Insurance

C

chris in va

New member
I'm having my guns insured for theft and loss which is rolled into my homeowners policy. They want a description, relative worth and...the serial numbers.

I'm not to keen on giving out SN, any thoughts on this?
 
That's standard. Back in the days of film cameras, I had several "prosumer-grade" single lens reflex cameras and multiple lenses insured. The insurance company wanted serial numbers. You can understand why -- if you somebody stole my camera/gun that's worth $2,500 and the insurance company pays off on it, they would certainly want to be able to be sure the police have a serial number to identify it, and so they (the insurance company) can claim it if it's recovered aftet they have paid you for the loss.

You have options. If you're an NRA member, there is an insurance program from their endorsed vendor. I don't know if they require serial numbers. Then there's Colllectibles Insurance Services ( https://collectinsure.com/what-we-insure/guns-knives-accessories ). They do not require serial numbers.
 
I forgot who the wife signed our addendum with but they did not require serials or descriptions. Just value amount we determine all would be worth combined. Photos of each one, including serial numbers, are included in some offline storage
 
"...guns insured for theft and loss..." That's the same thing.
You want 'fire and theft with replacement value' protection. Usually not covered on house insurance without it being a special rider(that depends on local State laws too). As in it costs extra. If you do not get the replacement value, in the event you become the victim of a crime or tragedy, you'll get whatever the insurance company thinks your property is worth. And they think everything decreases in value over time. (They have their own "Blue Book".) Firearms, generally, do not decrease in value. Mind you, commercial hunting rifles/shotguns don't increase quickly. They do tend to retain value though.
Anyway, providing S/N's is fairly normal. Same as you provide your vehicle's VIN or Aquila's camera.
Don't expect to get anything back after a pay out. The insurance company has basically bought the thing from you. You might get first crack at it though, but it stops being yours as soon as you accept the insurance money.
Oh and read the policy.
 
I'm not to keen on giving out SN, any thoughts on this?
Click to expand...

You aren't exactly "giving out" the serial numbers, you are giving that information as part of a contract with the insurance company. That's what a policy is, a contract. There are various legal rules that apply about the information, and I doubt it would be legal for the insurance company to give out your guns serial #s to anyone else.

ASK them. Gun, camera, watch, car, boat, anything that has a serial # (VIN #) etc. Who else can get that info?

If they don't know, or won't say, I suggest finding a different insurance carrier.

Up to you, of course.

Also, sometimes, you get stolen items back. If there's a record of you owning them by serial #. Some years ago, a friend had a rifle stolen, (all properly documented ser# etc), and his insurance paid him for it. Last year, the police recovered it. The insurance company (having paid him for it some years before) didn't want it, so the police gave it back to him.

(and the insurance company didn't ask him to return the money, either...)

That certainly doesn't always happen, but sometimes, it can...
 
It wouldn't surprise me if the policy they issue specifically lists out each item, and if so, the SN would be shown on that declaration page.

Commercial insurance on things like automobiles, or contractors equipment, will spell out each item, the SN, value, etc.
 
I have a supplemental policy for my firearms/suppressors. State farm made me list all the items i wanted covered. Sn, description and value. They based the premium on the total value of coverage i wanted.

I may never need it, but i like the peace of mind knowing they are all covered.
 
For your benefit. Video to phone. Make a disk or three of your holding and describing the firearm. Put copy of in a safe place other than your residence. FYI: Insurance company's will occasionally question possession of_ and value of.
 
I am an insurance agent by career and write homeowners policies with all the standard companies you see on TV.

That said, my recommendation for protecting your gun collection is NOT to bundle the coverage with your homeowners. Instead, go with a standalone policy for your guns.

I personally use Collectables (collectinsure.com) for my gun collection. They do NOT require you to submit your serial numbers to them (do keep a list of them personally, however, in case you have a claim). I recently submitted a claim to them for an expensive rifle that was damaged during shipping and they paid me for the entire purchase price of the gun, very few questions asked. It was quick and painless. Highly recommend.
 
^ I concur, collect insure policy means I don’t keep all my eggs in one basket.


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