OT- Home Owner's firearms insurance

[Gun Smith]

Several weeks ago there was a posting about home owner's firearm insurance. I was talking to my insurance agent about another matter the other day and I asked about the coverage I have on my guns.
One of the former post's responders indicated he thought there was a difference in the amount of payout between theft and fire or other loss. At the time of the posting I thought the payout would be the same regardles of the loss.
State Farm's agent, (my carrier), said there was no difference in the limit they had on any type of firearms loss. In my area the amount is $2500.00 per occurance, (less my deductible), and is the maximum for any reason. There is no extra charge for this in their home owner's policy. However, they can add a rider for more coverage with a premium adjustment.
We had talked about my collection when I originally transfered my policy to my new home from my old one. I couldn't justify the additional rider cost and chose not to add it to my policy at that time. Since I don't usually have more than a couple of guns with me when I go to the range I felt this base coverage was OK. My firearms are in a fire rated safe at home and I am comfortable with that.
Has anyone else checked to see if their policy differs in the payout amount for different loss situations?

[AJMD429]

Insurance is generally a waste of money for promises and lies. Probably better to put money in a savings account and match your guns one for one; at least when it comes to health and disability, all I see as a doctor are broken promises to both doctors and patients. I don't trust insurance companies.

[86er]

I have the same mentioned coverage from State Farm but thankfully have never needed to use it. In addition I have Sportsmans Insurance Agency cover my specific high value or hard to replace firearms. The SIA coverage includes accessories, case, scope, sling, binos, everything in the gun case at home or abroad. That includes theft and also damage. I have cashed in on a SSK handcannon with scope, case and binos that did not make it back from oversees. After reporting the incident I had a check for the full amount in 10 days. Another time a buddy ran over a gun that was open and unloaded leaning on a barbed wire fence. The stock broke in half. The policy covered a replacement stock. Homeowners for "factory produced currently available" guns and SIA for the others.

[MikeS.]

I have Nationwide. Had a theft about 3 years ago of 2 handguns and a rifle plus a bunch of stuff like magazines and other gun related. I have a 5k rider on my policy with full replacement value. They did replace everything.

[2ndovc]

There IS a difference between insurance companies and firearms.

I work in the restoration industry and work with many different insurance compainies on a
daily basis. State Farm is one of the Few that will provide extended coverage on firearms. I used to have State Farm coverage on my home and rental properties until I worked a large loss with them. Never Again!
Turned everything I had over to Cincinnatti Ins. Cost was more but when I had major damage to a rental property they took care of everything. No questions. No Problems. But they will only cover $2500 in firearms.
so I have another policy for them.

I work a lot with Cincinnatti, Auto Owners, State Auto. The Medium sized companies that have their own adjusters, (not third party adjusters in another state) are the way to go.
The exception to that is USAA for US Military and Vetrans. There's extra work on our end but they seem to take really good care of their members.
I have had several claims with State Farm where lawyers had to be involved to get the loss covered. They used to be a good company. It seems to be changing since the got their behinds handed to them after Katrina. We'll see.

If you have a large loss you'll find out why that company had lower rates. I hope you never experience it.
Just imagine trying to inventory everything you own after it has been completely
destroyed in a fire or flood. It isn't fun and if you have an adjuster that is difficult then it's even more stressfull.

jb

[jdad]

USAA will offer seperate riders, with full replacement value, for any type of loss or damage.

[2ndovc]

USAA will offer seperate riders, with full replacement value, for any type of loss or damage.

The exception I ment was that they use third party adjusters.


jb

[Streetstar]

USAA will offer seperate riders, with full replacement value, for any type of loss or damage.

The exception I ment was that they use third party adjusters.


jb

I am an independent adjuster who works exclusively for USAA (property/casualty --- mostly hail and wind here in OK and TX, but occasionally a large water loss, fire or flood).

I signed a non-compete clause contract because i appreciate the company philosophy of taking care of their insured veterans and dependants. Some soldier overseas does not need to hear about problems with an insurance claim from his wife or mother -- he or she has other things to worry about.

I carry USAA on a rent house and my cars, but have another carrier on my main residence (it was tons cheaper due to fire hydrant placement or some such) --- it has been a battle getting them to cover my personal property when my motor home went up in flames a few months ago --- there were some firearms involved - the adjuster assigned stated that i had a firearms limit of $2500 for theft, but no limit for fire, water, earthquake etc if the loss can be substantiated (good grief)

I hate being on the other side of the fence, but its not like i can adjust my own claim.

[Streetstar]

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-------- double post

[2ndovc]

Doug,

With the exception of one, the USAA adjusters have been great. Just more computer time for us. If I were elligable I'd have USAA too.

jb

[Streetstar]

Doug,

With the exception of one, the USAA adjusters have been great. Just more computer time for us. If I were elligable I'd have USAA too.

jb

Thats good for me to hear. I know the standard i try to adhere to, but i can't answer for adjusters in the rest of the country. I know the background and experience requirements were pretty stringent for me to do "daily and large loss" claims for USAA -- much more so than being certified to work for some of the other carriers. I hope that weeds out the failed roofers and former car salesmen, etc. You have to start somewhere, but the impression i got was that USAA doesnt want beginners at their member's homes.

[jdad]

There's a reason I've had all my policies with USAA, for over 25 years........professionalism and an extremely high level of service when needed.

[mescalero1]

Had a galvanized water pipe break in my kitchen, I was going to redo the house in copper anyway, this just provided the imputus.
The female adjuster who came to the house was so bad, that I finally said look " female dog " just put the check on the table and get the !@#$ out!
My insurance guy called the next day, told me to tear up the check, he would send me a new one, and I would never be plagued by the " lady " again.