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Thread: Storing Firearms & Ammo at home will it impact my Home Insurance

  1. #41
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    Quote Originally Posted by CraigNConnor View Post
    So much BS in this thread it's scary
    Well then, fill us in.

  2. #42
    CGN Ultra frequent flyer Bigbubba's Avatar
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    Quote Originally Posted by Iron Glove View Post
    Well then, fill us in.
    ok, I will.

    Posts 5 & 8 are probably the best answers to the OP's questions, paying specific attention to who wrote 8
    especially points 1 and 2 in post 8

    Everyone would agree with your statement in 19 that if you are asked you must answer truthfully, That has been repeated many times. And no one has issue.
    But they dont ask; do they? They don't ask if we have a walnut dining set either. They might ask if you have any high value items over a specific limit - say $10K - like a fur coat, diamond ring, etc. If they ask, you tell. Simple.

    But 16 & 18 ARE BS. Written by guys who either are not well informed about the business they say they are in or are trying to drum up some premium money.
    Contents are contents unless as already pointed out they are specifically expensive and irreplaceable. There is no material difference between a $400 rifle and a $400 table saw.
    Please re-read points 1 & 2 on post 8 ..........

    No one needs to call their broker and say "hey I just bought a new table saw at HD and just got a new snowblower too...and btw wife just bought a new dining room set...." but sure you would call if you bought a $25,000 Ming vase.

    You apply for insurance. They ask you questions. You answer them truthfully. They either take you on as a client or they do not.
    In the event of a break in or total loss due to fire they hold up their end of the contract.

    You think the Broker could call me weekly to see what has changed re: my contents???
    You think I should call him weekly to say 1 sold and now I am down to 3? TRADE PENDING???

    I did call them when we switched from electric heat to gas heat. That is a material difference.
    I did call them when the Twp put a fire hydrant in front of my house when the new water system was installed - another material difference.

    So yes, there is some BS in here.

  3. #43
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    Quote Originally Posted by Bigbubba View Post
    ok, I will.

    Posts 5 & 8 are probably the best answers to the OP's questions, paying specific attention to who wrote 8
    especially points 1 and 2 in post 8

    Everyone would agree with your statement in 19 that if you are asked you must answer truthfully, That has been repeated many times. And no one has issue.
    But they dont ask; do they? They don't ask if we have a walnut dining set either. They might ask if you have any high value items over a specific limit - say $10K - like a fur coat, diamond ring, etc. If they ask, you tell. Simple.

    But 16 & 18 ARE BS. Written by guys who either are not well informed about the business they say they are in or are trying to drum up some premium money.
    Contents are contents unless as already pointed out they are specifically expensive and irreplaceable. There is no material difference between a $400 rifle and a $400 table saw.
    Please re-read points 1 & 2 on post 8 ..........

    No one needs to call their broker and say "hey I just bought a new table saw at HD and just got a new snowblower too...and btw wife just bought a new dining room set...." but sure you would call if you bought a $25,000 Ming vase.

    You apply for insurance. They ask you questions. You answer them truthfully. They either take you on as a client or they do not.
    In the event of a break in or total loss due to fire they hold up their end of the contract.

    You think the Broker could call me weekly to see what has changed re: my contents???
    You think I should call him weekly to say 1 sold and now I am down to 3? TRADE PENDING???

    I did call them when we switched from electric heat to gas heat. That is a material difference.
    I did call them when the Twp put a fire hydrant in front of my house when the new water system was installed - another material difference.

    So yes, there is some BS in here.
    Thanks for the clarification.
    I read 16 & 18's comments about "telling the Insurer" related to material facts in general, not the ownership of firearms. I could be wrong in that.
    Yes, you don't need to call your Broker unless you materially change the risk or you obtain something that either isn't covered or over a policy limit, again I read 16 & 18 as basically agreeing to that.
    Generally Insurers do not differentiate between electrical or gas heat, arguably not material. Change to or add wood heat and that's material.
    Having a hydrant in front of your house is unlikely to be material as something that reduces the risk is generally not considered material. It might, however result in a premium discount.
    But to get back to your original statement, yes there is a lot of misunderstanding here but better that the firearm owning Homeowner ask than not.
    Cheers.

  4. #44
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    I had to shop around for home I surance that would cover them as household contents. I think it was BCAA that only cover like 3 or 4 firearms. Wawanessa cover them and I think so did the insurance offered by coast capital savings CU.

  5. #45
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    Be careful on this one folks. If you have not read and understand your policy in full, and I mean the book that comes when you first do business, the exclusions are many and varied.

    If you have been doing business with the same company for many years it would not hurt to get a new copy of the policy and exclusions. Many have never even seen this material and it usually ranges from 1/2" or more thick. My mother had been doing business with the same company for 25 years and never thought to check or update. Fire happens and after the fact we learned her policy was for $20K that didn't even cover the cleanup and she had not spoken to or been contacted by the insurer for 25 years but they took her money each year without a peep.

    If you have more than 3-4 guns they will be classed as a "collection" in policy terms. Same as a jewelry "collection" that is more than the basics the average woman owns.

    Insurance litigation is the biggest slice of court time in this country and much of it is person's assuming they are covered and the insurer denies coverage. On average I have 2-3 a month going through the office and after 2-4 years the person gets paid and any cost award will not cover your bill for getting what is rightfully yours. Does it happen every time, no, but it happens more than the average insurance policy holder thinks.

    Personally, I am under insured at the bare minimum for everything because it is always a crap shoot when it comes to getting paid. I live in a country home and have been cancelled no less than 3 times over the years as "your home is to high a risk due to age". This is happening more and more in all facets of insurance, any risk, they drop you like a hot potato

  6. #46
    CGN Ultra frequent flyer Bigbubba's Avatar
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    3 is a collection?

    BS

  7. #47
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    Quote Originally Posted by hunter148 View Post
    Be careful on this one folks. If you have not read and understand your policy in full, and I mean the book that comes when you first do business, the exclusions are many and varied.

    If you have been doing business with the same company for many years it would not hurt to get a new copy of the policy and exclusions. Many have never even seen this material and it usually ranges from 1/2" or more thick. My mother had been doing business with the same company for 25 years and never thought to check or update. Fire happens and after the fact we learned her policy was for $20K that didn't even cover the cleanup and she had not spoken to or been contacted by the insurer for 25 years but they took her money each year without a peep.

    If you have more than 3-4 guns they will be classed as a "collection" in policy terms. Same as a jewelry "collection" that is more than the basics the average woman owns.

    Insurance litigation is the biggest slice of court time in this country and much of it is person's assuming they are covered and the insurer denies coverage. On average I have 2-3 a month going through the office and after 2-4 years the person gets paid and any cost award will not cover your bill for getting what is rightfully yours. Does it happen every time, no, but it happens more than the average insurance policy holder thinks.

    Personally, I am under insured at the bare minimum for everything because it is always a crap shoot when it comes to getting paid. I live in a country home and have been cancelled no less than 3 times over the years as "your home is to high a risk due to age". This is happening more and more in all facets of insurance, any risk, they drop you like a hot potato
    I agree with this post. Insurance companies and agents run a business to make a profit and you need to be smart to protect yourself. Read your policy, ----you need to ask for it and these documents are "readable" and you can ask questions. Make the agent work for your business.

    As an example of how you reduce your costs, I have several barns on my property and my agent wants to insure them all separately. Example, barn1 = $100,000, barn2 = 100,000, barn3 = 50,000, Total = 350,000 and then I am charged based on that amount. In this was they can increase the cost of my policy and increase their profit.

    To reduce my costs, I connected the three barns together with a wooden passageway (so they are now all one building) and now I asked for coverage as one building with a replacement value of 250,000. This reduces my insurance cost by about 30% and still provides more than enough coverage to replace any one building. If all three buildings are lost in a fire, then I would still be OK with the $250,000 coverage because there is an economy of scale to replace all three buildings at the same time but the likelyhood of all three buildings being lost at the same time is also very small.

    Just my thoughts.

  8. #48
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    Quote Originally Posted by Bigbubba View Post

    But 16 & 18 ARE BS. Written by guys who either are not well informed about the business they say they are in or are trying to drum up some premium money.
    Your right. I'm trying to drum up some premium money. That's why I mentioned the name of the company I work for so many times (not once). Please run out and sign up everyone.

    I offered some advice based on my insurance knowledge. What you do with that advice is completely up to you. I must say I found your insinuation that I am not well informed after 23 years of working for a large Canadian insurance company rather amusing.

    It appears some companies will only cover firearms and reloading equipment up to a specific amount. If you want to risk your possessions by not asking question or making the proper declarations, that's your decision. If you give that as advice, that's fine.

    I give my advice, you give yours. I will refrain from attacking your knowledge, integrity, or the motive behind giving your advice however.

  9. #49
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    It never effected mine.

    They wouldnt insure $10,000 of stuff tho. Later a manager called me and asked me some questions and offered $6000. I declined and went with basic for like 16$ a month. Im downsizing anyway.

  10. #50
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    Quote Originally Posted by 686 Shooter View Post
    Your right. I'm trying to drum up some premium money. That's why I mentioned the name of the company I work for so many times (not once). Please run out and sign up everyone.

    I offered some advice based on my insurance knowledge. What you do with that advice is completely up to you. I must say I found your insinuation that I am not well informed after 23 years of working for a large Canadian insurance company rather amusing.

    It appears some companies will only cover firearms and reloading equipment up to a specific amount. If you want to risk your possessions by not asking question or making the proper declarations, that's your decision. If you give that as advice, that's fine.

    I give my advice, you give yours. I will refrain from attacking your knowledge, integrity, or the motive behind giving your advice however.
    Everyone will agree that any insurance company has a motive to make a profit. Therefore, they will love for you to provide a long list of your possessions so that they can list them in a schedule and charge you for the extra coverage. Read your policy and see what it says. If you don't like it, get another quote.

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