So I've been calling to get quotes for changing my home and auto insurance to a different company. My current agent is never in the office and anytime I try to call or stop in to change something or make my payment they are never there. I currently have a balloon policy under my home for my wife's jewelry, but was thinking about checking into another balloon policy for my guns. Do any of you have a policy for your firearms or do you just have them under personal property and belongings? If you do have a policy specifically for the firearms, what should I expect to pay for it?
Insurance
- Thread starter 158Grain
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captorquewrench
Member
depending on your state, what you are calling a balloon...
You need to ask about a balloon or endorsement for the type of homeowner's policy you are buying. Each state is a little different, and there are different forms in each state.
I would suggest first reading the policy guts of whatever policy form you are looking at, and seeing what exactly it says about contents coverage as it pertains to firearms. Up to a certain value, you may not need documentation.
Chances are if you are on this forum and asking this question, you have enough invested in your guns to have value documentation and an amount that may need a stated value endorsement, rider, or balloon. Or even a separate policy.
So start with looking at your estimated value of guns, and at the homeowners form declarations to see if it is adequate, and then into rider, balloon, endorsements, or separate policy options if needed.
If you had been in Texas I could have been a little more helpful as I worked for one of the big three for a number of years, and held licensure in this state.
Be advised, that an ignorant underwriter may look at the fact you own guns and consider you some sort of additional risk, either contents wise or personal liability wise. Look into increasing the amount of your personal liability coverage on the Homeowners policy.
You need to ask about a balloon or endorsement for the type of homeowner's policy you are buying. Each state is a little different, and there are different forms in each state.
I would suggest first reading the policy guts of whatever policy form you are looking at, and seeing what exactly it says about contents coverage as it pertains to firearms. Up to a certain value, you may not need documentation.
Chances are if you are on this forum and asking this question, you have enough invested in your guns to have value documentation and an amount that may need a stated value endorsement, rider, or balloon. Or even a separate policy.
So start with looking at your estimated value of guns, and at the homeowners form declarations to see if it is adequate, and then into rider, balloon, endorsements, or separate policy options if needed.
If you had been in Texas I could have been a little more helpful as I worked for one of the big three for a number of years, and held licensure in this state.
Be advised, that an ignorant underwriter may look at the fact you own guns and consider you some sort of additional risk, either contents wise or personal liability wise. Look into increasing the amount of your personal liability coverage on the Homeowners policy.
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I carry an inland marine policy on my tools and trailer.I believe they can be written for about anything and are fairly cheap.
Alk8944
US Veteran
Depending on what Company you are insured by, if you are tired of your current Broker (Agent is his relationship to the Company, not you) you can contact another Agent for the same carrier and transfer your business to him/her by a "Broker of Record Letter". In general this can be done if your broker is an independent. If he is a "captive", selling only one company such as Allstate, Farmers, State Farm, etc. then you can generally transfer servicing to another agent, but the one who upset you will still receive commissions.
I am somewhat inexperienced
D
) in Insurance as I have only been working in the industry as a Broker/Agent/Producer for only 22 years (yes I intended to be facetious), but I have never heard the term "Balloon" used for any policy form. What you allude to is known generally as an "Inland Marine Policy" (Marine simply means moveable, nothing to do with water), "Personal Articles Floater" (PAF), "Valuable Articles Policy", and some variations. These are all the same thing.Some companies simply do not like guns and you would be ineligible for coverage. Nationwide/Allied is one. There are others.
There are two considerations which are poorly understood by the public in general and, unfortunately, by many insurance agents also. Firearms are simply a form of Personal Property. Just like your clothing, furniture, appliances, etc. they fall under the Personal Property limit of your Homeowners (Home, Condo, Tenant, no difference). In the event of any "Covered Loss" (key words), you will have full coverage up to the Personal Property Limit, except for theft. Theft is the only "Peril" which has a specific sub-limit, usually between $1,000 and $5,000, depending on carrier. Theft coverage is the reason for obtaining a PAF for your guns, jewelry, computers and a couple other classes.
Cost. Typically a PAF will cost in the range of 1/2% to 1 1/2% of the "Total Insured Value" of Firearms, depending on carrier. So $1,000 coverage for firearms will cost you generally from $5 to $15 per year. Rarely would you see the lower amount, and frequently the higher value will be exceeded depending on carrier. Often the PAF can be endorsed on the Homeowner policy instead of a separate policy being required. Again, this depends on the carrier.
One pitfall to avoid is believing that if you have an "Umbrella Policy" everything is good. Many believe this covers everything. An "Umbrella", or "Personal Excess Liability" policy is just that. It provides "Excess (additional) Liability" coverage only, there is no coverage for Property of any type, period.
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