Knife insurance?

Charlie Mike

Charlie Mike

Sober since 1-7-14 (still a Paranoid Nutjob)
Knifemaker / Craftsman / Service Provider
Joined
Nov 1, 2000
Messages
28,365
What is the best way to insure a collection? Does homeowners insurance cover this stuff?
 
Insure it against what? Theft from your home? If so then most home owners insurance will probably cover it after the deductible is met but depends on the actual terms of the policy. This would also only apply to theft from your home. If it was stolen from somewhere else or if they just broke then home owners insurance isn't going to do anything.
 
So far as I know, your Homeowner's policy should cover 'em. Just make sure the dollar amount of your coverage is adequate to cover EVERYTHING in your house (or, at least the items you care enough about to insure).
 
multi media document your knives [video, maker's notes, copies of literature that came with your knives, receipts etc. make copies of all the documentation and keep them in safe places]
 
Check with your agent. Sporting goods exclusions or limitations are common. You may need a rider to your policy to specifically cover your knives. Also make sure how valuation is determined. Insurance valuations can be laughable unless "replacement value" or "retail value" is specified. You'll also need to document your collection and update that documentation frequently.
 
I'm not sure if you can insure things like knives and guns. My dad is a financial advisor and one of his elderly clients had 100,000$+ worth of guns stolen and there was nothing they could do. I'm not sure if it can be insured as I'm sure this man would have had his collection insured.
 
You will have some coverage under the basic policy, but most homeowners policies are pretty limiting about collectibles.
If you have a significant amount you will need to schedule the items, usually listing each item and value. Scheduled items are insured at a higher rate, but the hassle is less if you have to make a claim.

There are some insurance companies that specialize in collectibles, so that might be worth checking. One advantage is they tend to understand collectors and you don't have to spend time explaining why you need 50 (500?) knives. :) Not sure about knives, but with those companys you generally get a set amount of coverage and only have to list items of higher value....kind of like NRA Armscare does.
They may or may not be cheaper than using your homeowners insurance company. Generally if you have to make a claim, its less hassle.
Most coin or stamp collectors get insurance thru company's like that, usually at a kind of group rate thru the societys they belong too.

Edit: Another advantatge to the collector specific insurance is that it usually covers loss of the item anywhere, not just from the home. Frequently also covers "mysterious dissappearance"...nice phrase for lost or stolen.
 
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Foryou said:
I'm not sure if you can insure things like knives and guns. My dad is a financial advisor and one of his elderly clients had 100,000$+ worth of guns stolen and there was nothing they could do. I'm not sure if it can be insured as I'm sure this man would have had his collection insured.
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NRA offers very good insurance for firearms at a pretty darn good rate. Surprising that someone with that amount would not have had it.

Though some folks get super paranoid and don't want to let anyone know they have them..go figure.
 
I'm an insurance guy, call your homeowners insurance company and see if they offer a Personal Article Floater Policy, usually it’s a separate policy. It’s basically an all peril policy coverage with a zero or small deductible for losses. You list the items you need insured with a stated value.

Your homeowners policy should cover your knifes as a blanket type coverage (personal property) but its subject to your deductible and or policy limits. If you have a claim, they can cancel at time of loss, non-renew policy or surcharge due to the loss.

I’m in AZ, your laws will be different. State Farm offers this type of coverage.
 
cosmophonic12 said:
I'm an insurance guy, call your homeowners insurance company and see if they offer a Personal Article Floater Policy, usually it’s a separate policy. It’s basically an all peril policy coverage with a zero or small deductible for losses. You list the items you need insured with a stated value.

Your homeowners policy should cover your knifes as a blanket type coverage (personal property) but its subject to your deductible and or policy limits. If you have a claim, they can cancel at time of loss, non-renew policy or surcharge due to the loss.

I’m in AZ, your laws will be different. State Farm offers this type of coverage.
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Thanks. I'm in CA if that helps. We are insured by USAA.
 
I have USAA and I asked about 6 or 7 years ago about gun insurance. Seems like they said I could buy extra insurance for "articles of exceptional value" I think I would be cheaper to have every gun stolen about every few years than pay the insurance. I think it came to ~$100/mo.
 
Seems like I should invest in a decent safe.
 
Charlie Mike said:
Seems like I should invest in a decent safe.
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Thats a good investment. Bolt it too the floor and you should be good.

I have USAA insurance too and if I remember correctly they quoted me like $15.00 a month for like $7,000 worth of guns along with homeowner insurance.
 
Usually, past a certain $$$$ amount you usually have to get a 'rider' to cover them specifically. Gun are the same way, as is fishing equipment.
At least with State Farm..... my policy anyway.

Make a list of them and take some group pictures and/or a video.
Anything real expensive might warrant individual pictures. :thumbup:
 
Cool... already have many vids and pics. Additionally, I can ask the maker how much he charged for such and such.
 
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