Do you have Insurance Coverage for your...

[NAK]

I have made a several significant additions to my gun collection since my insurance renewed last year, so I was talking with a friend that is an insurance guru and sure enough, he suggested that I needed to "schedule" a couple of the most valuable guns and increase my total coverage a little. While discussing the new coverage limit, he ask something that left me speechless..."What is the value of other stuff related to your hobby, like gun-smithing tools and ammo?"

Value of my A M M O ? I never thought of that.​

He suggested an inventory spreadsheet with quantity in boxes (maybe I better use cases ) and replacement price information, along with photos to document that those quantities were actually on hand. He also suggested keeping receipts for future 'large' purchases.

When I got finished searching, counting, and photographing, I was shocked to discover that my ammo stockpile is worth almost half as much as my guns.

I realized I needed to bump my coverage limit up a little higher than I thought. I also added that info to the usb drive in the gun safe and will be putting a copy in the safe deposit box the next time I head to the bank.

 

[CB900F]

NAK;

Now, the next question you want to ask yourself is: Do I want my insurance company to have that information?

Be sure to thoroughly explore the downside before you just look at the money & knee-jerk the answer to the "hell yes" column. Are you more liable in thier eyes? Liable to, for, or with, anything their little CPA's hearts & minds can come up with to increase your premiums and their bottom line. OTOH, you could become a high enough risk, from their point of view, to be not worth insuring at all. Did you think of that? Does the guru's assurance that that would never happen carry the weight of contract? Enforcable for how long?

My opinion is that your insurance provider is most assuredly not your friend. Your opinion may differ. Experience will probably bring you to my point of view.

900F

 

[NAK]

Now, the next question you want to ask yourself is: Do I want my insurance company to have that information

?

Absolutely not! There is no reason for them to have the info UNLESS there is a claim that includes loss of guns or ammo. It is just household contents, with the exception of any guns that are specifically added on a "schedule"...and I have not decided if I want to put those on the household insurance, or go with a separate policy from a different company.


BTW: My guru friend is not my agent. He is an insurance adjuster. He has proved to be a wealth of info about waht to do so you can make sure you get paid in the event that something bad does happen. He should know, since his job is all about founding ways NOT to pay policy holders.

 

[SoCalShooter]

I keep all my recipts and DROS paper work, I also have all my MIDWAY USA orders and other misc orders and the guns are all in a database in a mountain deep deep and far far away.( just kidding about the mountain part)

I should probably get some insurance for myself. I would definetly estimate HIGH on the ammo mainly because of the price increases.