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02/18/2018 @ 12:45 AM
 

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 Insurance on firearms

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kenhump
 February 10 2018 06:17PM (Read 1111 times)  
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Here is the issue. My insurance lady thinks I should have an appraisal of my guns. Anyone run into this? They can't write for over XXXX amount without it. Who would I get to do it?


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Brad Phillips
 February 10 2018 06:43PM  
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My Insurance guy just came by the other day. $xxxx,xx on theft and $xxx,xxx.xx on anything else. I understand the theft idea Big Grin He said I was "good" ??? I explained what I have and things that basically cannot be replaced... a few old guns (130-ish yrs), family heirlooms/ with papers, etc. Said I didn't need to upgrade ?

Strange part is how to put a price on "odd" guns?


PAhntr760 "Ain't no free lunch internet answer gonna answer that"
 
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Brad Phillips
 February 10 2018 06:47PM  
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Actual problem will be that, depending on what guns you have???? You have to have someone who can grade and put a price on it.... Fairly Rolling Eyes

So I would guess the big auction house in Prairie and the one down by the quad cities???

Obviously no help from here as far as western Iowa ?


PAhntr760 "Ain't no free lunch internet answer gonna answer that"
 
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carpdoctor
 February 11 2018 04:48AM  
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I have tried a few insurance companies each with ups and downs. Currently I use Eastern insurance, John Richardson is the contact. You don't have to do an appraisal on firearms. Unless they are over 10K I believe. 35K is their lowest plan and if I remember correctly that goes to 40K if you are a NRA member. Very affordable.

They offer replacement from home theft, fire, ect ect. But most importantly theft from vehicles, hotels ect. If you travel with you guns this is nice.


 
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DILLIGAF
 February 11 2018 08:02AM  
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Most homeowners policies will only cover up to $2500 worth of firearms in a loss and there will often be a limit per item. Liability is another issue. Some Liability policies will exclude firearms entirely. West Bend and Travelers offer additional coverage for both and they're both "A" rated companies with A.M. Best. Talk to Tim Hartsock at Core Vens Insurance in Clinton. He does insurance for the firearms industry all over the country.


When you're up to your ass in alligators, it becomes difficult to remind yourself that your initial objective was to drain the swamp.
 
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kenhump
 February 11 2018 11:29AM  
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Thanks guys
Looks like I have options.


Yes, caramel corn is a veggie.
 
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littlealfet
 February 11 2018 06:12PM  
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At one time when I had extra guns my insurance agent had me take pictures of the guns and he filed the pictures with my account material.


 
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dogdown
 February 11 2018 06:45PM  
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My homeowners covers up to $5k. I provided a spreadsheet with model #s, serial #s, purchase price and place of purchase on everything attached (scope, scope rings, mounts and bipods. Added additional $10k for $65.00 a year. No appraisal needed. Only listed the non scary firearms. Agent told me that those could be covered under the original policy and insurance company would only have on file what was provided.


 
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ECFirearms
 February 11 2018 07:24PM  
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I would highly suggest you not overlook firearms coverage from the NRA. You don't have to provide serial numbers or provide gun appraisals.


"Second Amendment - Either you are helping pull the wagon, getting a free ride in the wagon, or trying to take away the wagon. Which one are you?" -- IAShooters
 
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FGH
 February 12 2018 09:36AM  
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Some inaccurate info posted:

First thing first: Talk with YOUR current agent about what is and is not covered. What someone else's policy covers has no bearing what your policy covers.

If you have a homeowners (HO3) policy, assuming you carry replacement cost coverage on your contens, most companies will offer replacement cost on your firearms as a part of those contents with the exception of THEFT coverage. IE: if you have a fire and your 5 Benelli SBEs are lost in the fire, said company will generally cover the loss up to the policy limit.

To increase you coverage limit for theft, you usually have two options (depending on the company):

Schedule said items as a part of your homeowners policy. This is usually the cheapest option, however, any loss you have with scheduled property may affect your overall homeowners premium (and insurability)
Carry a separate inland marine or personal articles policy - similar to scheduling. It's a stand alone policy that offers all perils coverage for guns, jewelry, photography equipment, art etc etc. Low deductible, low cost and has zero effect on your HO3 policy if you experience a loss.

Generally with the above policies, items are insured for market or agreed value (not replacement cost)

Most companies will require an appraisal for a single items valued over $xxxx.xx ($2500 is common)

If you have a very large collection (or any at all) even if they're not high value guns, it's a very good idea for you to keep an inventory of models and serial numbers.


 
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kenhump
 February 12 2018 10:32AM  
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Quote by: FGH

Some inaccurate info posted:

First thing first: Talk with YOUR current agent about what is and is not covered. What someone else's policy covers has no bearing what your policy covers.

If you have a homeowners (HO3) policy, assuming you carry replacement cost coverage on your contens, most companies will offer replacement cost on your firearms as a part of those contents with the exception of THEFT coverage. IE: if you have a fire and your 5 Benelli SBEs are lost in the fire, said company will generally cover the loss up to the policy limit.

To increase you coverage limit for theft, you usually have two options (depending on the company):

Schedule said items as a part of your homeowners policy. This is usually the cheapest option, however, any loss you have with scheduled property may affect your overall homeowners premium (and insurability)
Carry a separate inland marine or personal articles policy - similar to scheduling. It's a stand alone policy that offers all perils coverage for guns, jewelry, photography equipment, art etc etc. Low deductible, low cost and has zero effect on your HO3 policy if you experience a loss.

Generally with the above policies, items are insured for market or agreed value (not replacement cost)

Most companies will require an appraisal for a single items valued over $xxxx.xx ($2500 is common)

If you have a very large collection (or any at all) even if they're not high value guns, it's a very good idea for you to keep an inventory of models and serial numbers.



Very good info. I had not considered a separate policy. Thank you.


Yes, caramel corn is a veggie.
 
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gsgramps
 February 12 2018 04:42PM  


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2 ways to insure actual cash value or replacement cost. older guns that have lost value due to extensive use should be covered under acv as they no longer are not worth new value. higher priced guns like skeet or trap guns may in fact go up in value and should be insure for replacement cost ( or market value). if they are worth anything they might be worth insuring for acv. if you add to your home policy or stand alone policy called an inland marine rider, they are usually insured under the all risk provision of the policy. they means loss by fire- theft- or dropping over the side of a duck boat. all losses are covered. 40 yrs in business


 
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dogdown
 February 12 2018 05:08PM  
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I have the inlands marine policy. With recent updates to the gun safe, I think it's probably time to update spreadsheet along with photos.


 
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