Firearm Insurance?

[joedirt199]

I asked my agent how much I am covered on my homeowners, then tell him what I have if it is valued over what they cover. Then he adjusts my monthly rate accordingly.

[retteryer]

Took my CCL renewal classes today,instructor was an ex marine,current swat team officer at Kane County Police,IL.Very nice guy,of course he gave us all the legal advices from cops perspective,mostly telling what you can not do and I can tell you guys,in Cook County,IL concealed carry is good for nothing,you can only have it in your car,home and some parts of the street.Can?t shoot anybody in self defense untill you are half dead,have a knife sticking out of your back or a couple of bullets in your body from intruder or a burglar.The only good thing,CC courses are now 8hrs for a new applicants,not 16hrs like it was when I first got it,3hrs to renew.
Anyway,couple of guys mentioned concealed carry insurance,they were talking about $300 a year.It cover up to a $100k in bonds,lawyers etc.

[larryflew]

Anyway,couple of guys mentioned concealed carry insurance,they were talking about $300 a year.It cover up to a $100k in bonds,lawyers etc.

I believe that is part of the problem. They give you $100K insurance on what might be a $20,000,000 wrongful death etc legal problem.

[Atomic Punk]

Anyway,couple of guys mentioned concealed carry insurance,they were talking about $300 a year.It cover up to a $100k in bonds,lawyers etc.

I believe that is part of the problem. They give you $100K insurance on what might be a $20,000,000 wrongful death etc legal problem.

If you own a house and have retirement savings you should have an umbrella policy that covers all lawsuits. You are an ambulance chaser's dream if anyone is hurt or killed--regardless of the cause.

[retteryer]

If you own a house and have retirement savings you should have an umbrella policy that covers all lawsuits. You are an ambulance chaser's dream if anyone is hurt or killed--regardless of the cause.
[/quote]

Good info,thanks,had no idea umbrella covers lawsuits,will have to check on that.

[larryflew]

From the basic homeowner coverage explanation on umbrella policies:

"Home insurance companies use different wording to outline their insurance obligations, but most include an outright exclusion on coverage for injuries caused intentionally by the policyholder?even in cases of self-defense. However, some policies include an explicit self-defense exception, says Kochenburger. "Even if it does, it's still going to beg the question, 'was this an act of self defense?' It's better to have [a self-defense exception] than not, but it's no guarantee"

[Trh9905]

I called my insurance agent today to investigate my options.  I simply asked, if I have 26,000 in guns and accessories that   I want insured, what are my options?  As it turns out I have two options.

1) Itemize the gun(s)/accessories (no ammo) 7 the cost will be 690 a year.

2) Increase our personal property by 28,000 and we will cover your guns, accessories and your ammo for 175 a year.

Well, option 2 got my attention!  How fast can I get everything covered? Well Jack, we can do it today.  Hhhmmm, let me think about it.

I pulled out my homeowners policy and went over the declarations.  Here?s why there?s a difference.  There?s limits on theft claims.

- 250 on cash, coins, gold, silver & collectibles.

- 2500 on jewelry

- 2500 on guns & any accessories.

So, I called my agent back and he confirmed that the limits are on theft.  There are reasons you may want to itemize Jack!  You might want full coverage.  Here?s a few reasons.

- Someone follows you home and steals all your gun and accessories.

- Someone breaks in an walks off with your guns and accessories.  They know it takes 7 minutes for the police to get a call.

- You take all your guns and some accessories to the range
and someone drives off with them.

- Your going on a hunt to a remote us land and the boat sinks.

- You just can?t fine one of your guns.

- You crash on the way to the range and 8 guns get damaged.

- Your friend is a new gunsmith and ,well, things didn?t go well.





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[Atomic Punk]

From the basic homeowner coverage explanation on umbrella policies:

"Home insurance companies use different wording to outline their insurance obligations, but most include an outright exclusion on coverage for injuries caused intentionally by the policyholder?even in cases of self-defense. However, some policies include an explicit self-defense exception, says Kochenburger. "Even if it does, it's still going to beg the question, 'was this an act of self defense?' It's better to have [a self-defense exception] than not, but it's no guarantee"

Thanks, I did not know that. I have the CCW Safe for self-defense and an umbrella that covers lawsuits for everything else.

I really need to look into the firearms theft/loss coverage though. Appreciate the info on this thread.