Requirements for insuring my guns

[djturnz]

When I got my renters insurance, the y had $2500 built into the policy for firearms. Anything over that and I would have to get a seperate ryder.

We just signed a contract to buy a house and we are shopping around for a home owners policy. They will only cover $1000, so that doesn't work. They said I can insure them individually, but I have to either provide a receipt or a magazine ad with a price to prove the value for each gun. The alternative is to have an appraisal.

Has anyone had to do this?

I have a Mossberg 500 that I bought as a field gun and turned it into a Persuader with the 5 shot tube. Should I just show them the website page for a Persuader?

I also have 2 guns that are no longer made, they are probably worth less than $150 between them, I guess I should just leave them out.

The mossberg, my deer rifle, and my XD all have aftermarket accessories. Do I get the list price for them as well and add it in?

I need some advise on how to proceed.

[Frenchy]

Your homeowners insurance should have a blanket amount for miscellaneous items, specifics such as jewelry and other valuables; you should take pictures and have serial numbers of. Being a member of the NRA also covers some thing, although they do have separate firearms insurance.

I have Nationwide Insurance, they cover my car and home, and there is a 10% discount if you also have the “farmers” insurance. My house is covered for $140k and $80k furnishings and other valuables in the home, this more then covers any guns I have.
If I had jewelry and other specifics I wanted insured, they could cover this in additional clauses. Computers firearms and the such fall under the “furnishings and other valuables”.

You may want to be careful not to specifically insure the firearms. Some homeowners will cancel your policy if you insure specifically for firearms. My Nationwide person said that as long as I insured the home and my belongings, not specifically firearms I would have no problem.

[bloomautomatic]

Usually that kind of stuff isn't covered, or just has the set amount like frenchy said.

I had a laptop stolen from my house (house-sitter had a party - long story), called insurance company, found out computers are NOT covered by homeowners insurance, just like jewelry.

Best bet would probably be check into the insurance programs through NRA, and if you have a safe, the manufacturer may have some built in insurance coverage there.

To add them onto your current policy gets pricey. They don't normally insure guns, and probably don't want the hassle.

Vince

[whoshisface]

Here is some valuable information.

If the policy states $1000 for firearms and you get your $5000 worth of firearms stolen, they are NOT usually covered by your insurance company under miscellaneous! They require additional insurance, which should be very inexpensive. If you don't have enough coverage, don't believe your going to get the $1000, talk to your agent as to how your company handles this! Several will only give you a prorated amount! Say $4000 of your $5000 worth of firearms get stolen and the insurance company finds out you have $5000 worth of firearms, you'll get 4/5 of $1000 which turns out to be $800. Don't shoot the messager, check with your agent and if you have more of X than your policy states tell the insurance company, they will up the coverage, usually for a minimum amount of cash.

[Cole]

Sadly, I worked for 10 years in the home and auto insurance claims.

Nearly all homeowners insurance policies do have a "Special Limit of Liability" when it comes to firearms, which means that they will pay only up to a set dollar amount (usually $1000) for your loss. So even if you think you have $150,000 for personal property, this special limit will apply and you'll get shafted.

There are Special Limits of Liability on a number of other types of property like Computers, Photography Equipment, etc.

I have never heard of the pro-rating % rule that French is talking about . . . at least not based on your gun collection vs. your limit. Basically, if your guns are stolen, damaged, etc. you are entitled to the $1,000 (less your deductible). However, if you're repairing a door, or your house has burned down, the deductible is only taken once on the total loss you experience. That is, there is not a deductible for guns, and then another for your house, etc.

Almost any major insurance company is very prepared to insure your firearms as "Scheduled Property". Essentially you provide proof of the value for the scheduled items and are assessed a total premium charge based on the insurable dollar value of the whole. It's fairly expensive when compared to insuring your home, but still not all the much money when you look at it objectively. Depending upon the size of your collection, this might be the way to go.

Another option that many companies offer, that I find useful myself is a sort of packaged increase on all of your "Special Limits of Liability". Often this can be done a lot cheaper and is more than adequate to cover your gun collection, while also providing you better protection for your camera equipment, computers, etc. Without going into even more boring insurance detail, this sort of coverage is also often broader (all risk vs. named peril). This works for a lot of people.

DISCLAIMER: This information is purely that. I am not trying to sell or offer insurance advice to anyone.

[Frenchy]

I have never heard of the pro-rating % rule that French is talking about . . . at least not based on your gun collection vs. your limit...

I did not mention Pro-rating % I said my agent told me that my insurance covered me for “furnishings and other valuables” up to $80 K this includes computers, bicycles... guns, tools... and the likes that I dont have to enumerate.

[whoshisface]

I mentioned the pro-rating, my insurance agent explained it to me after I read it in the policy. I would almost guarantee that your guns arn't going to be covered in full if stolen frenchy. The agenets also told people in N.O. that they would be coverd from a hurricane as well, they weren't! Read the policy if it has a stipulation for a limit on an item thent there is a limit, just check it out just in case, I wouldn't want to see you get screwed!

[GRoPA]

The most common ISO form used is an HO3 Policy. It does have specific limits however those limits may also be limited to certain types of loss'. Example: Under the HO3 policy in the section titled COVERAGE C - PERSONAL PROPERTY, there is a list o "Special Limits of Liability" #6 indicates limit of $2,000 for loss by theft of firearms. Note "loss by theft" if it is not a theft loss, say a fire, then the limit does not apply. Read your policy. It is not as bad as you think. You will either have an "All Risk" policy (HO3) that says that your loss is covered unless excluded in the policy or you have a "Named Peril" policy (HO2) which states what you are covered for, anything else is not covered.

Also look to see if you have "Full Replacement Cost" (RCV) coverage on your dwelling and/or your contents or if you have "Actual Cash Value" (ACV) coverage. The difference is if it costs $1,000 to replace or repair an item you are entitled to the full $1,000 (Full Replacement Cost) or say the replacement or repairs are depreciated $200 due to the age or condition of the item then you are only entitled to $800 (Actual Cash Value)

Most policies allow for an initial ACV payment until the repairs or replacement is done and then pay the depreciation up to the RCV.

Some insurance companies have their own policies that no one else uses so their limits may apply across the board regardless of the cause of loss. So READ YOUR POLICY.

That's probably more than you wanted to learn about Homeowners policies today so I'll shut up now. Besides, my two typing fingers are tired.

Oh yea, I almost forgot........THIS IS NOT LEGAL ADVISE

Have a good one.............................Todd

[rgb03]

i have a ryder on my insurance that covers jewelry and my guns. without this i would be shit out of luck since your insurance may cover your furniture and other things but only so much towards jewelry, guns, coins,etc. they may tell you your covered when your not because they may not know any better.
i had a friend who had all his tools stolen from his truck, this made me paranoid because i never thought of it happening to me so i called and asked my insuarance company if my tools were covered.i was told by two people at the company i was covered but still wasnt sure after talking to other people at my place of employment. so a third time i talked to the manager at the ins. company and was told yeah my tools are covered if i use them at home, but not if they are used for work. so be very careful when you ask about whats covered and whats not covered and how much will actually be covered. so yes your guns maybe covered but like said above only to a certain amount which most of the time wont cover your loss if you own a few guns.
add a ryder it is usually fairly cheap i think mine is like 10 dollars for every thousand you are insuring.

[Cole]

Sorry, Frenchy, didn't mean to put words in your mouth there.

Gunrunner, good point about the loss having to be due to theft.