What burns me is the fact that, if I understand the twit I just talked to, I conceivably might pay insurance for a $10,000 gun that I bought 50 years ago, but if it's stolen, since I have no "official" documentation re its value, State Farm might just set their own value and give me enough to maybe buy dinner.
Any advice is appreciated.
If its scheduled- or agreed value- you get what its insured for.
If its ACV ( Actual Cash Value )- you get what its "worth"- if you disagree with their appraisal at the time of loss, you can get your own appraiser, and they can duel it out through a
Mediator. ( this should be contained in your policy jacket)
If its RCV (replacement cost value) - you get what it costs to get a replacement. Not as simple as it sounds, but that
is what it means.
Allstate.
The value of my firearms are covered under the replacement of furnishings and possessions of my homeowner policy.
A very important part of the policy for me is it is based on the actual replacement value.
Allstate doesn't require me to list my individual guns on my policy. I have photographs of all of them along with serial number which I keep on a computer disk.
Guess again. Your firearms are covered up to a maximum per firearm, with a cap per policy that varies state to state. If you have a very small collection, of very "small" guns, you may be covered. Read your definitions page- you may be very exposed depending on your collection. I represented an allstate agent for some time. The gaps left in their explanations of their own policies- and how those gaps have affected their insureds- are nigh legendary in the insurance world- especially on the west coast. Ask any of the insureds in the
Oakland Hills fires how their policies were structured. Allstate almost lost the priviledge to write in the state.
Lots of people with guns
are very exposed. In my area, its one of the two top things ( other than jewelery) I uncover as being underinsured when I do audits at renewal, and at "crunch time". ( when you switch from your last carrier, to me )
There is no good "rule of thumb" for insurance policies. They all differ- often significantly- from carrier to carrier, once you add endorsements ( both singular, and blanket).
If there was a "rule of thumb", I'd say this : If you have any items ( including guns) that you believe to be worth more than $1000 each, or a collection of said items worth more than $2500 (east of the big river) or $5000 (west of said river)
then you should certainly talk with your licensed agent- and make sure you understand what he tells you. If a licensed agent is describing "his" policy for you- the company he represents as an agent-
Then the company- in every state in our union- is legally bound by the advice he gives you in regards to coverage, in writing OR "ab oris" ( by the mouth).
If you discover that what your agent is describing to you differs significantly from the paperwork you possess- take it to a
Neutral third party ( not an agent trying to quote your business......) for their opinion. If you dont get a straight answer- talk to the regional office of your insurer directly,
and get what they offer you in writing if it differs from your policy.
I'll happily offer up this service to anyone who has questions in the state of Oregon- where I'm licensed.
Most states are more uniform in their application of insurance laws and regulations of late, thanks to ISO,- but insurance is most certainly one area where the Internet creates just as much if not more confusion than it solves. It literally
pays to consult an agent licensed in your state- not the internet.
Insurance is literally based on trust.
If you don't trust the person giving it to you- or you dont like his methods of protecting you- the best advice I can give you is to
find someone else.
