Gun Insurance

[kush]

Hey, my home insurance is up for renewal and wondering what others do/have found in the way of insuring firearms.

RBC puts all firearms and accessories and ammo into one category and caps it at $1000. If you want more coverage you pay extra.

CanadianDirect seems to include it in to the value of possessions, but they ask a lot of Q's and you need an appraisal done for firearms over $1000.
Where would I get an apraisal in lower mainland? How much would that cost?

[dakoda62]

Italian Gun's might be able to help.

[Iron Glove]

Better to ask your Independent Insurance Broker who can give you expert advice and recommend coverages with various Insurers. Unless you can read and understand exactly what the coverages actually mean, I don't recommend buying on line. That's what your Insurance Broker is for.
However, as this is the Internet, I'll say that I am with Intact which has no sublimit for firearms and doesn't ask about them. There is an exclusion for "sporting equipment where the loss or damage is due to it's use" which I read as saying if your rifle blows up on you, good luck but if some jerk steals it from your truck you are OK. Note that some policies limit theft to a lower amount ( say $1,500 or so ) from a vehicle's "passenger compartment" but that doesn't include your trunk or an enclosed truck bed. So leave your stuff in the rear seat of your truck, you are stuck with the limit but locked in the bed or your car's trunk, all is good.
Every Insurer has different coverages, limits and exclusions so you have to ask.
If you are asked about firearms, don't lie as you might have a big surprise, i.e. no insurance if you lose them.
When shopping for insurance, the first consideration is coverage, the cost is way down the line. Cheaper usually means you are getting less.
Been in the Insurance Industry for over 45 years, have dealt with many Insurers and although I was a competitor of Intact I insure with them based on their coverage and their claims handling.

[russm86]

Better to ask your Independent Insurance Broker who can give you expert advice and recommend coverages with various Insurers. Unless you can read and understand exactly what the coverages actually mean, I don't recommend buying on line. That's what your Insurance Broker is for.
However, as this is the Internet, I'll say that I am with Intact which has no sublimit for firearms and doesn't ask about them. There is an exclusion for "sporting equipment where the loss or damage is due to it's use" which I read as saying if your rifle blows up on you, good luck but if some jerk steals it from your truck you are OK. Note that some policies limit theft to a lower amount ( say $1,500 or so ) from a vehicle's "passenger compartment" but that doesn't include your trunk or an enclosed truck bed. So leave your stuff in the rear seat of your truck, you are stuck with the limit but locked in the bed or your car's trunk, all is good.
Every Insurer has different coverages, limits and exclusions so you have to ask.
If you are asked about firearms, don't lie as you might have a big surprise, i.e. no insurance if you lose them.
When shopping for insurance, the first consideration is coverage, the cost is way down the line. Cheaper usually means you are getting less.
Been in the Insurance Industry for over 45 years, have dealt with many Insurers and although I was a competitor of Intact I insure with them based on their coverage and their claims handling.

I too am using Intact, as mentioned no sublimit on firearms or other sporting equipment. As long as it's within your overall cap your good to go.

BTW, BCAA does not cover firearms under their regular home insurance policies and sporting equipment is limited to like $1500 total. I only found out about this when my collection started to add up and I started to ask questions during renewal. Anyways, I got a quote to add a rider for that stuff and it was absurd, that's when I really started to look around and see what else was available.

[180grainer]

What a load of rubbish. You buy home owners insurance which can include coverage for 100's of thousands of dollars and "firearms" are some how exempt over other valuables? Pay more if you own firearms? Yes Mr Insurer, my Rembrandt worth $100,000.00 dollars was stolen and my Remington Model Seven Hundred worth $1200.00............Sorry Mr 180, We've got your Rembrandt covered but your eating the extra 200 bucks on your rifle...... Sounds a bit discriminatory if you ask me. I wonder why........

[srupp]

Hmm BCAA has been great..they have maximums on boat or jewlery or sporting goods..which requires special information..my sporting insurance is capped at $20,000 for loss away from the home..ie theft..while at the residence..only limited by my paid contents which is greatly more than my home replacement. .ask the questions..pay for the coverage you need get it in writing..no surprises.
Steven

[180grainer]

That's good advice SRUPP, all I have is contents insurance as I don't own. Just thought I was covered for X amount regardless.....

[180grainer]

I actually have some relatively expensive musical equipment. I'm now wondering if I'm suppose to make a declaration about that now.

[russm86]

Hmm BCAA has been great..they have maximums on boat or jewlery or sporting goods..which requires special information..my sporting insurance is capped at $20,000 for loss away from the home..ie theft..while at the residence..only limited by my paid contents which is greatly more than my home replacement. .ask the questions..pay for the coverage you need get it in writing..no surprises.
Steven

I would double check that firearms are actually covered under your policy, when I was on BCAA I always assumed they would be covered under sporting equipment however I found things in my coverage booklet that suggested otherwise so I brought up the issue with one of the BCAA brokers. I was told firearms were specifically excluded, which is what I had understood from reading my coverage booklet, and I would need a separate rider to cover any firearms at all at some ridiculous rate that would have cost me more than the rest of my whole house insurance.

[Iron Glove]

I actually have some relatively expensive musical equipment. I'm now wondering if I'm suppose to make a declaration about that now.

Read your policy, it will explain what is, or isn't covered and if there are any sublimits for specific classes of contents.
More policies exclude or limit things like fine arts, boats, stamp and coin collections and such than limit firearms.

[StoneHorse]

Home, business, medical insurance, what a scam industry........ICBC.........WorkSafe BC.........no wonder insurance companies are among the most profitable businesses in the world. Deny claims, pay out the minimum possible, raise premiums, high deductibles, pages & pages of legal doublespeak. Rant off.

[Citori54]

Checked with my insurance company recently and my firearms are covered under general contents to a maximum of $100,000. No special insurance required. I do keep good records of everything -photos, any receipts etc.

[MichelD]

Similar to Citori54 above; I asked the last time I renewed (Co-Operators) and they said they were included but that it would be a good idea to have photos and a record of the serial number in case of a claim.

[Iron Glove]

Home, business, medical insurance, what a scam industry........ICBC.........WorkSafe BC.........no wonder insurance companies are among the most profitable businesses in the world. Deny claims, pay out the minimum possible, raise premiums, high deductibles, pages & pages of legal doublespeak. Rant off.

Whatever. :roll:
Don't buy it then.

[RiverBear]

would spotting scopes and binos be included in sporting goods (I would think) and what about rifle scopes ?

[srupp]

I would double check that firearms are actually covered under your policy, when I was on BCAA I always assumed they would be covered under sporting equipment however I found things in my coverage booklet that suggested otherwise so I brought up the issue with one of the BCAA brokers. I was told firearms were specifically excluded, which is what I had understood from reading my coverage booklet, and I would need a separate rider to cover any firearms at all at some ridiculous rate that would have cost me more than the rest of my whole house insurance.

Checked with my Insurance rep at BCAA..rifles, bows, handguns are indeed covered ...up to 5 rifles amd 2 handguns..however we have additional limits..with increased premiums of course..so rifles good to go..good to know.
Cheers
Steven

[StoneHorse]

Whatever. :roll:
Don't buy it then.
So says the member of the industry making money collecting premiums. :rolleyes:
Thanks for your insightful advice. I do keep it to a absolute minimum.

[scoutlt1]

Read your policy, it will explain what is, or isn't covered and if there are any sublimits for specific classes of contents.
More policies exclude or limit things like fine arts, boats, stamp and coin collections and such than limit firearms.

Just out of curiosity, what's the thinking of the Insurance industry to exclude or limit certain things....fine arts, stamps...or as per Srupp's post "5 rifles and 2 handguns"??
I always thought it was just about the "value".....homeowner's contents insurance coverage for a total of (let's say) $90k.......shouldn't that amount be covered regardless of what the makeup of the $90k is?

Not looking to derail this thread, but I know you are the insurance guy IG.....and I'm just curious that's all. :)

[Daybreak]

Certain items are more likely to be stolen in the event of vehicle or home burglary. Tools, jewelry, firearms, cash are examples of things that are stolen frequently while other items such as artwork, TV's are passed over. Some policies have limits somewhat hidden in the small print or legalese in order to reduce cost to the insurer due to the frequency of claims regarding these items.

Once you have a certain amount of some items many policies consider it a collection and it requires different coverage. I suggest people read their policies with a microscope and make notes of anything that is not clear to you or confusing. Takes these questions to your broker and have them answered.

[Iron Glove]

So says the member of the industry making money collecting premiums. :rolleyes:
Thanks for your insightful advice. I do keep it to a absolute minimum.

Hey, as "insightful" as your condemnation of an entire industry. :)
Having written thousands of cheques totalling countless millions I can say with confidence that less than 1% of claims are declined.
Again, simply don't buy insurance unless you are legally obliged to do so.

[BgBlkDg]

IG, young fella, how do I contact the Impact outfit you use as we might well want to change some aspects of our overall home insurance.

You, DO know your stuff here and if you prefer to PM me on this, I would greatly appreciate it.

That said, I prefer to have insurance than to not have it.

[albravo2]

IG, young fella, how do I contact the Impact outfit you use as we might well want to change some aspects of our overall home insurance.

You, DO know your stuff here and if you prefer to PM me on this, I would greatly appreciate it.

That said, I prefer to have insurance than to not have it.

I think whoever gets BBD's insurance business will be pretty happy. I can only imagine the value of his collection after years of collecting quality stuff.

A good insurance broker is exactly what is needed for valuable collections. Maybe IG will come out of retirement on this one.

[r106]

Wawanessa covers them as well and were great to deal with in a claim I had 7 years ago.

[BgBlkDg]

Actually, I have been selling fine guns since 2011 and just got rid of my second Dakota 76-.338WM, yesterday. I was in hospital from New Years Day to January 10, with a ruptured appendix and pneumonia and that motivated me to sell all but a very few of my guns, most of the more costly ones, so if I croak, my wife will not be burdened with selling them.

It has been fun to find, buy, collect and custom build these and the many others since 1964, but, severe stenosis, arthritis and diabetes, is limiting what I can actually do, so, it is time to find homes for my guns while I am able to do so.

[albravo2]

^Sorry to hear about the health challenges. I do know you are far too stubborn and ornery to succumb so I hope you've got a good plan for coping and improving where possible.

Good luck!

[Iron Glove]

IG, young fella, how do I contact the Impact outfit you use as we might well want to change some aspects of our overall home insurance.

You, DO know your stuff here and if you prefer to PM me on this, I would greatly appreciate it.

That said, I prefer to have insurance than to not have it.

"Young" is relative you old coot. :)
Envision ( the Broker) has offices in the Fraser Valley, they deal with Intact, I use Envision for all our home & auto.

[Iron Glove]

I think whoever gets BBD's insurance business will be pretty happy. I can only imagine the value of his collection after years of collecting quality stuff.

A good insurance broker is exactly what is needed for valuable collections. Maybe IG will come out of retirement on this one.

I'm enjoying my almost 100% retirement, I don't want back into the grind.
Sitting here @ cabin where the HBC curse screws up my Internet making posting on HBC an exercise in futility - takes @ 5 minutes and hundreds of key strokes just to send this. :(

[kush]

Good info, thanks guys

[Philcott]

Iron G. I want to thank you as well for igniting my efforts to double check my own policy.

[Leaseman]

It is everyones own responsibility to make sure you have proper coverages, home or vehicle!

I see so many people with improper coverages that it boggles my mind......:lol:.... vehicle coverages that is!