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Homeowners Insurance and Guns

lefty

lefty

Well-known member
Joined
Sep 24, 2002
Location
Menlo Park, CA USA
Moto(s)
'05 ZRX1200
Name
Ed
I have a policy with State Farm and I agreed to do one of those dreaded "Policy Revues", where they lure you in with offers of potential savings, only to walk away with a MUCH higher premium.

Well, during this 'chat' I asked about the coverage of the items in my home. My agent said, almost everything is covered, with the exception of firearms and some expensive jewelry. (they are covered, but there is a cap).

For firearms, the cap is $2,500. I was shocked. That barely covers the cost of 1, high quality, firearm.

So, I inquired about "How to cover the true value of a collection", and he stated that it would require a separate policy.

He sent me the forms that I must complete and they ask for a LOT of information; Serial Numbers, DOM, Where each item is stored (make and model of safes, etc).

It is very uncomfortable giving out all of that information. It makes me question whether I want to proceed with the additional coverage.
 
You might be pleasantly surprised by the rate after providing evidence of good security for your firearms.
Wondering how else you think they could investigate/recover without it? It’s like saying I want this car collection insured but not listing makes and models to help determine replacement value.

Go for it if you want piece of mind should something happen. Guns are fun but also a liability.
 
NakedApe-

This information will NOT affect my homeowners policy. It is a separate policy for the guns.

I understand that they must have 'traceability', but DAMN!!! They are asking for a LOT of information.

For example; make and model of my safe(s) and their location within my home? Why is that info needed? It just seems to be an overreach.
 
Doesn't matter whether you think the information is an overreach. It's their product and that's their terms.
 
lefty said:
NakedApe-

This information will NOT affect my homeowners policy. It is a separate policy for the guns.

I understand that they must have 'traceability', but DAMN!!! They are asking for a LOT of information.

For example; make and model of my safe(s) and their location within my home? Why is that info needed? It just seems to be an overreach.
Click to expand...

They want to assess risk and liability. A gym locker type of security container exposes more risk than a cemented in floor safe with an armored door, but more than a riffle rack over the bed with chamber locks...
 
A big heavy safe bolted down in your bedroom closet is not likely to have guns stolen from it.

A much smaller safe that's sitting in a room near the front of your house or even just a cabinet with your guns or a spare room with the guns in the closet are not nearly as secure.

If I had the big safe in the bedroom closet I wouldn't bother with the insurance, though it would probably be much cheaper. The only real danger would be fire.
 
This seems like the typical information they ask and not specific to guns. It’s just regular property insurance
 
lefty said:
I have a policy with State Farm and I agreed to do one of those dreaded "Policy Revues", where they lure you in with offers of potential savings, only to walk away with a MUCH higher premium.

Well, during this 'chat' I asked about the coverage of the items in my home. My agent said, almost everything is covered, with the exception of firearms and some expensive jewelry. (they are covered, but there is a cap).

For firearms, the cap is $2,500. I was shocked. That barely covers the cost of 1, high quality, firearm.

So, I inquired about "How to cover the true value of a collection", and he stated that it would require a separate policy.

He sent me the forms that I must complete and they ask for a LOT of information; Serial Numbers, DOM, Where each item is stored (make and model of safes, etc).

It is very uncomfortable giving out all of that information. It makes me question whether I want to proceed with the additional coverage.
Click to expand...

I'm pretty sure this is true for expensive musical instruments too. Some carriers issue a "rider" (I think that's the term) for special items, but as I recall, a lot of the mainstream carriers just won't offer it. Or make it too expensive or troublesome."

I never thought about it, but I would imagine there are outfits that will insure your guns as their main business. But I think you'd have to supply that same info anyway.
 
no comment on guns specifically, but it pays to shop around every few years, when it comes to insurance. The big companies try to lock you in with massive bundles, but theres lots of competition these days and in the end, a policy is a policy is a policy. There is really very little difference of the product offered.
 
USAA does the same thing. Make, model, serials, pictures.



Climber said:
The only real danger would be fire.
Click to expand...

I was talking to a contractor that was tasked to clean up after the Camp fire and he said the only safes that survived were the ones that fell out of the house or the ones that were placed against an exterior wall (garage).
 
So if you're meeting the storage requirements that your insurance carrier requires for insuring your firearms, then they really can't be used for home defense, correct?
 
lefty said:
I have a policy with State Farm and I agreed to do one of those dreaded "Policy Revues", where they lure you in with offers of potential savings, only to walk away with a MUCH higher premium.

Well, during this 'chat' I asked about the coverage of the items in my home. My agent said, almost everything is covered, with the exception of firearms and some expensive jewelry. (they are covered, but there is a cap).

For firearms, the cap is $2,500. I was shocked. That barely covers the cost of 1, high quality, firearm.

So, I inquired about "How to cover the true value of a collection", and he stated that it would require a separate policy.

He sent me the forms that I must complete and they ask for a LOT of information; Serial Numbers, DOM, Where each item is stored (make and model of safes, etc).

It is very uncomfortable giving out all of that information. It makes me question whether I want to proceed with the additional coverage.
Click to expand...

If you are insuring a piece of jewelry or art, they ask for the same level of detail. You can't ask for a $1M policy to cover your Rembrandt with zero info about its authenticity and how it's currently protected.
 
So you just want them to trust you that you own a bunch of guns?

"Hey I have a car I want to insure"
"What's the VIN?"
"What with all the fucking personal questions?


lol
 
DucatiHoney said:
If you are insuring a piece of jewelry or art, they ask for the same level of detail. You can't ask for a $1M policy to cover your Rembrandt with zero info about its authenticity and how it's currently protected.
Click to expand...

I swear I had a Rembrandt. And the damndest thing. It was stolen right after this policy was issued.
 
lefty said:
Uggghhhh, YEAH!?!?!?
Click to expand...

:laughing

They have that same cap on all sorts of stuff. I think the policy might as well say that if you can't buy it at Costco or Target to replace, you get $2500. My husband had a couple of bikes taken from our garage several years back. Yeah...they were NOT $2500 to replace, but that's what we got. That bought, like, the wheels. That's when we learned that nice stuff needs a special policy. The really frustrating thing is that we live in a tiny place, and we have no space or kids, so the few things we do have are nice. It feels unfair. : |
 
Same issue I bumped into when I went to confirm if all my camera equipment was covered in my homeowner's policy. They said no, and I would need a separate policy to cover the camera equipment. And, I would have to itemize everything.
 
Lefty, I don't do that kind of insurance, but I understand it well after 20 years in the business. What you're looking at is a personal property policy; we have it on my wife's wedding ring. It isn't a lot, but it's covered. We had to take pictures of it, provide certification, etc.

What they're doing is "underwriting" the policy. Basically, making sure what they are insuring is legit. When I write life insurance applications, I have to take down a lot of information, and it doesn't end there depending on the amount of insurance they are applying for. I have a client who is applying for $4,000,000 of coverage, and you wouldn't believe how deep they go for that type of risk. There are also "re-insurers" (a company who insures the insurance company), etc. but for the purpose of this conversation, that's a bit much.

BTW, those companies who offer life insurance with "no medical exam" - are also underwriting - they just underwrite the policy after you're dead. Imagine how many claims they deny.

Insurance is about risk and claims. They're not sending your information to the feds or anything like that. If any information is to be disclosed to a 3rd party, believe me, you are made well aware of it.
 
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