Update- Homeowner's Firearms Insurance

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In a previous post some months ago (looked; no find, maybe in the closing days of TFL); I had ecounted how a major national ins. co. was working on a new homeowner's policy for rollout this summer.
Well, they stalled 30 days 'til Aug. 1, but it's available now.
Previously, they had no standard replacement coverage for firearms; now it's up to $2500. A disappointment there; since the product mgr had hinted to me there would be significant changes; and I guess there is in the overall new product. I'm very close to switching carriers for this new policy; better, and cheaper than my current one for 9 yrs.

Anyway, the co. is AAA; the familiar auto ins co.
Better coverage, same terms, over $125 (about 28%) less annually.
Also, about the same savings for car. Glad I forced myself to get back with them this month; renewal on current one due in 5 weeks. Pro'bly switch before then.
Well, I promised a "heads up" when I learned more; and that's it.;)
 
I just recently got married and joined up on my wife's renter's insurance from Nationwide insurance. They cover $1000 on guns but I believe you can select an option that covers more. I'm not sure about that but that's how I understood it..the 1000 covers me though. I would be willing to bet that they also do homeowner's insurance if anyone wants to look into it. Just another possible option for you.

brad cook
 
I only had a $1000 firearm coverage on my homeowners insurance and added a $5000 rider on the insurance and it was fairly cheap.....will have to look at policy, but, it wasn't much and now have $6000 coverage....still not enough, but, have NRA loss coverage also being a member....I think it is only a thousand or two, but, it's free.............
 
That's funny because my insurance agency is the local AAA, but my actual company is The Peninsula Insurance Co. (out of Salisbury, MD - Eastern Shore, no where near leftist Bawlmer or Montgomery/Prince Georges County).

FYI for anyone local, they have $2,000 for "loss by theft of firearms" (subject to $500 deductible, of course).

Has anyone actually read their whole homeowners policy? Full of what happens in "nuclear war", "acts of God", "damage by Animals, Birds, or Fish", etc. Pretty scary stuff!
 
I recently switched my car insurance from Farmer's to American Family, thereby cutting my premium by slightly more than 50%. I tried to switch my home owner's policy to simplify things, but couldn't buy extra coverage for firearms without turning in a list of makes, models, and serial numbers.

No way in @#$%^&!
 
remember that all goods in an insurance claim
are depreciated prior to being paid out, so even
if you had a $2500 custom gun and it was 3 years old
the company would never pay the full amount.

besides, who owns less than $2500 of GUNS??
If you have any toys (guns, boats, cars, tools, etc)
or art, you need a seperate policy - often called a
rider to cover those otherwise excluded items.
The cost is usually fixed and varies little from one
company to another (ie. $16 per $1000 of guns
scheduled on the rider)
 
I have my firearms insured with Collectibles Insurance
Agency, Inc. (http://www.collectinsure.com/) The policy is underwriiten by the Hartford Group. The only restrictions as far as I know is that they won't wirte a policy in the PRK and they won't cover an everyday CCW (don't have to worry about that here in MD :mad: ).
 
remember that all goods in an insurance claim are depreciated prior to being paid out, so even
Click to expand...

That varies by provider and policy. I'm insured for replacement value. That means however much it takes to replace it with a new identical item. No reason to get a policy that only pays depreciated values when you can get one that pays replacement value. I'd look into another policy if that's how you're current policy is set up.

brad cook
 
Brad:

You are correct, but YOU HAVE a specific firearm policy/rider,
my point was for those who may only have a home ownners/renters
policy without a rider

Doc
 
I beleive the info on Nationwide is correct.

In Maryland, under the current laws, virtually all of my handguns are irreplacable. It's probably the same for MA, CA and some other states where older guns have been grandfathered, but new replacements are impossible to buy.

What do we do?
 
You are correct, but YOU HAVE a specific firearm policy/rider,
Click to expand...

Doc,

You said "all goods" not specifically firearms and that's what I was referring to. A good insurance plan will pay replacement value on EVERYTHING that was lost.

brad cook
 
Check your home owners/renters policy, if is does not say "replacement cost" it will be depreciated..If in doubt,be sure to check with the agent or company if written by direct writer, in other words with a company that does not use agents...if it does'nt specify something in the policy such as replacement cost,then dont expect to get it if a loss occurs... Most homeowners covers 2,000 in guns either replacement cost or depreciated value, you can obtain attachments to your coverage for higher amounts and usually it is reasonable, if you have over 2,000 in re-sale value in guns, you may want to call your agent/company for quote to raise the limits...do it before it is too late...
 
please forgive my cynacism, but after we suffered a loss
(my wife lost my wedding gift to her: earrings)
and our policy said that jewelry was covered "at replacement cost"
they paid A FRACTION of the actual replacement cost,
NOT the actual replacement cost.
now I have Chubb. VERY EXPENSIVE, but no BS about losses

even though my guns (her jewelry) was insured for
replacement cost, I left that company because their idea
of replacement cost and mine were, shall we say, different.
now they are insured for ACTUAL REPLACEMENT COST
(my words not theirs) just in case we suffer a catastrophic loss.

unless you have a rider which spells out in plain english
what they will pay for a loss, don't believe it.

I don't know nothin' about insurance or any that legal stuff
but this was my personal experience with a less expensive
"REPUTABLE" insurance company...
 
Last time I checked my insurance I had $1000 to cover gun loss. I asked about insuring all my guns and it added about $300 a year to my cost AND they wanted ALL the serial #"s for all the guns. No no, not gonna happen.
 
There are indeed two forms of replacement costs. Basically one considers the item used and of less value the other considers the cost it will actually cost you to replace the item with a new item.
 
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