Tuesday Insurance Questions… Firearms Insurance, Insurance Discounts for Engineers, Insurance Company Ratings

Here is another round of our “Tuesday Insurance Questions”. If you haven’t QuestionMarkalready, make sure to jump into the conversation by ‘liking’ our Facebook Page.

Question: Are my firearms covered on my homeowners policy?

This is one of our most common questions and probably the subject with the greatest amount of confusion. Firearms are covered on your homeowners policy under “personal property” coverage and subject to special limitations.

Firearms are limited in coverage for losses caused by theft. The amount of coverage is often as low as $1500 depending on the policy.

If you have valuable firearms it is very important that you check with your agent to see the specific coverage your policy provides.

You may be best off to add either “scheduled” or “blanket” coverage to your policy. “Scheduled” list each specific firearm and a “stated value” to replace that firearm. “Blanket” coverage provides coverage for an entire collection of firearms up to a total limit without listing each firearm.

By “scheduling” and “blanketing” your firearms you coverage extends to “all risk” and is not subject to your deductible. “All risk” coverage provides coverage against all unintentional causes of loss including breakage and losing.

We have seen it before. Once a Beretta Onyx was dropped nearly 50′ off of rimrock while the insured was hunting. The second was a deer rifle was left leaning against a tree and was gone when the mistake was realized and the insured returned.

For more info you can view our previous post on this subject… 3 Questions Answered About Insuring Your Firearms or Is the NRA the Best Way to Protect My Firearm Collection 

Question: What kind of insurance discounts for engineers do you offer?

We offer both auto and now homeowners discounts for engineers. If you are employed as an engineer we offer up to a 17.5% discount.

Question: How can I tell what an insurance companies rating is?

We often talk about the “rating” of an insurance company in regards to its financial stability. Those ratings are given by companies such as A.M. Best. 

The importance of financial ratings is mainly the stability of the company. An insurance company with excellent financial ratings is more likely to have stable rates and less fluctuation than lessor rated companies.

In regards to the claims and customer service aspect of a specific company we think the best idea is to talk to a trusted agent. As an agent we deal with the claims and customer service aspect of insurance companies. That experience allows us to offer insight into what to expect from each specific company.

That completes this weeks questions. We hope it was helpful. We look forward to your comments or questions!

You can reach us @ 661-327-5531 or by email at agent@crosbyandcrosby.com

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