Do you carry insurance on your collection?

[Bob W]

I was the guy that said things like that as well. It was not meant to be a dig.
For me, knives are not a significant expense. I only have a few, and just got my first decent folder.

I apologize if it came off wrong.

Anyway, I just suggest everyone be certain about the policy. My insurance company "grouped" things. It was all legal, and it was my fault for not reading the policy word for word rather than just a summary. By this "grouping" they can put all items associated with firearms in the loss for that category. So your scopes, slings, safe, cases, magazines, etc. are all part of the limit. In my case, for collectibles, firearms, art, jewelry, and electronics; each category was limited to $2500. A couple of nice rifles with scopes will run you right out of that limit.

I was covered the last time I asked my agent. But it's a good issue to revisit occasionally. Not only might the policy have changed, but I have not kept track of the collection's current value. Not only have many of the older knives increased in value significantly, but I'm always adding more.

A good reminder for all of us.

 

[K.O.D.]

Your collection is covered by your homeowner's policy subject to your deductible. For higher value items, you can "schedule" them at the cost new or appraised amount and they will be covered with no deductible. I've been an insurance agent for more than ten years, my family's agency has been in business since 1952, so I was kinda raised on insurance.

I personally do not have any knives scheduled.

 

[MassMatt]

Good alert here to consider the value of your stuff (not just knives) and prepare for the worst. I have good homeowner's insurance but have put off taking pictures/inventory of things FOREVER. Storing that on a thumb drive outside the home costs little but could mean a lot if worst comes to worst. Engraving names on electronics, expensive bikes, etc is a good idea too.

A relative's home was broken into many years ago and lots of jewelry was taken. She had never done an inventory so had to resort to drawing pieces from memory. Fortunately some were very distinctive and her memory/art skills were pretty good so the sketches actually led to recovering some pieces from pawn shops.

Re: Guns--It bears mentioning also that guns are a prime target for theft. Things like signs saying property owner is armed, or even something like an NRA bumper sticker, may have the opposite of the intended effect as thieves will figure there's high value stuff to be had. And even if you have a good safe, what about the gun on the nightstand? Think not only of the monetary and sentimental value that could be lost--how will it feel knowing that your firearms are in the hands of criminals? Secure your firearms.

 

[Bob W]

Your collection is covered by your homeowner's policy subject to your deductible. For higher value items, you can "schedule" them at the cost new or appraised amount and they will be covered with no deductible. I've been an insurance agent for more than ten years, my family's agency has been in business since 1952, so I was kinda raised on insurance.

I personally do not have any knives scheduled.

That's good up to a certain % of the home's value. 30% as I recall my agent saying. So if the house is insured for $300,000 the personal property within the house is insured up to $100,000. And that $100,000 includes all personal property such as furniture, clothing, collectibles, electronics, tools, etc.

Does that sound correct?

 

[Brisket]

Re: Guns--It bears mentioning also that guns are a prime target for theft. Things like signs saying property owner is armed, or even something like an NRA bumper sticker, may have the opposite of the intended effect as thieves will figure there's high value stuff to be had. And even if you have a good safe, what about the gun on the nightstand? Think not only of the monetary and sentimental value that could be lost--how will it feel knowing that your firearms are in the hands of criminals? Secure your firearms.

I subscribe to the belief that bumper stickers, decals, signs, etc. of firearms, knives and other expensive sporting gear can attract the wrong kind of attention. I've been in the insurance industry for many years and have seen many claims that solidify that belief. I've got a drawer full of decals from various gear manufacturers that will never be put on my vehicle as the the last thing I want is someone to see my parked/unoccupied truck advertising what might be in it. I've had enough gear stolen as it is.

 

[wolf-man-12]

I have a seperate Policy for my Knives ~ Guns ~ and Collectables ~~ and then a Policy for my Animals and one on the House and Misc. stuff in the House like Washer -- Dryer -- Refrigerator -- Ect..!! Saved quite a bit of money over the long run by doing it that way.!** Could not sleep at night with out everything being Insured to the "MAX"..!

 

[K.O.D.]

That's good up to a certain % of the home's value. 30% as I recall my agent saying. So if the house is insured for $300,000 the personal property within the house is insured up to $100,000. And that $100,000 includes all personal property such as furniture, clothing, collectibles, electronics, tools, etc.

Does that sound correct?

First off, its not the value of the home, but the cost to rebuild. Just an fyi. Secondly, 75% is the standard personal property coverage amount, though most companies will allow you choose anywhere between 50% and 100%.

I don't insure my guns because I don't want anyone to know exactly what I have.

 

[Fanglekai]

First off, its not the value of the home, but the cost to rebuild. Just an fyi. Secondly, 75% is the standard personal property coverage amount, though most companies will allow you choose anywhere between 50% and 100%.

I don't insure my guns because I don't want anyone to know exactly what I have.

I doubt anyone from the insurance company is going to hire burglars to steal your guns...

I suggest everyone who doesn't fully understand their insurance policy sit down with their agent and get a full explanation of your coverage. Check if you have actual cash value or replacement cost value on your roof and personal property. Cash in the house won't have a very high coverage limit, usually under $500. For things like art, jewelry, electronics you'll need to discuss riders or scheduling those items. Take pictures/video of everything. Upload it to a dropbox account, gmail account (obviously with a random name and strong password), or store it on a thumb drive, dvd or somewhere not in the house. Take pictures of receipts and store them. You can't do all this stuff after a fire, tornado, flood, hurricane, break in......do it before.

 

[Bob W]

First off, its not the value of the home, but the cost to rebuild. Just an fyi.

Ah, yes, an important distinction. Our home is insured for the cost of replacement, which happens to be over 4X what we paid for it. I assume that's normal for large old shacks.

Secondly, 75% is the standard personal property coverage amount, though most companies will allow you choose anywhere between 50% and 100%.

I'll double-check with the agent about our %, but even 30% more than covers everything.

 

[K.O.D.]

Ah, yes, an important distinction. Our home is insured for the cost of replacement, which happens to be over 4X what we paid for it. I assume that's normal for large old shacks.



I'll double-check with the agent about our %, but even 30% more than covers everything.

I'm not licensed in NM, but for the states I'm licensed in, that what the standard percentage is. I'm licensed in IL, WI, IN, GA, NV, LA, and working on getting it in AZ.

 

[Sonnydaze]

Rule Of Thumb for buying a safe is make sure it'll be hard for 3-4 people to carry off, and if you can ALWAYS bolt it down.

Yes on both counts.