Not a panic thread...but related.

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Thread: Not a panic thread...but related.

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    Not a panic thread...but related.

    Watching the prices of "assault weapons"* rise as though guided by Sherpas...has left me with a question regarding insurance. I currently have the bulk of my firearms on a separate Valuable Personal Property policy. It covers replacement at the value I have noted when I add a firearm. Of course everything on my policy was added prior to the current craziness. So my question is...should I amend my policy to reflect current prices, or ride it out and see if the bubble bursts. Amending the policy will raise my premium. But not changing my policy would result in a fairly large loss should something happen. I keep my guns secure in 1000lb safe, but the insurance has always offered a secondary piece of mind. I realize this is a decision I'll have to make on my own...but would appreciate any input. Thanks in advance.

    *I hate the term, but use it for sake of conversation.
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    Senior Member ianacole's Avatar
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    If a firearm of yours was stolen today, how long would you want to wait to replace it?

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    Senior Member Patton250's Avatar
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    Who do you have your weapons insured with? Did you have to take pictures of all of them and provide them to your insurer?

    I would think that the insurance company would pay you for the value of any item lost. So if you lost an AR that is worth $1800 and you can prove that to them I would think that's what they would pay you. My two cents.
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    Originally Posted by akitainu
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    As soon as my wife lifts our household arms embargo, I will have one.

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    Senior Member theburren's Avatar
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    I would say keep things as they are--
    The policy I would amend would be the fire coverage-- since there is little chance of anyone making off with a 1000 pound safe (presumably) bolted into the floor--

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    Quote Originally Posted by Patton250 View Post
    Who do you have your weapons insured with? Did you have to take pictures of all of them and provide them to your insurer?

    I would think that the insurance company would pay you for the value of any item lost. So if you lost an AR that is worth $1800 and you can prove that to them I would think that's what they would pay you. My two cents.
    I'm insured with USAA. I have pictures backed up on site and off...but they were not required to add to the policy. They do ask for make, model, serial number and caliber. My wife works there, she's the one that pointed out they are covered at the price I entered. I additionally have $10,000.00 base coverage with my homeowner's policy.
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    “No sympathy for the devil; keep that in mind. Buy the ticket, take the ride...and if it occasionally gets a little heavier than what you had in mind, well...maybe chalk it up to forced consciousness expansion: Tune in, freak out, get beaten.” ― Hunter S. Thompson, Fear and Loathing in Las Vegas




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    Senior Member 15ICAM's Avatar
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    I think even if you have full new replacement value coverage, it would be a stretch for the insurance company to pay anything higher the the manufacturers MSRP which has not skyrocketed like the GB and LGS market has
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    Senior Member pjmarshake's Avatar
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    I have my coverage set up for a set amount with certain high value items noted. The appraisal of these items is the key to how much you will get reimbursed.

    The other thing to pay attention to (or ask about) is if your policy covers replacement value. Some policies will only cover a depriciated value for the item regardless of appraised value.

    Overall, I recomend just calling your insurance company and talking to a representative. They are used to people asking questions like this, and they are by no means "dumb" questions.

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    Senior Member Black_V!per's Avatar
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    Can't be replaced if its illegal to buy.

    *I noticed you sorta got your answer, just thought I'd give you more things to think about...
    Toys: I've sold all my guns. They were too dangerous.

    07 FLL


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    You can never be overinsured, but you can easily be underinsured.

    Whithout a doubt, I would increase the insurance value to the current replacement cost, if that term is not already in the policy. When the value(s) return to normal in a few years (or never in the event of an AWB), amend the policy again. And dont forget the pieces like an expensive, optic, optic mount and bi-pod that drives up the replacement costs.


    It's also a time to make sure we all have truely fire (1.5 hr @1,400F) and burgler (re-lockers) proof safes. You may never replace some of this stuff.

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    Quote Originally Posted by 15ICAM View Post
    I think even if you have full new replacement value coverage, it would be a stretch for the insurance company to pay anything higher the the manufacturers MSRP which has not skyrocketed like the GB and LGS market has
    DONT fully trust your agent. Read and understand your policy and it's limits and exclusions.

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