Guns in the home: How insurance works
Your insurer may not ask if you have firearms in your house, but it's a good idea to bring it up yourself.
This post comes from Mark Chalon Smith at partner site Insurance.com.
Most standard homeowners policies cover rifles and pistols if they're stolen or damaged in a fire, but usually up to a maximum of $2,500, according to Pete Moraga, a spokesman for the Insurance Information Network of California. If you have a large collection of guns or ones that are particularly valuable -- perhaps a group of antique side arms -- then you may have to buy a policy rider to ensure they'll be replaced or that you'll be reimbursed, he says.
It's much the same process as with other big-money items, such as jewelry and fine art, where you discuss the pieces with an agent and come to a reasonable coverage figure.
Safety always an issue for gun insurance
To keep premiums for the standard policy from soaring, the owner may have to show that the rifles and pistols are properly secured in locked gun cases, have trigger locks, and, of course, are out of the reach of children, says Michael Barry, a spokesman for the Insurance Information Institute.
"It's all about proving to an insurer just how responsible you are when it comes to firearms. It's clear that insurers are more likely to look favorably on the gun owner if they take special precautions to store the weapon and have a gun lock on the gun," Moraga says.
Moraga adds that insurers usually don't bring up firearms when writing a policy. But it's a good idea to tell them upfront if you have any.
"Although insurers may not specifically ask about weapons on their policy questionnaire, because of the higher liability risk of a gun, homeowners should make sure to let their agent or insurance company know," he says. "If an insurer does not know that a homeowner owns a gun and the homeowner files a later claim, the claim may be denied."
What happens if you accidentally shoot someone or yourself while in the home? The Insurance Information Institute says your standard policy will cover some or all of the damages, including medical bills, property damage and liability claims, depending on the amount of coverage you have.
But the American Institute of Certified Public Accountants says on its 360 Degrees of Financial Literacy website that you may need to buy additional coverage -- such as "sporting firearm insurance," "collector's firearm insurance" or "gun club liability insurance" -- to guarantee you're fully protected.
More on Insurance.com and MSN Money:
I can hear Pelosi now…. “You go through the gate. If the gate’s closed, you go over the fence. If the fence is too high, we’ll pole vault in. If that doesn’t work, we’ll parachute in. But we’re going to get Gun Ownership Reform passed for the American people.”
My collection is insured to the max. $17,000 in guns is not to go without insurance.
California Insurance Spokesman...???
Try talking about Normal States With Normal Americans...
California = The Land of Fruits and Nuts...lol
I live in Oklahoma. Most insurance companies here will shy away from any fruitcake who does not own a gun.....
Make my Day Punk
My home defense gun stays in the drawer by my bed, loaded, one in the chamber and on safety. That gun was with me when I was away on business. When I returned home the entire house was torn to pieces. All the flat screen TV's gone, a hole cut in the back of my safe and 8 out of 11 guns stolen. My coin collection and wife's jewelry were also taken. All total about $40,000 gone.
The insurance company reimbursed me with $2,000 for the guns, $200 for the jewelry and $200 for the coin collection(They only give face value for coins and currency. IF you can prove what you have). These were the items listed on page 38 of the policy. The insurance agent sold me a basic policy and did not include additional riders for the other items even when they were requested. He said "The basic policy will cover all your needs." (I know it was my fault for not reading the entire policy, but to put disclaimers on page 38 of 56). Why not use invisible ink for Pete's sake.
They then gave me $150 to replace a $1800 safe. The safe was 9 years old and they said it was an item that depreciated over time. I told them that there are safes over 100 years old still doing their job, how do they deteriorate with age? They insisted $150 was enough to replace it.
I am a member of the NRA and when you are a member they automatically issue a $2,000 policy.(All you have to do is complete the application and there is no additional cost.)
The moral of my story is READ your entire policy and insist on riders if you do not have enough coverage. And do not use Progressive.
I have not been a member of the NRA since Charlton Heston made his comment about it being the Black and Brown people having guns that caused all the trouble for the White man to have and own guns, That being said here is my view on these videos.
The host makes his view on guns being anti-gun from his own statement of being 'Conservative' and what he says (and is a total lie) about automatic weapons as the American public can only buy semi automatic weapons that fire on bullet for every pull of the trigger, and there are laws and fees for owning full automatic weapons that are Military weapons and paid for on a yearly basis, and are very strictly regulated by the ATFE, and his second lie is that people carry 100 round clips which there are only on clip made in the USA that hold 100 rounds and that is made for the Ruger 10/.22 semi automatic .22 long rifle, all other magazines made in the USA are limited at 30 rounds for the semi automatic Ruger Mini 14, or the ranch rifle or other semi automatic rifles that can use these clips, and all fire one bullet for every time the trigger is pulled, no full automatic rifles, even if the appear to look like military issue weapons, automatic weapons are illegal to own with out permission from the ATFE agency after full background checks.
, and then the Congress woman as all of those who have the ear of the media says that we are one 'Culture' which implies a distinction between gun and non gun owning people in the USA, which is not true by any stretch of her or any one else' imagination, as We the People are a multitude of cultures and can not be labeled as one culture period, and each has it's own sense of values, as can be seen by the violence in the Muslim communities against their own with 'Honor Killings', the Black, Brown, Yellow, Red, and yes the White communities all over this country, and in each there are many more law abiding people than criminals, and as is said by one of these women here there will always be criminals and that being said these criminals will still have illegal guns while We the People will not be able to protect our families or selves from any and all crimes that will still happen, but with more of them happening to those who have no way to protect themselves and that includes those who want the 2nd Amendment abolished, who seem to think that the police and military will protect them from all harm.
The last woman who argues with one of the other women and raises her voice to make her misinformed point also ake statements which are lies, and these same lies are what is causing the major problems for gun owners and the public who are non gun or anti-gun owner are being lied to and refused to educated themselves and believe what they are told even as it put's their families and themselves in harms way, it is unbelievable that some many higher educated people accept the lies, and still consider themselves educated at a higher level, and in reality have the intelligence of a grain of sand, so sad that they are so lazy as to not try to find the truth, nut then the Pied Pipers love dummies.
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
ABOUT SMART SPENDING
LATEST BLOG POSTS
Tired of your wallet taking a beating at the grocery store? Here are some creative ways to save big on food costs.
VIDEO ON MSN MONEY
BLOGS WE LIKE
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'