I'm with State Farm and I'm about to sit down with them to arrange for a rider to go along with my homeowners on guns and some other items. I spoke with them a couple of months ago and they explained that a rider is better if you have to make a claim on it because it doesn't count against you homeowners. I may be wrong on that but it's what I took from the conversation. Once I get this done in the next couple of weeks I will report back with what hoops I had to jump through and what all was required. I was really leery about giving a list to the agent. I don't have a bunch by the standards that some here have but I've never let anyone know what all I do have.
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I'm with State Farm and I'm about to sit down with them to arrange for a rider to go along with my homeowners on guns and some other items. I spoke with them a couple of months ago and they explained that a rider is better if you have to make a claim on it because it doesn't count against you homeowners. I may be wrong on that but it's what I took from the conversation. Once I get this done in the next couple of weeks I will report back with what hoops I had to jump through and what all was required. I was really leery about giving a list to the agent. I don't have a bunch by the standards that some here have but I've never let anyone know what all I do have.
Hondo is pretty much right on. As many of you know I am an Insurance agent in the Indy area and I currently insure sevearl INGO'ers. I will tell you all what I told them.
Each company is different. With my company you firearms are coverage just like any other personal property for most losses. The only time we limit the coverage is for Theft. We then have a flat limit of $2000.
So house burns down, your coverd. Tornado, Covered, someone breaks in and steals them, you get 2k.
Keep a few things in mind. to Schedule firearms with us we are looking about about $3 per $100 of insurnace. The company the NRA uses does it for $1.5 per $100. Also you get $1000 of theft protection with yoru NRA membership.
Accessories are not considered firearms unless they are attached to the gun at the time of loss.
now it is always good to keep track of what you have, including pictures. This does not jsut pertain to your guns. Furnature, decorations, clothing, etc.
If you got a renewal for 2010 that is showing a higher premium and you have not yet notified your agent they have just raised your rates. They will need to rerate you policy with the new information. Various chemicales you use and powders, etc will come into play as well as foot trafic.
Each company is different. With my company you firearms are coverage just like any other personal property for most losses. The only time we limit the coverage is for Theft. We then have a flat limit of $2000.
So house burns down, your coverd. Tornado, Covered, someone breaks in and steals them, you get 2k.
Keep a few things in mind. to Schedule firearms with us we are looking about about $3 per $100 of insurnace. The company the NRA uses does it for $1.5 per $100. Also you get $1000 of theft protection with yoru NRA membership.
Accessories are not considered firearms unless they are attached to the gun at the time of loss.
now it is always good to keep track of what you have, including pictures. This does not jsut pertain to your guns. Furnature, decorations, clothing, etc.
For anyone who is running a business out of their home theyhad better check their policies carefully...many homeowner policies will not cover any losses that come from the business unless they know about it and charge a premium for the exposure.
Depending on the size of the business and exposures they could exclude all lossses including fire and liability claims if they were not informed about the business....this means if you have a sever claim you could lose everything, not just the business stuff.
Small business policies are easy to optain and a not expensive....
If you got a renewal for 2010 that is showing a higher premium and you have not yet notified your agent they have just raised your rates. They will need to rerate you policy with the new information. Various chemicales you use and powders, etc will come into play as well as foot trafic.
I recently checked with Farmers Insurance agent for a quote on my policies before they renew. as part of my homeowners, they will add $10,000 firearms rider for $80.00 per year. They had no problem at all with firearms and I also asked for a quote on a $1 million personal liability policy at the same time.
for the personal liability policy. $1 mill should be 1-200 for the year. This would protect you against a self defense civil suit!
Just Checked with my USAA policy, good to go with firearms. In the case of theft, firearms are covered, and up to 10,000 worth of jewelry. In case of fire, you are paid for whatever was in your home, up to 75% of your homeowners insurance. [for example, if you hypothetically have 1 million in homeowners insurance coverage, USAA will also reimburse you for 750,000 for whatever was in your home.)
If you have served in the Military, you can become a USAA member. I have been a happy customer of theirs for six years now, and have found them a pleasure to deal with.
If you have served in the Military, you can become a USAA member. I have been a happy customer of theirs for six years now, and have found them a pleasure to deal with.
I have written about this topic several times in the past few weeks. I will preface this with a couple of things. 1 - I'm not an agent. 2 - I have worked in claims for over 10 years. 3 - you need to verify your coverage and options with a licensed agent in your area of your choosing (that's going to be a repeated phrase, so get used to it.). Now...
Homeowners - Personal property, including firearms, are insured on a named peril basis. That means the only things you are covered for are the things listed in your policy. The common perils are: fire/lightning, windstorm/hail, sleet, smoke, riot/civil commotion, aircraft, water from a pipe burst, power surge, theft, and a few others. One of those things must be the moving, proximate cause of loss to your item.
Firearms, for a variety of reasons (value, portability, etc.) are typically subject to a special limit for theft, generally $2500 or $5000. It isn't a rider, it is a special limit (you also have special limits for money, artwork, furs/jewelry, papers). Some carriers will allow you to increase the theft special limit to $10k or more (check with your agent).
Example 1: you have an accidental house fire and all of your guns are destroyed in the fire. In this situation, your personal property coverage limits apply (i.e. if your home is insured for $100k, your PP limits are something like $75k +/-. Check yours to be sure). The special limit does not apply in this situation.
Example 2: You have a break in and your guns are stolen. In this case, the special limit for loss of firearms due to theft will apply, and say the limit is $2500. If you own less than $2500, you should be adequately insured. If you own more than $2500, you might be underinsured. Check with your agent.
Claim Example - In either example, if you have replacement cost coverage (most HO & Renters policies are RC policies), you will be paid the depreciated amount up front. Let's say a new Glock 17 is $600 and your's was two years old. Depending on some factors, let's say the actual cash value (today's value, what you'd pay for a used gun of the same condition, think classifieds) is $400. You get a check for $400 today. Now, you go an buy a new Glock 17 for $600. You bring back the receipt, showing you paid to replace it. You've already been paid $400, the carrier owes you the other $200.
Personal Articles/Inland Marine Policies - These are all-peril, scheduled policies (this is a separate policy, not a rider to your HO policy). The biggest differences are (1) instead of named-peril coverage you move to all peril. That means you are insured against anything that happens to the scheduled item except what is excluded. What's excluded? Things most reasonable people expect - wear and tear, rot, deterioration, war, flood or earthquake (because there is other insurance available). Two common losses substantially change when addressed by one of these policies. First is theft - there typically is no special limit for firearms on this policy like there is on an HO policy. The second is there is no exclusion for mysterious disappearance (think lost luggage at airport). For folks who travel with their guns, this can be huge.
The second (2) biggest difference is that all items insured are scheduled. This means you need to provide a list, sometimes with serial numbers (check with your agent), of the items along with how much coverage you'd like to have on that item. The trick here is if you pick up a new gun and want it insured, you have to tell your agent - period. If it isn't scheduled, it is not covered. There may be some exceptions for newly acquired items, but you need to verify that on your policy with your agent.
I know this is long, but I hope it helps you understand your options a bit better.
Homeowners - Personal property, including firearms, are insured on a named peril basis. That means the only things you are covered for are the things listed in your policy. The common perils are: fire/lightning, windstorm/hail, sleet, smoke, riot/civil commotion, aircraft, water from a pipe burst, power surge, theft, and a few others. One of those things must be the moving, proximate cause of loss to your item.
Firearms, for a variety of reasons (value, portability, etc.) are typically subject to a special limit for theft, generally $2500 or $5000. It isn't a rider, it is a special limit (you also have special limits for money, artwork, furs/jewelry, papers). Some carriers will allow you to increase the theft special limit to $10k or more (check with your agent).
Example 1: you have an accidental house fire and all of your guns are destroyed in the fire. In this situation, your personal property coverage limits apply (i.e. if your home is insured for $100k, your PP limits are something like $75k +/-. Check yours to be sure). The special limit does not apply in this situation.
Example 2: You have a break in and your guns are stolen. In this case, the special limit for loss of firearms due to theft will apply, and say the limit is $2500. If you own less than $2500, you should be adequately insured. If you own more than $2500, you might be underinsured. Check with your agent.
Claim Example - In either example, if you have replacement cost coverage (most HO & Renters policies are RC policies), you will be paid the depreciated amount up front. Let's say a new Glock 17 is $600 and your's was two years old. Depending on some factors, let's say the actual cash value (today's value, what you'd pay for a used gun of the same condition, think classifieds) is $400. You get a check for $400 today. Now, you go an buy a new Glock 17 for $600. You bring back the receipt, showing you paid to replace it. You've already been paid $400, the carrier owes you the other $200.
Personal Articles/Inland Marine Policies - These are all-peril, scheduled policies (this is a separate policy, not a rider to your HO policy). The biggest differences are (1) instead of named-peril coverage you move to all peril. That means you are insured against anything that happens to the scheduled item except what is excluded. What's excluded? Things most reasonable people expect - wear and tear, rot, deterioration, war, flood or earthquake (because there is other insurance available). Two common losses substantially change when addressed by one of these policies. First is theft - there typically is no special limit for firearms on this policy like there is on an HO policy. The second is there is no exclusion for mysterious disappearance (think lost luggage at airport). For folks who travel with their guns, this can be huge.
The second (2) biggest difference is that all items insured are scheduled. This means you need to provide a list, sometimes with serial numbers (check with your agent), of the items along with how much coverage you'd like to have on that item. The trick here is if you pick up a new gun and want it insured, you have to tell your agent - period. If it isn't scheduled, it is not covered. There may be some exceptions for newly acquired items, but you need to verify that on your policy with your agent.
I know this is long, but I hope it helps you understand your options a bit better.
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Is that for any peril or theft only? You need to check.
Are you saying that all the firearms you have, regardless of value, are covered for theft, fire, etc. by your homeowners policy? Are you also saying that one doesn't have to list the firearms? Is this replacement value, like the other items in the home?
One adendum to Slow 1911's comments...today many homeowner policies are written on what we call a Form 5 policy and unlike other policies that are written on a named peril basis a Form 5 policy is written on a "risk of loss" basis subject to specific exclusions. The term "all Risk" or "all peril" is no longer approporiate and is not used.
For example if you have a standard Form 3 homeowners policy (the most common type) and were, for example, cleaning a gun and spilled a corrosive chemical on the gun and thereby damaging it, a Form 3 policy with named perils would not pay this claim. However a Form 5 policy that covers "risk of loss" would pay this losss subject to the deductible. Normal wear and tear is not covered by either policy.
As he said it is best to check with a professional agent for your specific needs.
For example if you have a standard Form 3 homeowners policy (the most common type) and were, for example, cleaning a gun and spilled a corrosive chemical on the gun and thereby damaging it, a Form 3 policy with named perils would not pay this claim. However a Form 5 policy that covers "risk of loss" would pay this losss subject to the deductible. Normal wear and tear is not covered by either policy.
As he said it is best to check with a professional agent for your specific needs.
Good thread.
I have all my firearms scheduled on my HO policy, it's cheap and worth it.
The only items I haven't scheduled are my Silencers, not too found of my insurance company having those serial numbers plus trying to explain what they are etc...
FYI, I work for an Insurace Carrier.....we are watching you....
I have all my firearms scheduled on my HO policy, it's cheap and worth it.
The only items I haven't scheduled are my Silencers, not too found of my insurance company having those serial numbers plus trying to explain what they are etc...
FYI, I work for an Insurace Carrier.....we are watching you....
I just called my insurance company today ( Sate Farm ) they told me they could cover under my home policy but that I could get a policy that cover just the firearms, I only have two glocks and Ar right now. she said about 35.00 a year and that I needed to write down the SN and take pics of them by their self and together need one with me in the pic to prove I own them. She never said I needed to give any of that info to her just that if I had a claim, I would need that info and the pics for proof.
I have Farm Bureu (spelling). any how, the limit on my homeowners is 2500.00 i think unless my house is a total loss in which case I can spend all of it on guns if I want. Some may not agree, but I think your money is best spent on a good safe/safes. then there is no need to worry about replacement of your weopons. You have both fire and theft protection.
Thanks for all of the answers guys. It seems that every company does it a little bit differently.
That just means that everyone here at INGO needs to do a little bit of homework and make sure that their stuff is covered.
Again, thanks for the input.
That just means that everyone here at INGO needs to do a little bit of homework and make sure that their stuff is covered.
Again, thanks for the input.
henktermaat
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- Jan 3, 2009
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You'll be to 50 in no time at this rate.
I like ur site and will visit again soon for the good informations.
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