Knives and Insurance

[zzyzzogeton]

Just as a "head's up" to owners of "expensive" knives or large quantities of less expensive knives, you may want to check with your home owner's insurance representative about whether or not your knives are covered, what documentation you need to have, etc.

I recently changed home insurance companies. My old plan was rather loose in requirements, i.e., I just needed a list of them, brand/manufacturer, model #s and purchase price.

With my new insurance, I have several things to setup, such as pictures, receipts, documentation of current possible value, yada-yada-yada.
Also, because of the quantity of items and the overall value (over 800 sharp, pointy objects, plus things that go "bang"), a separate rider.

I was told that some insurance policies specifically exclude high value items, such as guns, jewelry, antiques, etc from the basic plan and you then have to add a "high-value" rider to the plan.

 

[AddictedToGear]

I have not covered knives or thought about it yet, but will here this summer. Firearms have always been the main thing insurance wise that I want to cover but my dad and I made sure are bikes were covered a year ago too. We have 7 or 8 nice bikes (Trek, GT, Specialized). A lot of plans are very different so it is a good reminder to just check.

 

[Alann45]

Good advise zzyzzogeton. Easy for folks to lose track of how much they have "invested" in their knife collections/accumulations.

Most home owners/renters will cover items up to whatever the company considers a reasonable or normal amount for a typical home. If you have a large amount in one area its good to check out options.

The most common is to "schedule" the property under your current policy, which usually involves specific listings and values, and a rate based on the total value.

Their are at least a couple of insurers who specialize in the collectibles market covering almost anything and providing general coverage for the overall value of the collection and only requiring listing of particularly high value items.

 

[K.O.D.]

I just happen to be an insurance agent, and unless your knives guns etc are specifically scheduled for a stated amount, then very few things are covered and are subject to your deductible.