Just wondering what you guys do as far as insurance goes, do you tell the insurance company about your collection? I have a blanket insurance that goes to 2 million and covers everything. I have been looking at the pistol/revolver forsale section for a while looking for a c&b 1860 repo revolver and I am constantly amazed at how ludicrous some of the prices are. i.e. Early 70's N frame, 30% bluing left, needs to be timed, handgrips cracked and going for a reasonable $750.00. Like come on, at best it is worth 220-300 and yet it sells. I mean I know it is only worth what someone who is on crack is willing to pay but I am honestly thinking if re-evaluating my collection as far as replacement value goes if that is what some of the stuff is worth.
Thoughts on Insurance for your collections
- Thread starter hunter64
- Start date
- Location
- Calgary, Alberta
I've got a rider that lists everything individually, standard policies usually have a per item limit.
- Location
- Greater Kawartha Area Ontario
a picture is worth a thousand words maybe $!!
My best advice would be to take pictures of everything proof of condition goes a long way in negotiating replacment value!
And heaven forbid anything ever did happen dont take whatever the adjuster tells you. you have the right to arguee you paid in your intitled to get repalcement value! if they dont want to pay the $$$ make them replace them!
My best advice would be to take pictures of everything proof of condition goes a long way in negotiating replacment value!
And heaven forbid anything ever did happen dont take whatever the adjuster tells you. you have the right to arguee you paid in your intitled to get repalcement value! if they dont want to pay the $$$ make them replace them!
"...as far as replacement value... As long as you have 'replacement value' on your firearms rider, you should be ok. If you don't have it and you become the victim of a crime or fire, you will get whatever your insurance company thinks your property is worth. They think everything loses value over time too.
- Location
- Greater Kawartha Area Ontario
condition is value! if you have no proof of conditon an old rifle can be worth $50 or $5000 DEPENDING ON CONDITION. If there gone and you have no pictures you have no proof of conditon then the insurance company decides ( they look at all the rifles or cars or whatever that are for sale that are the same as yours and take an average) and then you have to fight with them! (this can months) . Get it? Got it? Good!
P.s. If you have a rider for your firearms what else would it be besides replacement, liabilty? LMFAO!
P.s. If you have a rider for your firearms what else would it be besides replacement, liabilty? LMFAO!
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read your policy, if you don't understand it, ask your broker. policies vary from company to company, direct writers could have different coverages then broker distribution companies. i guarantee you don't have 2 million dollars property coverage unless you have a 1 million dollar home (which is possible, i don't know you from Adam).
Contents cover will generally not have any limits on it for firearms with most companies, in fact, i don't know one in the broker distribution channel that does. There is a difference in cover between comprehensive and broad/standard forms, comp is all risk, broad/standard is named perils (ask your broker to explain, not typing it out, no thanks). If you do not schedule (list) all your firearms and pay an extra fee, they will just be covered under your contents cover. Even though almost all policies have replacement cost included these days, the key is replacement of the item. If it's a contents loss, you will get actual cash value(less deductible of course) for the item unless/until you replace it. The ACV can be as low as 60% of the replacement cost of the item, typically what you will get if you cash out and not replace the items.
If they are scheduled, you get the exact amount they are listed for, no replacing needed, little or no deductible no hassles. Appraisals may be required for higher value items, but generally anything under $5000 they will just list on your policy with few questions asked.
- Location
- Greater Kawartha Area Ontario
