Lost Guns in fire, need help with value

NickVR said:
Interesting - I have never seen a policy here in Ontario that places a limit on firearms
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You really have to ask I have found. I read posts here all the time when we get into insurance conversations and members saying oh mine are covered 100% under contents
I think good luck boys, some are, some are not most have limits just like jewelry and a lot of items in the household. In fact we had to put a rider on my mrs's camera gear same thing max 5K. My policy also says 100% on contents but when asked to a max of 5K on my firearms and that is not written in the papers they gave me
Many companies think we all have a max of six guns worth no more than 5K it seems
The if they don't ask I don't tell is not the approach to take when dealing with insurance companies
Cheers
 
Our policy didn't have anything on limits on firearms, but if things are valuable due to their age or some special attribute there are limits on those items if not insured on their own or with you having a floater for them. For example some extra fancy old 1700s muzzle loader may be worth 10k. But to insurance it's just a muzzle loader that is of like kind and quality. So you might get 1000. For my guns the most expensive one I had was a auto5. It sucks that my favourite bolt 410 is worth very little. For these items I will try and replace them though so hopefully I can find some in the EE

Unfortunately I won't be hunting this year by the looks of it, but if you have a really cheap firearm of any kind for sale let me know

Thanks for your help
 
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They may ask you to show prices on currently available,same model Firearms.
You could find that in a Cabellas store.

If the models are no longer being sold, you could find an online dealer,such as gun broker.com or. Canadian site,
And use those prices.
 
3macs1 said:
You really have to ask I have found. I read posts here all the time when we get into insurance conversations and members saying oh mine are covered 100% under contents
I think good luck boys, some are, some are not most have limits just like jewelry and a lot of items in the household. In fact we had to put a rider on my mrs's camera gear same thing max 5K. My policy also says 100% on contents but when asked to a max of 5K on my firearms and that is not written in the papers they gave me
Many companies think we all have a max of six guns worth no more than 5K it seems
The if they don't ask I don't tell is not the approach to take when dealing with insurance companies
Cheers
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I work in the industry so from personal experience I haven seen anything with limits on firearms - lots of others of course with limits on cash, jewellery, camera etc. depending on the policy and provider.

Of course everyone should be confirming this with there company/broker as to not run into any problems. As you stated $5K for firearms doesn't cut it for most of us on here.
 
NickVR said:
I work in the industry so from personal experience I haven seen anything with limits on firearms - lots of others of course with limits on cash, jewellery, camera etc. depending on the policy and provider.

Of course everyone should be confirming this with there company/broker as to not run into any problems. As you stated $5K for firearms doesn't cut it for most of us on here.
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There is the key. It exists believe me pending who the insurance is with and they fall into that out of the ordinary grouping as you stated
Ok just for giggles someone gets insurance with you and say they have 100K in firearms are you going to cover those as part of the contents with out a rider
Cheers
 
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You don't need pics of the guns bolt action 410 used retail value $250. so any 410 in the range of $300-$450 would be a rems cement single shots would b replaced with current single shots . And as for the browning if it is a single shot it is not a browning if it is a o/u it would b replaced with a citori . These are all utility grade guns
 
struff55 said:
You don't need pics of the guns bolt action 410 used retail value $250. so any 410 in the range of $300-$450 would be a rems cement single shots would b replaced with current single shots . And as for the browning if it is a single shot it is not a browning if it is a o/u it would b replaced with a citori . These are all utility grade guns
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I was off on the 410 by $100 here $150 one can get a mossy bolt normally when they come up
Thanks for clearing that up
Cheers
 
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My wife was a small town broker and insurance companies love photos. If you have something of special value, make note of it, consult with your agent and get a straight answer. Better approach than trying to find out after the fact.
 
I have been in the retail firearms industry for 35 yrs probably have done 1500 insurance claims the guns will not b replaced with used guns off of any buy & sell . They will b replaced with $ value of the closest replacement new model . I have never had one client with photos and have never really had a problem with insurance companys . But everyone is intitled to a opion .for the most part these type of sites are a form of entertainmen you don't really have to have qualifications to make a comment . I know everyone is trying to help but facts are facts .My name is on a list that insurance company's and brokers call to sort out just this type of situation
 
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struff55 said:
I have been in the retail firearms industry for 35 yrs probably have done 1500 insurance claims the guns will not b replaced with used guns off of any buy & sell . They will b replaced with $ value of the closest replacement new model . I have never had one client with photos and have never really had a problem with insurance companys . But everyone is intitled to a opion .for the most part these type of sites are a form of entertainmen you don't really have to have qualifications to make a comment . I know everyone is trying to help but facts are facts .My name is on a list that insurance company's and brokers call to sort out just this type of situation
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How would they value a Colt python?
 
Glad you are so easily entertained. Perhaps you should also brush up join your reading skills before judging other people's comments.

struff55 said:
I have been in the retail firearms industry for 35 yrs probably have done 1500 insurance claims the guns will not b replaced with used guns off of any buy & sell . They will b replaced with $ value of the closest replacement new model . I have never had one client with photos and have never really had a problem with insurance companys . But everyone is intitled to a opion .for the most part these type of sites are a form of entertainmen you don't really have to have qualifications to make a comment . I know everyone is trying to help but facts are facts .My name is on a list that insurance company's and brokers call to sort out just this type of situation
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My friend lost his place to fire. Same issue with guns your having. He settled with insurance on a number. No where near his content coverage. And replace what he needed. But yea if you have a million worth of stuff in your home get coverage for 5 and you might get your money out of it
 
c.t.smith said:
My friend lost his place to fire. Same issue with guns your having. He settled with insurance on a number. No where near his content coverage. And replace what he needed. But yea if you have a million worth of stuff in your home get coverage for 5 and you might get your money out of it
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You are 100% right. I have a friend that went through it also and like he said it is not for months after you settle when you go to get something and it is not there do you realize how much you really lost in dollar value vs what was agreed as a settlement
He said it was at least another 30% he spent after in just the 1st year and he is still not there with some items
Cheers
 
struff55 said:
I have been in the retail firearms industry for 35 yrs probably have done 1500 insurance claims the guns will not b replaced with used guns off of any buy & sell . They will b replaced with $ value of the closest replacement new model . I have never had one client with photos and have never really had a problem with insurance companys . But everyone is intitled to a opion .for the most part these type of sites are a form of entertainmen you don't really have to have qualifications to make a comment . I know everyone is trying to help but facts are facts .My name is on a list that insurance company's and brokers call to sort out just this type of situation
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Bland said:
Glad you are so easily entertained. Perhaps you should also brush up join your reading skills before judging other people's comments.
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:popCorn:......................:cool:
 
A colt Python would be valued by a average of 3 prices from used market matching condition then you would be allowed to buy a firearm of your choice at the attained average value or s cash settlement of coarse with a $ reduction or maybe not depending on your policy or possibly replacing it with a used one of your choice but it all depends on your policy that is why you have make sure you have your I's dotted and t's crossed . The insurance company's are not alwsys 100% on your side
 
struff55 said:
A colt Python would be valued by a average of 3 prices from used market matching condition then you would be allowed to buy a firearm of your choice at the attained average value or s cash settlement of coarse with a $ reduction or maybe not depending on your policy or possibly replacing it with a used one of your choice but it all depends on your policy that is why you have make sure you have your I's dotted and t's crossed . The insurance company's are not alwsys 100% on your side
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Hence my comments on documentation with photos to assist in the process of rebuilding.
Of course one has to have the appropriate insurance for such emergencies.

My buddies house was nearly gutted by fire and almost considered a write off, but the two parties came to a reasonable agreement on the rebuild.
Of course the insurance company was there when they started to remove debris and catalogued all salvageable items .

The house was updated to current plumbing, heating and electrical standards (increased the value of house too) items that where saved where sent out for cleaning and secured till the move in day that lasted 6 or 7 months and they where still dealing on little issues like new flat screens well after they moved in.

So, insure your possessions and keep records cause one may never know when they may come in handy.

I dont have 35 years in underwriting, but I do have some experience in working with insurance companies for my own possessions that have been stolen or involved in m/v accidents and photos have come in handy to prove I owned such an item.

Rob
 
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