Quick question, losing my current home to short sale and having to move into a rental. Are there any insurance companies out there as far as renter's insurance that should be avoided for not wanting to cover stolen/destroyed firearms. My guns are stored in a Cannon safe with a 60 min. fire rating. Sorry if this is posted in wrong place, and thanks to all responses in advance.
Homeowners/Rental Insurance Companies
- Thread starter pjp74
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Johnny_Come_Lately
Member
I would contact an insurance agent that you, or someone you trust, are comfortable with. Ask that agent to make a suggestion. Upon doing so, before you hand over one cent, ask for a copy of the terms of the policy. If the agent can not produce that for you, go talk to another agent. Carefully read the provisons. When satisfied, contact your state insurance department to see if there have been any complaints against that company regarding that issue.
Having done all of this, you will then be able to make an intelligent decision regarding engaging this compnay with your business.
HTH
NavyLCDR
member
I don't see why any insurance company would not cover legally possessed firearms as personal property. State Farm does.
oldbear
Member
Most home owners/renters polices will cover firearms, many though have a per event cap on total pay out. Depending on the number and value of firearms you have you may want to consider a rider on your base policy, these are generally not to expensive. You may also want to check with your potential landlord about the storing firearms and ammo on their property, some, do to potential law suites will not allow it. In most areas a wanton violation of a lease can mean a three day eviction is legal.
Cryogaijin
Member
Talk to them, and document.
I actually filed a renter's claim today, and was pleasantly surprised by how quick and painless the process was. (Bicycle stolen) I got my renter's through Well's Fargo.
I actually filed a renter's claim today, and was pleasantly surprised by how quick and painless the process was. (Bicycle stolen) I got my renter's through Well's Fargo.
philpost
Member
When I recently applied for home insurance, during the questionnaire I was asked if I had any "high capacity, assault-type rifles". Before I could answer, he said "if you did, would you even tell me ?" and then laughed and moved on to the next question. O.K.........
Leathermarshmallow
Member.
In order to have your firearms properly covered by insurance, you should buy what is called an "inland marine" addition to your homeowners or renters policy. It specifically covers firearms that are listed. Otherwise most companies have a limited amount of coverage on firearms through a standard homeowners policy. You will be disappointed in the event of a loss unless you specifically talk to your agent and buy exactly what you need to cover the amount of firearms that you have. Same holds true for jewelry, musical instruments, art, etc.
Though I am not currently in the insurance business, I was involved for more than 20 years with insurance.
Talk to your agent.
Though I am not currently in the insurance business, I was involved for more than 20 years with insurance.
Talk to your agent.
Definitely talk to your agent. If he doesn't seem to grasp (immediately) what you're tlaking about, find another one.
I'm currently putting together a list of firearms and fishing gear (my average fly rod costs more than my average firearm) to go under an added insurance policy to my homeowner's. I think Horace Mann calls it a "sportsman policy".
I'm currently putting together a list of firearms and fishing gear (my average fly rod costs more than my average firearm) to go under an added insurance policy to my homeowner's. I think Horace Mann calls it a "sportsman policy".
Buck Nekkid
Member
I've been in the property & casualty insurance business for over 30 years. The best advice has already been given above. Buy a seperate inland marine policy, sometimes called a "floater". NRA has a good one as do a couple of other markets. DO NOT DEPEND on your renter insurer to cover your firearms properly
NMBrian
Member
NRA membership will cover lost or stolen firearms up to a certain amount (5k comes to mind??)
I know USAA covers fire arms in my renters insurance contract.
I know USAA covers fire arms in my renters insurance contract.
Micro
Member
I'm an insurance adjuster. I handle claims. I'm licensed in 3 states (Texas, Delaware and North Carolina) and handle claims in six (Virginia, DC, West Virginia, Maryland, Delaware and North Carolina). Here's what I know...
Most renters or homeowners policies will cover firearms. If there is a renter's or HO policy that doesn't, it's probably issued by a company that you don't want to do business with anyway. The big companies, ie. State Farm, Allstate, Nationwide, USAA, etc, will cover them.
Most policies will cover firearms fully for the peril of fire. It's the theft peril that is usually limited. For instance, my own policy has full coverage for firearms if they are burned up, but only covers up to $5,000 (I think) in the event of theft. If you have more in firearms than the theft peril covers, a rider helps. I have a $25,000 "sporting equipment" rider on my HO pilicy that not only covers my guns, but covers my fishing equipment, etc.
Additionally, a renters or HO policy from a reputable company will cover the items anywhere.
Most policies will also offer "replacement cost," as opposed to "actual cash value." Replacement cost essentially replaces old-with-new. ACV (actual cash value) pays the value of the item at the time it's lost, not its replacement cost. Understand that while most polices offer replacement cost, they will usually only pay you ACV initially if you have a loss. Once you actually REPLACE the item, they will pay you the difference. So, even if you have a replacement cost policy, you will only get ACV if you do not actually replace the item. This is known as "hold back."
So, visit an agent. And as advised before, READ a sample policy. Read what perils are covered and how much is covered for losses to each peril. You will then know if the coverage is sufficient or if you will need a rider.
I can't emphasize enough - READ the policy. Insurance agents are really nice folks, but they sell insurance. They don't adjust claims. I can't tell you how many times someone has said "my agent said I was fully covered." Then I have to break the news to them that the policy only covers what it says. Not what you thought it said.
Most renters or homeowners policies will cover firearms. If there is a renter's or HO policy that doesn't, it's probably issued by a company that you don't want to do business with anyway. The big companies, ie. State Farm, Allstate, Nationwide, USAA, etc, will cover them.
Most policies will cover firearms fully for the peril of fire. It's the theft peril that is usually limited. For instance, my own policy has full coverage for firearms if they are burned up, but only covers up to $5,000 (I think) in the event of theft. If you have more in firearms than the theft peril covers, a rider helps. I have a $25,000 "sporting equipment" rider on my HO pilicy that not only covers my guns, but covers my fishing equipment, etc.
Additionally, a renters or HO policy from a reputable company will cover the items anywhere.
Most policies will also offer "replacement cost," as opposed to "actual cash value." Replacement cost essentially replaces old-with-new. ACV (actual cash value) pays the value of the item at the time it's lost, not its replacement cost. Understand that while most polices offer replacement cost, they will usually only pay you ACV initially if you have a loss. Once you actually REPLACE the item, they will pay you the difference. So, even if you have a replacement cost policy, you will only get ACV if you do not actually replace the item. This is known as "hold back."
So, visit an agent. And as advised before, READ a sample policy. Read what perils are covered and how much is covered for losses to each peril. You will then know if the coverage is sufficient or if you will need a rider.
I can't emphasize enough - READ the policy. Insurance agents are really nice folks, but they sell insurance. They don't adjust claims. I can't tell you how many times someone has said "my agent said I was fully covered." Then I have to break the news to them that the policy only covers what it says. Not what you thought it said.
Micro
Member
And by the way, just for giggles, read the personal liability section as well. Read what is covered and what is not. Look at the "Exclusions" section.
As you probably know, insurance does not cover "intentional acts" that the insured knew, or should have known, would cause injury or property damage. That exclusion has been applied to "self defense" for as long as I can remember. But recently, I am seeing a trend in that companies are writing in "exceptions" to that exclusion specifically for self defense. That's a mightly neat exception. If you have a legitimate self-defense shooting and get sued, policies that provide that coverage will defend you. Defense cost in a civil suit can be huge. That's a good selling point for a policy.
As you probably know, insurance does not cover "intentional acts" that the insured knew, or should have known, would cause injury or property damage. That exclusion has been applied to "self defense" for as long as I can remember. But recently, I am seeing a trend in that companies are writing in "exceptions" to that exclusion specifically for self defense. That's a mightly neat exception. If you have a legitimate self-defense shooting and get sued, policies that provide that coverage will defend you. Defense cost in a civil suit can be huge. That's a good selling point for a policy.
Toforo
Member
I just had my annual insurance review yesterday and renewed ONE of my current policies - increasing the "rider" on my guns/firearm/ammo and related equipment (reloading, holsters, belts, ammo supply, reloading supplies, and the other etc's)
American Family (leaving OUT some specifics unique to my situation)
As a renter, my TOTAL rental insurance is $222.00 per year (THIS year) - which includes:
- $20k in lost/stolen/fire/water-damaged personal goods/effects and.... -
- basic $5000.00 in weapons and guns and equipments (reloading, and all the extras)
- liability insurance
I added an additional $5000.00 rider FOR an additionial $16.00 (SIXTEEN.00) per year that increases the TOTAL insurance to $10k on my weapons, guns, equipments (reloading, and all the extras)
This additional rider for my firearms of $10k is THE MAX available by American Family thus making my total "renters insurance" policy bill $238.00 per year.
I also have additional Renters Insurance with additional riders to help protect "other" collections with other companies - as well as the NRA (Distingued Life Membership) insurance.
It's CHEAP at twice the price for what you're getting in return....... *I deal with three seperate insurers and NONE of them require an "inventory" or the "serial numbers" when they write the policy as some here have reported in previous threads.... There may be companies out there like that, but I haven't run into them.
*NOTE: I deal with three seperate insurers and NONE of them require an "inventory" or the "serial numbers" - although this has NOT been required information for the insurers I have dealt with to BUY insurance, you can rest assured it WILL be a requirement should I have to report a "loss" from fire, water, theft - etc.
Your mileage - in YOUR specific geographical location with the insurer of YOUR choice may vary...
American Family (leaving OUT some specifics unique to my situation)
As a renter, my TOTAL rental insurance is $222.00 per year (THIS year) - which includes:
- $20k in lost/stolen/fire/water-damaged personal goods/effects and.... -
- basic $5000.00 in weapons and guns and equipments (reloading, and all the extras)
- liability insurance
I added an additional $5000.00 rider FOR an additionial $16.00 (SIXTEEN.00) per year that increases the TOTAL insurance to $10k on my weapons, guns, equipments (reloading, and all the extras)
This additional rider for my firearms of $10k is THE MAX available by American Family thus making my total "renters insurance" policy bill $238.00 per year.
I also have additional Renters Insurance with additional riders to help protect "other" collections with other companies - as well as the NRA (Distingued Life Membership) insurance.
It's CHEAP at twice the price for what you're getting in return....... *I deal with three seperate insurers and NONE of them require an "inventory" or the "serial numbers" when they write the policy as some here have reported in previous threads.... There may be companies out there like that, but I haven't run into them.
*NOTE: I deal with three seperate insurers and NONE of them require an "inventory" or the "serial numbers" - although this has NOT been required information for the insurers I have dealt with to BUY insurance, you can rest assured it WILL be a requirement should I have to report a "loss" from fire, water, theft - etc.
Your mileage - in YOUR specific geographical location with the insurer of YOUR choice may vary...
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