Insuring PM's in Homeowner's policy?

[Rodebaugh]

My home owners covers up to $2500 for gold and silver.

Changing the phrase to: "Like a good neighbor we almost cover one of your nice coins"

Thats where Large SD boxes w/ fireproof boxes come in handy.

[barrytrot]

My home owners covers up to $2500 for gold and silver.

Changing the phrase to: "Like a good neighbor we almost cover one of your nice coins"

Classic!

[Verbane]

On another note...

What's the cheapest you could find such a million dollar liability insurance for? Would it cover you if you ran a business out of your home as well, and someone tried to sue you for a business activity, or not?

My umbrella policy is around $200/year and covers professional liability as well as personal. They do require me to carry $300K auto liability which costs an extra $50/year over the minimum. If you had a lousy driving record, it could add up though.

What company is yours through? I'm needing liability coverage for a firearms transfer business out of my home (not sales, just FFL), but the NRA endorsed agency quoted 700/yr minimum.

I'm sure liability insurance for a firearms business is different from personal/professional Liability coverage, it won't matter that your not selling guns.

[barrytrot]

On another note...

What's the cheapest you could find such a million dollar liability insurance for? Would it cover you if you ran a business out of your home as well, and someone tried to sue you for a business activity, or not?

My umbrella policy is around $200/year and covers professional liability as well as personal. They do require me to carry $300K auto liability which costs an extra $50/year over the minimum. If you had a lousy driving record, it could add up though.

What company is yours through? I'm needing liability coverage for a firearms transfer business out of my home (not sales, just FFL), but the NRA endorsed agency quoted 700/yr minimum.

I'm sure liability insurance for a firearms business is different from personal/professional Liability coverage, it won't matter that your not selling guns.[/quote]

To further the advice from Verbane: You are FAR better off keeping your business separate from your personal.

A few reasons:
1. If they sue your business you most likely would not want to be forced into personal bankruptcy. Or at least have some protection against that.

2. Generally the rules on what you can and cannot deduct from taxes and other savings will be easier if you are careful about properly classifying business vs. personal.

3. Your audit risk is much less if you are careful with proper classification also. And as soon as you but an umbrella over both that gets a bit more difficult.

[Investin Cents]

Wow! My first post has really generated some responses! I appreciate them all. Just hope everyone can remain civil in their comments!

One thing to add about my situation. Due to a tragic circumstance, some persons apparently have vendetta against my family. 3 separate incidents with 15 days time of each other have occurred, including vandalism, burglary, and burglary while the homeowner was home! In the last one, they added Grand Theft Auto - they stole a car and literally "crashed and burned" it.

Anyway, I have "personal protection items" and we have alerted the authorities on many levels. Also added security lights, and taken an inventory of the PM's plus other items (TV's, etc.) One thing I would add - nice thing about most PM bars: serial numbers. Very helpful in deterring the fencing of these items as they are more unique and easier to trace. Some bars (Johnson Mathey I think?) do not come with serial #'s. A thought for future purchases . . .

So that puts my question in perspective. And yes, one of the burglaries involved PM's being stolen. Not a life savings mind you, but still painful to lose.

So there it is.

I told my fellow family members at home that we won't be doing the Homowner's rider. The point about the assets being hidden from attorneys also is a Plus! Kind of like those off-shore bank accounts we have heard so much about lately!

Thanks for everyone's advice, stories and patience!

[SilverDragon72]

Wow! My first post has really generated some responses! I appreciate them all. Just hope everyone can remain civil in their comments!

One thing to add about my situation. Due to a tragic circumstance, some persons apparently have vendetta against my family. 3 separate incidents with 15 days time of each other have occurred, including vandalism, burglary, and burglary while the homeowner was home! In the last one, they added Grand Theft Auto - they stole a car and literally "crashed and burned" it.

Anyway, I have "personal protection items" and we have alerted the authorities on many levels. Also added security lights, and taken an inventory of the PM's plus other items (TV's, etc.) One thing I would add - nice thing about most PM bars: serial numbers. Very helpful in deterring the fencing of these items as they are more unique and easier to trace. Some bars (Johnson Mathey I think?) do not come with serial #'s. A thought for future purchases . . .

So that puts my question in perspective. And yes, one of the burglaries involved PM's being stolen. Not a life savings mind you, but still painful to lose.

So there it is.

I told my fellow family members at home that we won't be doing the Homowner's rider. The point about the assets being hidden from attorneys also is a Plus! Kind of like those off-shore bank accounts we have heard so much about lately!



Thanks for everyone's advice, stories and patience!

Well, that's quite a story! If it makes you feel better, I'm not the one who has a vendetta against you or your family I feel bad for you and I hope you get a chance to catch them!

Good points on taking inventory of your PM's. It would make it easier to track down in the event that they are stolen.

[Sheikh_yer_Bu'Tay]

Barry,

This thread was moving along nicely on the subject of should someone include insurance on their PM's stored at home. Everyone was contributing to the conversation nicely. Some were for it and some were not. Suggestions were made on alternatives to protecting the home and valuables in it. And yes, the conversation wandered around a little and off the specific topic of insurance for PM's, but still on the general topic of helping someone protect themselves against bandits.

You took exception to what other people had to say. There is nothing wrong with that. What is wrong is your methodology in disagreeing with others. You like to get into big debates whereby you change the content of the debate to your advantage and then challenge others to disprove your altered premise. That is what you did yesterday on this thread.

I backed away from you yesterday. I am not going to debate you anymore. Futhermore, when I do see you engaging in this kind of debate with others, I am going to start filing complaints against you with the Realcent management.

I am no angel. I have had my flame wars with others on this site. I try to avoid them now because I want to see Realcent grow.

Learn to play nice, Barry.

Please people do you really know someone that was burglarized and also sued by the burglar or are we just perpetuating VERY RARE and UNUSUAL events.

We just have very quick information exchange so any "interesting" story gets out there.

So we are AWARE of the VERY RARE. That doesn't mean it's not rare.

I just spent about an hour typing the specifics of seven stories I am aware of. After I was done, I clicked "submit" only to find out I had been somehow kicked off the Realcent web-site. All my stories were lost.

I "timed out" I guess. This has happened many times before, you would think I would learn.

It's after midnight. I am not typing them again. You will just have to take my word for it. It happens. People sue every chance they get, even when they are in the wrong.

7 stories in a LIFETIME. Not very many.

I am personally aware of 3 people that are not pro golfers that have hit a hole in one.

I have also personally hit a 3 quarter court basketball shot and I'm not very good.

I have personal knowledge of several things which I classify as miracles.

Michael Jordan at the height of his "powers" was once dunked on by a 15 year old at his own basketball camp.

In other words rare things PLUS TIME and in the case of the earth plus 500,000,000 people make everything happen.

7 in a LIFETIME is EXCEPTIONALLY rare.

[barrytrot]

Barry,

This thread was moving along nicely on the subject of should someone include insurance on their PM's stored at home. Everyone was contributing to the conversation nicely. Some were for it and some were not. Suggestions were made on alternatives to protecting the home and valuables in it. And yes, the conversation wandered around a little and off the specific topic of insurance for PM's, but still on the general topic of helping someone protect themselves against bandits.

You took exception to what other people had to say. There is nothing wrong with that. What is wrong is your methodology in disagreeing with others. You like to get into big debates whereby you change the content of the debate to your advantage and then challenge others to disprove your altered premise. That is what you did yesterday on this thread.

I backed away from you yesterday. I am not going to debate you anymore. Futhermore, when I do see you engaging in this kind of debate with others, I am going to start filing complaints against you with the Realcent management.

I am no angel. I have had my flame wars with others on this site. I try to avoid them now because I want to see Realcent grow.

Learn to play nice, Barry.

I will cease and desist.

My intent was not a "flame war" and I guess that's what occurred. I apologize for that.

My intention was that I don't believe the "hype" about the threat of being sued for properly defending yourself. I may very well be wrong about that.

I sincerely apology for offending you.

Additionally, I apologize for offending others and apparently for offending many silent members of the forum.

That wasn't my intent and I feel sad about that.

In the future, I will not speak out against the commonly held beliefs as ardently. And when I do, someone just PM me to say "stop" and I shall.


Thanks.

[SilverDragon72]

Well, this conversation has taken an interesting twist!

The only thing that I can add to this would be....we must all take note of what we write down. Unfortunately, when a person sees something just written down on a forum like this, things can be easily misconstrued. All you see are words, basically. No emotions.

We are all opinionated in one way or another, (especially politics these days)...but we all must remember the things we DO have in common...such as our enjoyment of this hobby and precious metals in general, plus a number of other topics on the boards. Sometimes, it is better to just walk away from a debate, even if it means that you "lost." Some people will not change, no matter what you say or tell them, that's just life I guess.

Now, back to our regularly scheduled program...

[fansubs_ca]

I wish mine would have been insured when they were lost in that boating accident...

I don't think you can cover boating accidents, they seem to happen too often to
be coverable.

I have heard stories of vehicles being driven on iced over bodies of water, hitting
a thin spot, sinking, and the vehicle insurance actually covered it! I never heard
of them transporting precious metals at the time though.

I worry more about someone slipping on an icy sidewalk

People who pull that are clearly not fit to live in an icy part of the world, deport
them to Cuba (regardless of where they were born) I hear they don't experience
icy sidewalks there. Of course the Cubans might be annoyed that we are dumping
all our idiots off their coast.

rather than having to pay to defend yourself against the family of an armed thug who wound up at the wrong end of a shotgun

I say when the family pulls this stunt any that participate should be charged as
accessories after the fact to the original crime.

[Engineer]

I wish mine would have been insured when they were lost in that boating accident...

I don't think you can cover boating accidents, they seem to happen too often to
be coverable.

I have heard stories of vehicles being driven on iced over bodies of water, hitting
a thin spot, sinking, and the vehicle insurance actually covered it! I never heard
of them transporting precious metals at the time though.

Driving over the ice can be unpredictable here at times.

I worry more about someone slipping on an icy sidewalk

People who pull that are clearly not fit to live in an icy part of the world, deport
them to Cuba (regardless of where they were born) I hear they don't experience
icy sidewalks there. Of course the Cubans might be annoyed that we are dumping
all our idiots off their coast.

True...but if I happen to be a few hours late shoveling there's always an opportunity. We get a few months of frozen everything which provides opportunity. All someone needs is motive.

rather than having to pay to defend yourself against the family of an armed thug who wound up at the wrong end of a shotgun

I say when the family pulls this stunt any that participate should be charged as
accessories after the fact to the original crime.

I couldn't agree more, but you have to remember that our system was designed by lawyers for lawyers. If there's money to be made even in losing a lawsuit, the ambulance chasers will line up around the block to take on the case.