Placing a dollar value on your canoe

[DSJ]

I'm pricing out a new homeowner's insurance policy and i want to put increased fire and theft coverage on my shop's contents. I've got two canoes that i built, and i need to put some sort of dollar value on them for the insurance co.
Has anyone here put a value on thier canoe for this kind of purpose?

[Jeff in Farmington, MI]

Like most builders, I put a lot of time and effort into my first canoe project. It would be heartbreaking to suffer the loss of the boat due to theft or home fire or some other calamity. So, while a unique boat cannot be replaced, I did place a value on my canoe and added it to my homeowner's insurance policy.
To set a value on your boat, search the internet for commercial cedar strip boat builders. They are very expensive! I took the average price of a several canoes of same or similar design, then added a significant amount to cover the additional features and details that I included.

Jeff

[edmontonian]

A wise gentleman on this forum advised me that a cedar strip's value, although built by somebody in their shop/garage, should never be underestimated. With the aid of many on this forum, I built a cedar strip canoe as a prize to raise charitable funds for kids in Bolivia. The Alberta Gaming and Lottery Commission accepted its value at $5000. Now I believe it is worth another $2000 above that because of all the fine "extras" that went into its construction. Some of the special items will never be seen, but I will always know what was done to make the craft that extra special "something excellent".

For 2 personal-use, indoor-stored canoes, perhaps you should insure each canoe for the base price you are comfortable with, plus 50%. They can always be replaced, but a replacement may never be as provocative as the original.

Enjoy your beauties with your family and friends.

John Hidber
Edmonton

[TC in Twin Lake 1]

FWIW, I just insured mine for 4000. Mine isn't top quality but my time is valuable as is yours. Do not forget this!

[pwstndrf]

I just recently insured my Stripper with Hagerty Ins. Co. Traverse City Michigan. They are a speciality Insurer of classics, boats cars etc. I insured the canoe for $ 5000.
You can check them out and get a quote on-line at: http://www.hagerty.com/

My homeowners and auto ins. Agent made the contact for me. I submitted an application and photos of the canoe. Easy peasy! The cost was reasonable too.

phil w