Insurance Claim for Firearms

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Equuleus
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Insurance Claim for Firearms

Post by Equuleus » Sat Oct 08, 2011 10:00 pm

I had a long drive this weekend with plenty of things to run through my head and I got to thinking about what would happen if a firearm was stolen from my home. I know I am covered under my homeowners policy and I also have some coverage through the NRA, but if one of my guns were stolen, I put in a claim and get a check in the mail and purchase a replacement gun and then the police find my gun, what happens? Am I stuck having to pay back the insurance company, do I keep both guns, or is one of them transferred to the insurance company?

I am sure this has happened to someone on here, so a story or two would be helpful. I have no intention of letting a gun with my "name on it" get taken away from me, but shit happens and I would like to know what I would be in store for.
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mantis
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Re: Insurance Claim for Firearms

Post by mantis » Sun Oct 09, 2011 7:06 am

I can't speal specifically to the way in works where you are but as far as I know in this jurisdiction (Ontario, Canada), insurred property that is lost and for which a claim is paid out becomes the property of the insurance company if it is ever found again and if you wanted it, you would have to purchase it from them.
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Re: Insurance Claim for Firearms

Post by Kutter_0311 » Sun Oct 09, 2011 12:15 pm

mantis wrote:...insurred property that is lost and for which a claim is paid out becomes the property of the insurance company if it is ever found again and if you wanted it, you would have to purchase it from them.
Yes, AFAIK, that's pretty universal, but guns may be different. A) Police are going to keep them in evidence until they are done with them, which could literally be forever. If the gun was stolen and used in a crime/homicide, I doubt you'll ever get it back. B) Any gun siezed by police will require a court order to get released, so be prepared to show proof that it belongs to you.

This is good reason to photodocument your firearms.
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Trebor
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Re: Insurance Claim for Firearms

Post by Trebor » Sun Oct 09, 2011 12:19 pm

The first thing is to have good documentation. This is true for any item you might claim, not just firearms.

For firearms, make up a sheet with the relevant information. Include:

The make and model of the gun
The serial number
A short description of condition or any markings.
Have a copy of your receipt or other proof of payment.
Have a good quality photo of the gun.
Include a list of how many magazines you have for that gun, and the value of the mags.
Include a list of other accessories (slings, scopes, etc) for that gun, and their value.

You want to document your ownership of anything related to that gun that has value. Remember, you aren't just insuring against theft. In case of a house fire, you might lose everything related to that gun.

Store one copy off site as well.
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Krustofski
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Re: Insurance Claim for Firearms

Post by Krustofski » Sun Oct 09, 2011 12:46 pm

Trebor wrote:truth
This is btw and excellent reason to set up an encrypted TrueCrypt volume with a strong password on a USB thumb drive, containing photos of all your firearms, and scans of all documents and receipts you ever had. Do the same with all your valuable belongings that might be covered by any of your insurance policies. And with the insurance policies themself.

http://www.theplacewithnoname.com/blogs ... 00004.html" onclick="window.open(this.href);return false;

Put this thumb drive in your BOB.

Did I mention encrypted and strong password? This will be safer than any other portable way to transport this much information.


I'm woefully behind with this project myself, btw. I'm set for firearms and vehicles, but all the expensive consumer electronics I own still need to be documented properly.
Off the internet until further notice.

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Necrodamus
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Re: Insurance Claim for Firearms

Post by Necrodamus » Sun Oct 09, 2011 4:04 pm

In the past I have covered it this way:
Photo of me holding the firearm
Photo of the serial number (close up, so you can easily read it)

on the backs of both photos...
Serial number
Make
Model
(barrel length, stock, any other characteristics not described in the model number)
accessories you have for that particular firearm (optics, stocks, holsters, cases, etc.)

Receipts for each purchase
Paperwork that accompanied each purchase etc.

I keep a folder in the fire box for firearms purchases.
I dont have this stuff scanned and saved on my thumb drive but it should be.

Equuleus
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Insurance Claim for Firearms

Post by Equuleus » Sun Oct 09, 2011 4:45 pm

I have all the photo documentation covered. Everything is stored on my computer, backed up to dropbox and my dropbox is backed up into a network drive. I also just put everything into MyGunDB which is stored on my computer and backed up in dropbox. I'll have to work on the USB Stick to get all of that into something else.

I'm just a little worried about the insurance aspect of it. I guess it would make sence that the insurance company would own everything if it is recovered, I just wasn't sure. Does anyone know if they make a big deal about getting your stuff back to you? Can you just return the premiums, or do they price everything out as if they were selling p2p/fair market value. If I have a gun that is insured for up to $1000 and the fair market value on it is closer to $1500 am I going to have to pay $1500 to get it back or just return the premiums?

Thanks for all the info so far.
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Trebor
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Re: Insurance Claim for Firearms

Post by Trebor » Sun Oct 09, 2011 10:04 pm

My understanding is if you make a claim, are paid, and then the item is later found you may be offered the opportunity to pay the money you received from the claim back in order to get the item back.

So, you shouldn't be out more then what you received for the claim if that should happen.

If you want a better answer call up your insurance agent and ask.
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