Firearms and insurance

[SmilinBob]

Just a friendly reminder, I recently had a customer who had a house fire and his Benelli SBE was destroyed, this was just one of many firearms he owned. He found out the hard way that most homeowners insurance covers only $1000 in firearms, he couldn't replace his gun without significant money out of pocket, which is short after a fire. You should have a rider to protect your guns from what could happen, moisture and rusting, fire, being dropped and broken, theft, the list goes on, and a rider is pretty cheap, mine is less than a couple boxes of ammo a year. Also, an appraisal and pictures stored somewhere secure is easy piece of mind when insuring these investments.

[WalleyeGod]

Great advice Smilin. I know limits vary by company on the guns and usually that limit applies to theft. I am a little surprised that it was limited on a fire loss. Policies differ though for sure. That being said it is always a good idea to check on guns, jewelry and other higher dollar items that you may have and check with your insurance agent/company on the specific coverages. Fish houses come to mind this time of year as well. Document ahead of time is the best. If it has a serial number have that along with the pictures as well. A comprehensive list of personal property documented by photographs to support the list and then put in a fire proof box is a good plan. You will not remember all of your stuff at loss time even though you may have the limit of coverage and they will pay only with what is listed not just some lump sum. I have seen it too many times where a year later I will hear "I used to have one of those" and missed it on the list. A bunch of those add up in a hurry. Anyway I have expanded a little farther than planned here.

Thanks for passing along the story Bob.

WG

[Tator2k]

I pay to have an additonal $50k coverage on my safe and contents.

[pikeguy2003]

The rules vary from state to state, in Minnesota every policy has a basic limit and only covers up to that amount if a gun is destroyed in a fire or for theft, mysterious disappearance usually is not covered. When you have the endorsement on your homeowners or renters policy then mysterious disappearance typically is covered. Pictures and serial numbers in a fireproof box is ok, but not typically what I would recommend. A safe deposit box at a bank is a much better place or if that isn't an option due to expense, possibly a close friend or relative who has a gun safe or fireproof box at their house would be a good idea. The key is to have that info, "off premises" so it will never be an issue. The average house fire can get pretty hot. I have been in the insurance business for almost 20 years. I no longer sell insurance, I recruit and train agents for a major company. Another reason to have the endorsement is because most homeowners/renters policies cover personal property "off premises". Therefore, if your expensive gun is stolen out of your vehicle you would have coverage. Most people think that when stuff is stolen out of their vehicle that the car insurance provides coverage. This is not true. Their is a misconception because if your stero system is stolen, you have coverage, but it is a part of the vehicle. Laptops, cd's, guns, and personal property not part of the vehicle are very rarely covered by the auto policy, unless the company you are insured with has that as an "add on" or "benefit" of their specific product. I'm really glad that someone started this post, as most people just are not aware of the specifics in their policies. I wish more people would take the time to really sit down with their agent and really tear each section of their policies apart and really know what their insurance will do for them, or not do for them if they have a bad day. Typically, people don't have a clue until they experience a loss and then it is too late.

Sincerely, Pikeguy

[Pooh]

good info guys thanks for the heads up

[96trigger]

I just emailed my insurance agent. $10 a year gets me the endorsement, I told him to hook me up with it.