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Insurance question's

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Post Options Post Options   Thanks (0) Thanks(0)     Back to Top Direct Link To This Post Posted: July/19/2010 at 22:35
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Optics GrassHopper
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A fellow member at another website had 3 very expensive rifles stolen out of the back of a U-Haul truck when he was moving and did not have ANY insurance at that time. He stated that he lost 1000's of dollars because of it.

 
The question's I have is when I move is how I should insure all my good's for when I move.
 
1.Will a moving company like U-Haul or Ryder cover your stolen goods if you sign up for insurance and if so how much?
 
2.Is there a good insurance provider that will cover my guns/scope's/bow's etc?
 
3.If stolen; what information do you need to provide them with to collect a refund?
 
I can't imagine having my collection stolen and being screwed over.
Any advice will be really appreciated.
Thanks,
RiP
Post Options Post Options   Thanks (0) Thanks(0)     Back to Top Direct Link To This Post Posted: July/20/2010 at 00:12
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Optics Jedi Knight
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Most insurance companies do not cover firearms. Firearms can be covered through the NRA. Insurance from the rental companies covers the vehicle. You go back to your Homeowners policy for contents. You will need a very detailed itemized inventory even for that. Pics and all. You sould practice holding your breath.
Post Options Post Options   Thanks (0) Thanks(0)     Back to Top Direct Link To This Post Posted: July/20/2010 at 06:13
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Optics Retard
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if you are a member of the nra make sure you move with allied/north american since you will get an nra discount from them any way.
Post Options Post Options   Thanks (0) Thanks(0)     Back to Top Direct Link To This Post Posted: July/20/2010 at 08:03
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Optics Journeyman
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alfa  covered mine
Post Options Post Options   Thanks (0) Thanks(0)     Back to Top Direct Link To This Post Posted: July/20/2010 at 13:36
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ICK, Ed's BOY

Joined: October/08/2008
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Originally posted by 3_tens 3_tens wrote:

Most insurance companies do not cover firearms. Firearms can be covered through the NRA. Insurance from the rental companies covers the vehicle. You go back to your Homeowners policy for contents. You will need a very detailed itemized inventory even for that. Pics and all. You sould practice holding your breath.
 
Sure, standard coverge doesn't adequately cover guns.... every company I know of that sells homeowner insuance WILL add special coverage for guns.
 
I have something around here on this very issue, and I think it is on OT......


Edited by Ick - July/20/2010 at 13:37
Post Options Post Options   Thanks (0) Thanks(0)     Back to Top Direct Link To This Post Posted: July/20/2010 at 13:39
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ICK, Ed's BOY

Joined: October/08/2008
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Edited for newer version I found.

The standard homeowners policy language is designed for the average joe with one handgun or one hunting rifle. If you are one of those guys with more of a collection than that.... this thread is for you. The way I see it, you have 4 options. They are listed below along with some other notes.

Option 1, let your standard homeowners policy cover the guns
Problems:
--Your base homewners policy only covers your guns for fire and other limited perils, PLUS there is generally a limit on "theft" of anywhere from $2,000 to $3,000 depending on your company.
--There may be problems collecting a fair value for collectible price, antique value, sentimental value, rarity value, etc.
--Most insurance companies have these limitations on guns AND accessories, not just guns. So keep in mind that your $3,000 Zeiss scope may be INCLUDED in these limitations.
Advantage:
Already included in your premium so no cost.
Ick's notes:
If you have a lot of value this is a very poor way to protect your firearms and related equipment.

Option 2, purchase a higher theft amount on your homeowners
Problems:
--Your base homewners policy will STILL only cover your guns for fire and other limited perils, SUBJECT to a limit on "theft" based on what you purchased.
--There STILL will be problems collecting a fair value for collectible price, antique value, sentimental value, rarity value, etc.
--Accessories may also be included within this limitatoin, so don't forget to consider the value of accessories that could also be stolen or damaged in some way.
Advantage:
Simple and cheap.
Cost:
Generally nominal cost, A buddy of mine said said a $5,000 limit cost $5 a year on his State Farm policy.
Ick's notes:
If you have a lot of value this is a very poor way to protect your firearms and related equipment.


Option 3, purchase separate insurance from NRA "collector not shooter" program
Problems:
--The policy language that I have read from this program is limiting and possibly would result in no coverage for most guys guns, so read the fine print. It doesn't sound like a clean transaction to me. Sounds like you are paying for something and not getting much coverage.
Advantage:
--Can you insure the items for a true fair value a collectible price, antique value, sentimental value, rarity value, etc. under this program? I would assume so, but check the fine print.
Cost:
--Cost is $6.70 per $1,000 of value which is good, but I have serious concerns about policy language though.
Ick's notes:
If you have a lot of value this is a very poor way to protect your firearms and related equipment especially when there is a very broad option available for only a few dollars more.

Option 4, purchase separate scheduled insurance from your homeowner program or the NRA's broader program.
Problems:
--You likely need to get some kind of written appraisal from a local gun broker. This is generally NOT a big deal.
Advantage:
--The coverage is very broad and covers all sorts of things like flood, dropping the firearm down a cliff, realizing 3 hours later you left it by a tree after field dressing an animal and it is not there when you return, etc.
--You CAN insure the items for a true fair value a collectible price, antique value, sentimental value, rarity value, etc. under this program.
Cost:
--Ick's homeowners in PA with local agent and Pennsylvania company is $11 per $1,000 of value, I have three other companies at about the same cost.
--NRA's program is $17.40 per $1,000 of value Cha-CHING!
--A buddy of mine has State Farm in Texas with local agent at $17 to $22 per $1,000 of value (This is a VERY high price, not sure why State Farm is so high).
Ick's notes:
Most of my customers choose NOT to list every firearm and accessory they own. Generally they list the most expensive and valuable firearms, optics, lasers, etc. this way.


Ick's Other Notes
Caution: Some company people are LIBERAL ANTI-GUN so don't be surprised if you have follow-up questions about "Why does the insured have a howitzer?" Personally I have yet to have a company make a big deal out of anything my customers buy, but I have heard of someone having trouble at some point in the past. Case in point:

Image
Keep in mind, I have found this ---^ to be the EXCEPTION, not the rule.

You SHOULD keep a book on all your firearms including photos, invoices, serial numbers, NFA tax stamps, etc. in a SEPARATE location. It is also a good idea to keep any firearms history in here for things like "added new trigger" or history like "This weapon used in so-and-so conflict by my grandfather William Schmortz" or whatever.

Image

OK, so I am a little anal about documentation. Fortunately there are some huge long-term benefits of that kind of record keeping.

Image 

Post Options Post Options   Thanks (0) Thanks(0)     Back to Top Direct Link To This Post Posted: July/20/2010 at 13:40
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ICK, Ed's BOY

Joined: October/08/2008
Location: Pennsylvania
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I would suggest you call your homeowners insurance agent and do #4.
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