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Post by Georgia Survivor on Oct 18, 2012 18:59:29 GMT -7
Was in my favorite sporting goods store checking out a new shotgun when I couldn't help but overhear a new gun owner's reply when his friend asked if he had enough insurance protection for his rather significant firearm collection. The new gun owner said he was OK because his homeowner's policy covers firearms.
Just a "heads up" regarding firearm coverage under most homeowner policies. While most homeowner policies do cover firearms, and while they generally cover all of one's firearms for loss due to "fire," most policies limit firearm "theft" losses to $1,000 or maybe $2,500. This will be inadequate for many gun collections out there. Additional theft limits can usually be purchased for a fairly small premium. Check with your agent if you have more than a couple of firearms to make sure how you are covered.
O.S.
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Post by thywar on Oct 18, 2012 19:22:45 GMT -7
Good point.. I specifically asked my agent about that and mine are covered based on our conversation. Oh.. and my premium.
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Post by Redneckidokie on Oct 18, 2012 19:48:55 GMT -7
I checked on my coverage a while back and home owners only covered up to $1500 unless you take out an extra policy just for the guns. The extra policy would run almost $1800 a year.   |
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Post by Georgia Survivor on Oct 19, 2012 3:27:20 GMT -7
I checked on my coverage a while back and home owners only covered up to $1500 unless you take out an extra policy just for the guns. The extra policy would run almost $1800 a year. Wow! You might want to check to see if they provide a "Firearms Option" on your existing policy. A lot of policies provide an option to increase the basic $1,500 coverage to $5,000 for an additional premium of $30 to $50. Still may not be enough to cover everything, but it is better than just $1,500 and a lot more affordable than paying $1,800 for a separate policy. O.S. |
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Post by Deleted on Oct 19, 2012 10:04:27 GMT -7
Around here, insurance will only cover a set amount of $1,000 for firearms on a homeowners policy. I have checked with almost a dozen different companies when looking for my homeowners/farm policy. They all said the same thing, I must give all the numbers, pictures and locations for each and every gun and insure them individually. I decided its not worth it. I do not want to give ANY company a list of all my guns so there would be an accounting of what I have.
Not to mention the cost. My homeowners/farm policy runs about $1200 per year. A policy for all my guns would be about teh same. That is insane!! I will pass...and keep tehm locked up or stored in places that fire, water, people and such will not and cannot reach them. I will be my own insurance policy.
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Post by Redneckidokie on Oct 19, 2012 12:30:43 GMT -7
What worries me is that they will soon come up with required liability policy to buy or own any firearms. Like for cars. That would mean listing or registration of all you own. Then non-compliance would lead to a no own list of some type. Making us all out laws.  I'm sure O is looking for all the back doors he can find for the up coming next term. |
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Post by Redneckidokie on Oct 19, 2012 12:37:23 GMT -7
Yes they did have something like that. But like I told her, that depending on which guns you turned in would only cover a small handfull. Or maybe just one? That was when she brought out the ''Big'' policy for big bucks, causing me to run out the door like a scared school girl. LOL  I checked on my coverage a while back and home owners only covered up to $1500 unless you take out an extra policy just for the guns. The extra policy would run almost $1800 a year. Wow! You might want to check to see if they provide a "Firearms Option" on your existing policy. A lot of policies provide an option to increase the basic $1,500 coverage to $5,000 for an additional premium of $30 to $50. Still may not be enough to cover everything, but it is better than just $1,500 and a lot more affordable than paying $1,800 for a separate policy. O.S. |
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Post by woodyz on Oct 19, 2012 14:01:05 GMT -7
Insurance is a fine example of being between a rock and a hard place, danged if you do and danged if you don't.
It became very apparent to me after a situation in 1985 when I had some guns stolen along with some other property.
I have an excel spread sheet with a listing of seriel #, purchase price, purchace date, etc for all of my house hold items. So I was able to provide that information. I was very surprised when the insurance adjustor told me one of the guns I had listed I had reported stolen about 10 years before then. He was right it had been stolen and recoverd and I still had a copy of the police report when it was returned to me. All OK. But not, because it was not the same insurance company so the info is shared.
But that was a wake up for me. I can limit access to what or lists of what I have, but once I give it to the insurance company or the tax assessor or anyone else, it becomes available to alot more people than I released it to.
So ever since it weighs on me that the information is a danged if I do and danged if I don't.
You have to register your vehicles, so then when you get mail or email from someone who says they can insure your 1956 caddy for $205 a year less. It is scary, not only do they know you have it, they know what you are paying for it. Not a good feeling at all. And getting worse and worse as we go.
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Post by woodscustom on Oct 19, 2012 18:51:02 GMT -7
The best firearms Insurance is a good gunsafe.
WC
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Post by Deleted on Oct 20, 2012 5:10:44 GMT -7
The best firearms Insurance is a good gunsafe. WC AMEN!!! |
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