Adding insurance to physical assets for net worth when applying?

Adding insurance to physical assets for net worth when applying?Adding insurance to physical assets for net worth when applying?
Edwardkig asked 4 years ago

Hi everyone,

 

Something occured to me the other day when I was beating myself up for buying things and not saving up earlier for this mortgage process…

 

I have probably around $ 20k in musical instruments, photography equipment, etc. that are uninsured.  For the past few years, I’ve also been recording my profits (not huge, on the order of a few thousand dollars per year) from music/photography on my tax returns. 

 

Can I use those physical assets to help demonstrate my net worth?  Do they have to be insured to work this way?  I know they aren’t hugely liquid, but I could certainly sell everything if I ever needed to. 

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