Slight dilemma-(insurance company firearms replacement)

[Streetstar]

A few months ago , i had a motor home fire and lost everything contained within. " Papa Insurance" has turned my claim over to a "Contents replacement agency" who is in charge of assigning value and replacing many of my "Hard goods"(guns, computers, outdoor gear, electronics - things like that)

I have been on a tragic post Obama buying spree and honestly, i have all the guns i need now for the time being. I have not only replaced everything i lost, but added a few more

I know what the deal is , -- this replacement agency works through a wholesaler and can get better prices than Joe Blow off the street, --- so in lieu of a cash settlement, the company replaces my stuff (which probably saves millions companywide over the course of a year or two)
Using my scenario, where i feel like i am tapped out and a little tired of new guns (i'll take all the period correct SR carbines and SAA's i can get though )
Would you guys continue to pack in the gun safe, or take a cash settlement which may be subject to a chunk of age related depreciation? I am predicting what most of you will say and i am leaning that way ---- but i am just unfamiliar with the process and would rather be in control of my own replacements if possible

[Kansas Ed]

Tough decision. I think you are asking related to everything, not just the guns so I'll answer for that. If it were me, I'd definitely have them replace all the electronics. Electronics change configurations so fast that I believe they would end up getting you better replacements than what you lost. This happened when we had a lightning strike at the house and it fried our computer. We ended up with a lot better unit than what was destroyed. As for camping equipment and other stuff, I have found that a lot of times I bought something that didn't perform as expected and now have a different idea as to what would be ideal...so I'd probably take cash for that stuff. Guns are a tough call. If it were run of the mill firearms, I would take the cash in replacement. If they were collectible, I would make them replace them. You would have a lot better chance of getting your moneys worth IMHO by replacement of collectibles rather then letting them determine THEIR idea of value. I may be all wet though on my ideas here...I'd think you would have to judge each of their values on an individual basis though and see what nets you the best deal. They have an itemized list of everything and the value they have assigned to each item I would think. Press them for that list and see where it takes you. An afternoon or Saturday on the internet price shopping would let you bounce their values off of what you would like to do, and will probably provide you with a clear answer.

Ed

[Nate Kiowa Jones]

Take the guns. If you need the cash sell them. If you wait awhile before you sell them you'll probably make a profit.

[Ysabel Kid]

Take the guns. If you need the cash sell them. If you wait awhile before you sell them you'll probably make a profit.

+1

... i feel like i am tapped out and a little tired of new guns

That fire must have effected you more than you think. Man, you are sick! Something's wrong for sure!!!

[Hobie]

I would take the guns. Not knowing WHAT electronics, I'd probably take those, too. Can't really address the other. You might be ahead on the RV with cash as they don't seem to be moving well now.

[Gun Smith]

You didn't mention if there was a limit, in dollars, for firearms in your policy? Most homeowner's policies are around $2000.00. A drop in the bucket if you've got anything nice that was lost. If the policy had a higher firearms limit get EXACT replacements, and DON'T let them push you into a quick settlement on any thing you lost. It may be worth a whole lot more than you realize.
AND REMEMBER, you are NEVER, NEVER in good hands with ANY insurance company.

[Streetstar]

The firearms lost were not "prized possesions" or anything --- really fairly run of the mill stuff.

2 Glocks, a 45-70 GS guide gun, a WBY Vanguard, and a Blackhawk --- the combination of heat and chemicals made the stainless blackhawk start to pit and i would not trust it with a full power load ever again


I have a $5000 firearms limit on my standard policy before an inland marine rider i had added for the rest, even so, all the above put together is significantly under 5 g's.


I have been told that i can literally pick whatever i want of equivalent value, so i have been toying with the idea of just letting them do their thing and just getting them replaced with the same stuff, only with different calibers or barrel lengths. Its tempting to just tell them to send me a Quigley Sharps and call it good, - or two Colt SA's, but i dont want to raise any fraud alarms and think its probably best to stick to what i had. (all the firearms carcasses were recovered for sn's and things from the wreckage though)

Good point on the electronics. The depreciation would probably be severe if i just took the cash too

I've already replaced the Glocks with a full size and an Officer size 1911's, the stainless Guide was replaced with a blued one i found used, and the WBY was replaced as well.

Im leaning towards just telling them to send me Glocks 20 and 29(10mm's) in lieu of the 21 and 30(45 ACP) i lost, a Marlin .45 Colt cowboy, a Vanguard in a less jarring caliber, and a shorter barrelled BH (mine was 7.5")

Its funny to be taking stuff i dont really need to keep from getting back-doored on a depreciated cash settlement, but oh well. The gross loss of the whole claim is not really enough to recruit a lawyer or anything like that

[Cast Bullet Hunter]

[quote="Gun Smith"]You didn't mention if there was a limit, in dollars, for firearms in your policy? Most homeowner's policies are around $2000.00. quote]

For an ISO Homeowner policy this is not correct. Most insurance company's Homeowner policies are written on an ISO form. The sub-limit shown in the policy for several specific types of property, Guns, Money & Securities, Silverware, etc., are settlement limitations for THEFT only. If there is any other cause of loss, principally fire of course, those sub-limits do not apply. If your aent tells you they do he either doesn't know what he is talking about and shouldn't be in the insurance business, or he is selling for a direct-writing company not using the ISO policy forms.

[Kansas Ed]

If you have the option of picking like type guns, I would lean towards guns which have a better chance of gaining value in the future. I would speculate that the Glocks wouldn't gain value as fast as Colts, nor would Marlins gain as fast as hand picked Winchesters. I suspect that Shiloh's have run their course on adding value percentage for awhile but may be wrong here. I definately wouldn't put it into AR type rifles as there are a bajillion of them out there for sale. Just one more thing to think about. I'm getting into Colts lately because I think they're undervalued for the market. Especially the 1911's.

Ed