £10k maybe £15k, so £20k-£25k+ and that was 10+ years ago, so would be more now.

 

[Flip]

The cost of any individual item would be well below the threshold demanded for single-item cover. I needed it for the accordions, as one of them is more than £7k on its own: but modelling stuff is nowhere near that (unless your compressor variant is the gold-plated one )

So any losses would simply be covered under the general part of the policy.
Regards,
John

 

[Mr Bowcat]

Knowing insurance companies, they will find a way of not paying !

That's a very archaic way of thinking.

Insurance has been a regulated industry since 2004, insurers only don't pay where there is no cover in force, or fraud is detected. Current stats show in excess of 95% of genuine claims are paid.

This is why it's important to read your policy and know what you are and are not covered for, unfortunately the "bloody insurers didn't pay" comments tend to come from those who are ignorant of what their policy covers.

To answer the OP's question, a standard home insurance will indeed cover your stash and equipment, however it is important to keep evidence of ownership, whether in the form of receipts or photographs. Digital versions of both are fine.

 

[Miko]

I never really considered separate insurance for my stash, I best contact Lloyds of London, my stash has a like for like replacement policy to the value of the GDP of a small country!! Ha!

Miko (totally invested in this hobby. . . most of the time. . . well, some of the time. . . occasionally!)

 

[John Race]

That's a very archaic way of thinking.

Insurance has been a regulated industry since 2004, insurers only don't pay where there is no cover in force, or fraud is detected. Current stats show in excess of 95% of genuine claims are paid.

This is why it's important to read your policy and know what you are and are not covered for, unfortunately the "bloody insurers didn't pay" comments tend to come from those who are ignorant of what their policy covers.

To answer the OP's question, a standard home insurance will indeed cover your stash and equipment, however it is important to keep evidence of ownership, whether in the form of receipts or photographs. Digital versions of both are fine.

Fair enough, but when an old lady I have POA for was robbed the insurance company refused to pay out on a ring, saying we had to have the original receipt. It was her late mothers engagement ring so how on earth could she have that ! We had a valuation report as well. At least Lloyds bank repaid all monies used on her credit card, and with out any problem.

 

[Over_scaled]

This morning I added up the approximate value of the kits in my stash which came to £350 including the AM bits and bobs (and my stash is very modest compared to some)

However it did get me wondering how much everything else I have would cost to replace such as airbrushes, compressor, extractor, benches plus all the tools and consumables I have stashed away.

Including the kits I reckon it would cost me at least £1500-2000 to replace everything should I suffer a catastrophe at home.

I’m not sure my household insurance would cover this I need to check my policy.

Has anyone else got separate insurance or have any experience of this?

Cheers,

Geoff.

House contents should cover it, but not in a garage or shed as this would come under a different policy.

 

[Mr Bowcat]

Fair enough, but when an old lady I have POA for was robbed the insurance company refused to pay out on a ring, saying we had to have the original receipt. It was her late mothers engagement ring so how on earth could she have that ! We had a valuation report as well. At least Lloyds bank repaid all monies used on her credit card, and with out any problem.

To be fair, there was probably more to it than that. Insurers can't arbitrarily refuse claims without good reason. If it was due to not having a receipt, this would have been a term of the policy, contained in the policy wording, which should have been read and understood before purchasing the policy (not that anybody does).

A lot of the time this kind of thing happens because people buy online, thinking that all insurance is the same and purely buying on price. Unfortunately the "you get what you pay for" adage is particularly true here. Buy from a reputable broker, it will cost you more but terms like above would be explained before purchase.

 

[Mr Bowcat]

House contents should cover it, but not in a garage or shed as this would come under a different policy.

Not entirely true, outbuildings are covered under Home Insurance, as long as they meet minimum security standards and theft is "forcible or violent".

 

[langy71]

Never thought about insuring my stash,
The only thing we have purposely listed on our home insurance is mine and my wifes watches... all in they add up to around £25,000

 

[John Race]

To be fair, there was probably more to it than that. Insurers can't arbitrarily refuse claims without good reason. If it was due to not having a receipt, this would have been a term of the policy, contained in the policy wording, which should have been read and understood before purchasing the policy (not that anybody does).

A lot of the time this kind of thing happens because people buy online, thinking that all insurance is the same and purely buying on price. Unfortunately the "you get what you pay for" adage is particularly true here. Buy from a reputable broker, it will cost you more but terms like above would be explained before purchase.

The lady herself had a broker; she'd been with them for years. How can she be expected to have a receipt for her mother's engagement ring?What you say is no doubt true, but it's left me not trusting any insurance company whatsoever

 

[Mr Bowcat]

Might be worth lodging a complaint with the broker, they should have highlighted any significant terms, especially if your friend is considered "vulnerable".

 

[John Race]

Might be worth lodging a complaint with the broker, they should have highlighted any significant terms, especially if your friend is considered "vulnerable".

I did , this was several years ago. The broker seemed very reluctant to go any further. Lesson learned: read the policy with a large magnifying glass!