Milsurps and insurance?

D

D-BOMB

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Hello all,

We have seen some very nice collections posted in this forum, but I wonder do any of you have your milsurp or firearms specifically insured? As in did you catalogue and give approximate values of the item?

Cheers
 
I would think they are covered under the contents of your home. If you had very expensive items, you might want to ask the insurance company.
 
I have checked on this a couple of times with my insurance agent and was told they would fall under home contents unless you have ones considered antique . These should be covered seperately if you want to try and get full value.
 
My old insurance company wanted serials and replacement values.

My new one just asked for the current approximate total replacement value.

No extra cost for either.
 
I went in to talk to my insurance company about my home policy and what it covers and what it doesn't. There was/is no separate coverage for firearms such as on a separate rider. All my Milsurps are covered 100 % under my belongings coverage, so I am good. Have your company look into your coverage and you should be fine. Just make sure you have everything itemized with pics, to prove your ownership !
 
My understanding is very different from what most of you are saying. I was told that if I was to make a claim for the firearms under content insurance, the amount for the firearms would be deducted from the total amount available for contents. That means that there would be no money left for new clothes, appliances, etc. in the case of a fire. I was also told by my agent that any single piece worth more than $500 would need to be appraised or, at the very least, I would need sufficient documentation to prove it's value in the case of a claim. They suggested I have a separate policy and at the time (several years ago) it was $9 for every $1000 in value. If you look at your policies I think you will see a disclaimer about covering collections of antiques, coins, gems, etc. and that is where a large collection would fit.

If you have 2 or 3 common firearms you are probably fine. Many of us don't fit into that category however. Check with your agent to be sure.
 
I've asked my insurance provider about this multiple times, and I get the same response each time.

They are covered under content insurance. As mentioned above, if all you own is a Ruger 10/22 and a Remington 870, that's easy enough to gauge price on based on retail value - but how do you achieve that with antiques or milsurps? The firearms act version of antique versus the rest of the general publics opinion differs greatly. Not to mention the price of these types of firearms fluctuates quite a bit.

I think the best thing to do to ensure you have coverage is keep records with detailed photographs of each firearm you own.
 
Well, I enquire with my insurance broker and I was told exactly as stated by "myenfield" (post #7) need separate policy, the house policy will not cover collections of: guns, paintings, jewellery etc. and in order to issue the separate policy appraisal of the items is required.
 
roberto mervici said:
Well, I enquire with my insurance broker and I was told exactly as stated by "myenfield" (post #7) need separate policy, the house policy will not cover collections of: guns, paintings, jewellery etc. and in order to issue the separate policy appraisal of the items is required.
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Can anyone here she'd some light on what might be required for appraisal? Is a notarized letter from a gunsmith describing fair market value okay, or is a certified appraiser required? (I realize this depends on your insurance provider, but for the sake of the discussion.... I'm just curious).
 
I was told that all my firearms and hunting equipment would only be covered as 'sporting goods' with a cap of $3000. Since that $3000 mark was in the back window years ago I would need to get mine appraised. I have been looking into how to do that since. No definite answer as yet.
 
My tenants insurance gives me coverage of $85,000 for all items in the house, was told that it does not matter what I claim (legal of course) and they will cover.
I've looked over all the fine print and no where does it exclude of have clauses against firearms be claimed.
 
myenfield said:
My understanding is very different from what most of you are saying. I was told that if I was to make a claim for the firearms under content insurance, the amount for the firearms would be deducted from the total amount available for contents. That means that there would be no money left for new clothes, appliances, etc. in the case of a fire. I was also told by my agent that any single piece worth more than $500 would need to be appraised or, at the very least, I would need sufficient documentation to prove it's value in the case of a claim. They suggested I have a separate policy and at the time (several years ago) it was $9 for every $1000 in value. If you look at your policies I think you will see a disclaimer about covering collections of antiques, coins, gems, etc. and that is where a large collection would fit.


QUOTE]

Besides my insurance agent, I also talked to a friend who used to have his own insurance agency. He said the same thing, they are covered under general contents except for antiques. He told me that contents coverage now is a standard 60% of your house value. So as an example, on a $300,000.00 house, that is $160,000.00 worth of contents. Of course it varies on house value. If you have a house valued at $150,000.00, your contents is only $90.000.00 so if you are worried that you won't have enough money left over for essentials because your firearms value is that great, then yes, I suppose you better buy seperate coverage.
Click to expand...
 
The difference in what we are hearing from insurance companys may be a regional thing - I am in Alberta and specifically asked my agent about my firearms collection
I was told "contents" would cover, but I did increase my contents coverage amount.
He also suggested that detailed photos and a description of each item would be a good idea.
 
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