How do you appraise your completed static scale models for insurance purposes?

[t_tail_boy]

There is the money cost:

-plastic and wood scale model kits (airplanes, buildings, trains, vehicles, boats ,ships, etc.)
-custom decal printing services
-supplies expended in the builds as plastic putty, masking tape, sandpaper, sanding sticks, paints and glues

How much is my model worth for insurance claims for every hour I put into building it? The most expensive materials are the kits, primers and paints, especially spray paints in rattle cans. One lousy rattle can of Tamaiya primer is $13.00!

I need to determine the value of my models for home inventory.

 

[urumomo]

That made me check up on the price of Tamiya's primer --- wow , it keeps going up .
I remember when everyone was complaining when it went to ~6 bucks a can .

Keep your receipts

 

[t_tail_boy]

I always do in my computer. Receipts for personal property are made in to digitized copies from electric shavers to air conditioners. I have an Access database for home inventory. That is a big can of primer I ordered from amazon, Lowe's hardware size, though, not the typical little 3 oz modeler's can. You can't get some stuff in my small hick town in Oklahoma at the local Hobby Lobby. My chrome touch-up paint had to be special ordered to boot. Many car and truck kits have "chrome-plated" parts and they need to be touched up in the spots where they are cut off from the runner with an Xacto knife. Using silver paint to do this isn't kosher.

I'll have to consult with my insurance agent about how they appraise home-made hobby items for losses as models, crafts, art and furniture.

 

[t_tail_boy]

A message to my insurance agent:


Mr. Agent:


I have certain personal possessions that are built by myself. One is a piece of furniture: a custom stand to hold my desktop PC tower. I have also recently taken up building scale model airplanes and model vehicles from plastic kits.

I was wondering how to calculate the value of these things for insurance purposes. These model airplanes are rather expensive to build these days. The unassembled kits can be anywhere from $15 to $50. The prices of the specialized model paints in building these kits are horrendous. A 3 oz spray paint rattle can be anywhere from $5 to $16. Some of these items can't be purchased in local stores and have to be online ordered and may incur high shipping costs. Spray paint shipping costs are especially a rip-off. You can't just use ordinary cheap spray paint from Lowe's to build kitted model airplanes or else it would eat the plastic.


When appraising the value of a model or other craft project I build, should I consider the amount of materials as paint and glue used? I just ordered a $13 can of primer from amazon.com for model building but that can can cover several models. I have a postal scale at home. Should I weigh the spray paint can and determine how much was used to build a specific model and note this in my home inventory? Also, these spray paint cans don't last on the shelf forever. I might only use half that can of primer for one or more projects and the other half might go to waste on the shelf unused from old age.

Aside from raw materials, there is personal time and labor put in for my homemade crafts projects. For insurance purposes, what is each and every hour I put in to complete a project worth? If my completed model airplane should be destroyed in a fire, how much money for each and every man-hour that went into building it would I get paid on a hypothetical claim?

Let's use a particular model airplane project as an example:

1. Atlantis Boeing, 1:96 scale plastic 727 kit, $35 with shipping costs and tax included
2. Tamiya spray surface primer: $13 with tax and shipping costs included
3. custom printed decal sheet, $45, cover three different model projects
4. Model Masters Plum Crazy paint, 3 oz can, $16 with tax and shipping
5. Testors silver paint, 3 oz can, $6 bough locally
6. 30 man hours to computer-design the custom decals for the model airplane
7. 50 man hours to completely build the model airplane from a store-bought kit

Some people are hobby artists. What are their homemade paintings and sculptures worth for insurance purposes? Some people make their own clothes, seave their own baskets, make their own pottery and knit their own blankets. There is time and labor beyond the cost of raw materials.


Sincerely,
T. Tail Boy

 

[Jim62]

Time and labor insured? Now that's funny.

 

[dogfish7]

Sure! I need to drive my rates higher.

 

[pro]

There is the money cost:

-plastic and wood scale model kits (airplanes, buildings, trains, vehicles, boats ,ships, etc.)
-custom decal printing services
-supplies expended in the builds as plastic putty, masking tape, sandpaper, sanding sticks, paints and glues

How much is my model worth for insurance claims for every hour I put into building it? The most expensive materials are the kits, primers and paints, especially spray paints in rattle cans. One lousy rattle can of Tamaiya primer is $13.00!

I need to determine the value of my models for home inventory.

My friend keep s a complete list on his computer manufacturer model current listed price. Paints same manufacturer color or code price. Had another friend who has 7000 Roco tanks figured if his house burned down sent a list to his insurance and the average price at that time was 7 bucks nowadays they are much higher. Funny he told me he got most when they were just 50 cents LoL I remember getting some because they were 50 cents.

 

[airdave]

Don't know how it is in the rest of the world, but here in southern Ontario Canada,
the basic Home/House Insurance policy includes a set amount for general "personal property" loss and you can pretty well claim anything lost up to that amount.
(I know because I have received the full amount twice after two flood incidents in the house)
If you want increased coverage (again for any personal property(non-specific)) you can pay for more.
If the basic amount wasn't enough, and you want to acquire additional coverage for anything specific,
you would need to get an appraisal and then pay for the additional coverage.
Almost like a separate insurance policy, and that would be the only thing you need to keep separate and detailed records for.

 

[Edbert]

Funny seeing this thread while there's another about throwing away old kits.

 

[Littlemarten]

I had a friend (long passed, unfortunately) who kept an inventory of all the kits in his stash, including their purchase price. One day, he had a fire in his basement where the kits were stored. Now, his stash was sufficiently large to start a model hobby shop, thousands of kits. He had only the inventory, no receipts. He showed the inventory to the insurance adjuster, who was very favorably impressed, and happy to have the documentation. My friend got enough money to repair the fire damage, replace some of the kits he lost, and had money left over—enough to put a down payment on a small house in rural Wisconsin. Sold his old house, paid off the mortgage on the new one.

Since that day, I've kept a database of all my kits, a paltry 412. I also have a database of all my paints, and a photographic record of all my tools. It pays to be prepared for disaster.

 

[mcs1056]

Careful what you ask for.

Letting your agent know you have piles of plastic, paint in jars/plastic bottles/aerosol spray cans, thinners, hardeners, glues...most of which is flammable...on a nifty open workstation (we've all seen them posted, and which are NOT flammable cabinets) could just as easily raise your home insurance rate without adding value.

 

[Littlemarten]

Careful what you ask for.

Letting your agent know you have piles of plastic, paint in jars/plastic bottles/aerosol spray cans, thinners, hardeners, glues...most of which is flammable...on a nifty open workstation (we've all seen them posted, and which are NOT flammable cabinets) could just as easily raise your home insurance rate without adding value.

I'm strictly acrylic paint only, but your point is well taken. Don't have many Tamiya (alcohol) left. I also have something in my workroom that I have never seen in any other scale modeler's work area: a fire extinguisher. The smoke/fire detector is right outside the door. However, it's the potential sources of ignition that are the most concern, IMHO.

 

[BarleyBop]

a fire extinguisher

Safety Joe here's got one in the model room too.
And I get all of ours inspected every few years. Living in a wood frame house built in the 1870s, you think about these things!
And for what it's worth, a metal, self closing waste bin for paint and chemical soiled tissues (not industrial grade, but better than an open plastic bin I figure)

 

[Edbert]

Safety Joe here's got one in the model room too.

I have two within 10-15 steps, one for electrical one for chemical. They are both in the garage right outside the mancave door, but not at the bench.

 

[BarleyBop]

Back on topic, I never even considered insurance coverage... I suppose if it was a business; otherwise, I can't imagine the extra premiums and high deductible would be worthwhile.

Let's just say that for a very trusting sort of fellow, lawyers, used car dealers, politicians and insurance salesmen are pretty much in the same category.

No offense intended to anyone who might be involved in one of those occupations, besides, you have the modelers' 'get-out-of-jail card' !

 

[duck]

One sure way to help cover things, have detailed records. Subject, manufacturer, scale and photos. Lots and lots of photos. Keeping things updated is key too. Records and paper trails!

 

[GCB]

Interesting topics.
1) Safety is to be considered no doubt, however, if no heat or flame around, should be ok.
2) Money is something else. I started doing models early 2023, and even if most of my models are not in the very expensive range (most expensive one is my F-16, 1/32 scale from Tamiya and cheapest in the M1 Abrams), money spent for paints, tools, decals and other is probably pretty substantial. And my last idea of building a battleship is not going to reduce those expenses... Anyhow, building those models makes me feel relax (most of the time!) and without any doubt, it is more interesting than watching some non-sense movies, even so, I do enjoy watching a good one. So, I would say, for me, it is money well spent

 

[BarleyBop]

it is more interesting than watching some non-sense movies

Well said... most of us are of a generation that had to have active imaginations as kids, not passive consumers of products and technologies that, fun as they might be, do all the imagining for us.

 

[Grumpa]

I did a very comprehensive accounting of all my models and dioramas for insurance
purposes including all my tools and workshop apparatus and after much deliberating found
they ain't worth shit!

Jim.