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One small update to stolen guns.

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  • pawncop

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    Have run into several situations recently and wanted to share with my Texas Gun Talk family.

    If you have a gun stolen and you receive compensation from your insurance company, they become the rightful owners of the gun you reported.

    I post this as one of my complainants (victims) was very unhappy to learn, after I identified the gun as the one he reported, was not to be returned to him.

    Just wanted to let folks know how the process works.

    Post if you have questions or comments.
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    JKTex

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    At first that surprised me that someone who buys insurance on anything, wouldn't understand that. But if someone has never gone through a claim process and otherwise has ever thought it through, I guess there are some that wouldn't think a paid claim is the same as selling the item to the insurance company.

    You'd need to talk to your insurance company. I know people who have successfully, and lucratively I might add, bought back cars that were totaled, with part of the claim money.

    If the insurance company can dispose of the item quicker, they'll do it. But they own it, and it's up to them if they want to sell it back to you.
     

    pawncop

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    I have to report that which I have heard, since I don't have any first hand experience in this phase of the offense.

    I understand that the insurance company will allow the victim to pay back that portion of the claim and allow them to have their property back.

    I do not know the process or any requirements etc.

    If anyone has better information I would love to hear from them.
     

    kingofwylietx

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    You should also know in advance if your policy will pay you depreciated value or replacement value. IF you have a house fire and lose a pair of Levi jeans, with a standard policy you may get $8 per pair of Levi's.....with replacement value policy you would get maybe $35.

    I am surprised by what people don't know about their own insurance. If the person is made whole, they have no interest in the found property. They have already been compensated for it's loss. You are not entitled to a windfall, you are entitled to be made whole.
     

    Shorts

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    Here's the thing that bugs me. Insurance only pays a set amount for firearms (ours was $2000). You're entire stolen/destroyed collection you made a claim on will probably exceed that amount.

    $2000 is the MAX total. Whether that covers replacement or depreciated value, it isn't sufficient either way.

     

    photofreeman

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    Also with the replacement coverage they may pay depreciated value anyway until you prove you actually replaced the item.
     

    40Arpent

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    Here's the thing that bugs me. Insurance only pays a set amount for firearms (ours was $2000). You're entire stolen/destroyed collection you made a claim on will probably exceed that amount.

    $2000 is the MAX total. Whether that covers replacement or depreciated value, it isn't sufficient either way.

    You're touching on a very misunderstood aspect of homeowners insurance. Many people think that they have much more coverage than they actually do, particularly when it comes to things such as guns, jewelry, tools, powersports toys (dirtbikes, jet skis, etc.). Just because it resides under your roof doesn't mean it's covered. The aforementioned things are typically only covered via insurance riders at additional cost to the insured. The insurance companies also typically require itemized lists with verifiable appraisals.

    I don't mean this in a derogatory manner, but if people would just read their insurance policies and/or discuss the details with their agents, there'd be a hell of a lot less confusion and frustration.
     

    Kerbouchard

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    I had never really thought about this until now, but do insurance companies have auctions or a place where they sell recovered goods? Seems like that would be a great way to pick up some good deals.
     

    ducksps

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    always check

    After buying some transferrable NFA machine guns I called my agent to better understand my homeowners coverage. Once I calmed him down and helped him understand i was not in possession of something illegal he took the time to check on things for me.

    I did have to raise my values a good bit and in the event of a claim a market determination would have to be made. definently a good thing to verify and keep tabs on as the policy could change from year to year.
     

    pawncop

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    ducksps,

    I do not know whom you might contact, but I would suggest starting with your home owners insurance agent as a start.

    It would seem to me that this could be an avenue to locate a bargain or two if the company was not well versed in firearms values, but I'll bet they research it pretty well.
     

    junkyguns

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    If you have not , you should be a member of the N.R.A. included in your membership is some gun insurance. My home owners insurance will not cover any firearms. They (my ins.co.) requires a seperate policy for firearms and they must be appraised first. With a collection of such items I have elected to purchase the best safe I can afford wich is 4.5 feet wide 40 inches deep and 6.5 foot tall a 120 minute 2800 degree fire rating and a T-20 burgular rating it also weighs in at a hefty 2800 pounds. I do not worry about fire or burgulary for my firearms only flood . insurance is expensive pretty much costing you more over time than what you have insured in many cases.
    just something to ponder !
     

    45tex

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