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Insuring PM's in Homeowner's policy?
Posted:
Sat Sep 29, 2012 10:39 pmby Investin Cents
Forgive if this topic has been covered (I searched but found few if nay articles that talk about this) but what is the general consensus on paying for an extra policy (a rider) on a homeowner's policy to specifically cover loss (due to theft, etc.) of personal Precious Metal items?
Good idea? Bad? Reasons either way?
I am considering it but don't know much about it. I tend to say "No" and just insure it myself, with my wits, and more. I also don't want anyone else to know the extent (I just have a few coins, of course!
) of my holdings.
Was considering doing a poll on this, unless someone can direct me to previous discussions.
What say you all??? Thanks!
Re: Insuring PM's in Homeowner's policy?
Posted:
Sat Sep 29, 2012 10:43 pmby BamaJoe
I looked into once some time ago and the insurance company wanted a detailed inventory, 3rd party appraisal and it was rather pricey also.
I decided the cost of a good shovel was not only cheaper, but more private.
Re: Insuring PM's in Homeowner's policy?
Posted:
Sat Sep 29, 2012 11:05 pmby brian0918
And if the federal government decides to confiscate again, you will have provided them a detailed inventory of what's to be had at your address.
Re: Insuring PM's in Homeowner's policy?
Posted:
Sun Sep 30, 2012 12:26 amby Sheikh_yer_Bu'Tay
Shhhhh!! The fewer people who know about your stash, the longer you may get to keep it.
Re: Insuring PM's in Homeowner's policy?
Posted:
Sun Sep 30, 2012 1:40 amby Numis Pam
Mum's the word!!! Mute your mouth!
Re: Insuring PM's in Homeowner's policy?
Posted:
Sun Sep 30, 2012 2:15 amby Engineer
I wish mine would have been insured when they were lost in that boating accident...
Re: Insuring PM's in Homeowner's policy?
Posted:
Sun Sep 30, 2012 10:26 amby SilverDragon72
I've thought about insuring mine as well...just in case. But then again, why should I give a third party a detailed inventory of what I have? (Not that I have ANYTHING). It would be better to keep it private. Could the government confiscate PM's? I don't know. There are a number of possible scenarios...but I believe most of us would know what to do in that instance, right?
Re: Insuring PM's in Homeowner's policy?
Posted:
Sun Sep 30, 2012 2:07 pmby Bluegill
Save your money and self insure. Making a detailed list of what you have for the government to access is not smart.
I
Re: Insuring PM's in Homeowner's policy?
Posted:
Sun Sep 30, 2012 8:54 pmby jacer333
brian0918 wrote:And if the federal government decides to confiscate again, you will have provided them a detailed inventory of what's to be had at your address.
Boom. +1
Re: Insuring PM's in Homeowner's policy?
Posted:
Mon Oct 01, 2012 12:25 amby slvrbck
Ya something about that just doesnt seem like a good idea at all. The less people know about your stash the better. Unless you have ALOT of pm's they are generally easy to hide where nobody will find them (hidden safe, burried, attic). Lock em up or hide em in a good spot and put the money you would be spending on an insurance policy into more silver. I also happen to highly dislike insurance companies and only insure what i HAVE to.
Re: Insuring PM's in Homeowner's policy?
Posted:
Mon Oct 01, 2012 2:11 amby Engineer
Just my two cents here:
I worry more about someone slipping on an icy sidewalk or being forced to shoot a burglar than about PMs. Unless you're too poor to bother suing, liability insurance makes much more sense than insuring things. Keeping a million dollar plus liability rider forces the insurance companies to go to bat for you 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...or even a sue-happy stooge who claims neck pain after pretending to fall down on your property. If you lose that sort of court case, the judge can not only take everything you currently have, but everything you'll have the the future as well.
Coins can be re-refined in the event of a fire or replaced if stolen, but having the rest of your future earnings and assets legally stolen would really hurt.
Re: Insuring PM's in Homeowner's policy?
Posted:
Mon Oct 01, 2012 6:17 amby Sheikh_yer_Bu'Tay
Engineer wrote:Just my two cents here:
I worry more about someone slipping on an icy sidewalk or being forced to shoot a burglar than about PMs. Unless you're too poor to bother suing, liability insurance makes much more sense than insuring things. Keeping a million dollar plus liability rider forces the insurance companies to go to bat for you 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...or even a sue-happy stooge who claims neck pain after pretending to fall down on your property. If you lose that sort of court case, the judge can not only take everything you currently have, but everything you'll have the the future as well.
Coins can be re-refined in the event of a fire or replaced if stolen, but having the rest of your future earnings and assets legally stolen would really hurt.
The cop who lives next door tells me IF I ever do shoot an intruder to do two things:
First: Empty the gun into the intruder. You are in fear for your life, and even an unconscious, wounded intruder can revive and still kill you.
Don't reload, and shoot more.
Don't go get another gun and shoot again. That shows premeditation and you can get set up for murder!
Second: Immediately sue the surviving family for violating your civil rights. That beats them to the punch.
Re: Insuring PM's in Homeowner's policy?
Posted:
Mon Oct 01, 2012 6:39 amby brian0918
Engineer wrote:Unless you're too poor to bother suing, liability insurance makes much more sense than insuring things. Keeping a million dollar plus liability rider forces the insurance companies to go to bat for you 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...or even a sue-happy stooge who claims neck pain after pretending to fall down on your property.
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?
Re: Insuring PM's in Homeowner's policy?
Posted:
Mon Oct 01, 2012 12:26 pmby AGCoinHunter
brian0918 wrote:Engineer wrote:Unless you're too poor to bother suing, liability insurance makes much more sense than insuring things. Keeping a million dollar plus liability rider forces the insurance companies to go to bat for you 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...or even a sue-happy stooge who claims neck pain after pretending to fall down on your property.
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?
I pay around $230 a year for mine. Having it though requires you to max your libility out on your underlying policies, which is higher coverage, hence more expensive.
Re: Insuring PM's in Homeowner's policy?
Posted:
Mon Oct 01, 2012 1:16 pmby baggerman
Sheikh_yer_Bu'Tay wrote:Engineer wrote:Just my two cents here:
I worry more about someone slipping on an icy sidewalk or being forced to shoot a burglar than about PMs. Unless you're too poor to bother suing, liability insurance makes much more sense than insuring things. Keeping a million dollar plus liability rider forces the insurance companies to go to bat for you 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...or even a sue-happy stooge who claims neck pain after pretending to fall down on your property. If you lose that sort of court case, the judge can not only take everything you currently have, but everything you'll have the the future as well.
Coins can be re-refined in the event of a fire or replaced if stolen, but having the rest of your future earnings and assets legally stolen would really hurt.
The cop who lives next door tells me IF I ever do shoot an intruder to do two things:
First: Empty the gun into the intruder. You are in fear for your life, and even an unconscious, wounded intruder can revive and still kill you.
Don't reload, and shoot more.
Don't go get another gun and shoot again. That shows premeditation and you can get set up for murder!
Second: Immediately sue the surviving family for violating your civil rights. That beats them to the punch.
I was told by an ex special forces officer, ex deputy, ex municipal judge and current firearms instructor that 3 things should be said/done if one is to have to shoot a douchbag.
1) State "He/She was going to kill me" NOT I was afraid, NOT I thought he/she was going to kill me.
2) Immediately after that statement should be "I want to speak to an attorney" This stops ALL further questioning
3) Go see a shrink or clergy as soon as possible as this can show your remorse if/when you end up in court.
Re: Insuring PM's in Homeowner's policy?
Posted:
Mon Oct 01, 2012 3:02 pmby Engineer
brian0918 wrote: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.
It all adds up to the equivalent of an hour of a lawyer's time per year. When you consider that even an easy court case can cost fifty or more hours of legal billing, it's pretty cheap.
Re: Insuring PM's in Homeowner's policy?
Posted:
Mon Oct 01, 2012 3:09 pmby brian0918
Engineer wrote:brian0918 wrote: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.
Re: Insuring PM's in Homeowner's policy?
Posted:
Mon Oct 01, 2012 5:38 pmby SilverDragon72
Engineer wrote:Just my two cents here:
I worry more about someone slipping on an icy sidewalk or being forced to shoot a burglar than about PMs. Unless you're too poor to bother suing, liability insurance makes much more sense than insuring things. Keeping a million dollar plus liability rider forces the insurance companies to go to bat for you 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...or even a sue-happy stooge who claims neck pain after pretending to fall down on your property. If you lose that sort of court case, the judge can not only take everything you currently have, but everything you'll have the the future as well.
Coins can be re-refined in the event of a fire or replaced if stolen, but having the rest of your future earnings and assets legally stolen would really hurt.
I'm not worried if someone sues me....I'll just pay them 5 bucks a month!
Sadly, our society has become sue happy...and that just sucks. I never quite understood how an armed burglar who breaks into your home, hurts themselves...and then sues YOU, the homeowner!
Re: Insuring PM's in Homeowner's policy?
Posted:
Mon Oct 01, 2012 7:14 pmby barrytrot
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.
Re: Insuring PM's in Homeowner's policy?
Posted:
Mon Oct 01, 2012 7:22 pmby SilverDragon72
I don't personally know of anyone that has experienced this. But you know how silly our justice system can be. Seems like the criminals get more rights than the victims these days.
Like someone suing McDonalds because they became too fat because of their food or how spilling hot coffee on themselves resulted in a monetary settlement. I hear stories like this once in a while.
Re: Insuring PM's in Homeowner's policy?
Posted:
Mon Oct 01, 2012 7:25 pmby barrytrot
Do you have an example of the "silly justice system giving more rights to criminals" or is that a gross exaggeration also?
My guess is exaggeration.
Check the stats: Public defenders, the guys "protecting" most criminals, have a record that would not compare favorably to the "Washington Generals".
Now if you want to change your statement to RICH CRIMINALS, I will agree with you. And with a lot of evidence: OJ, everyone involved with the financial crisis of 08, most of Congress, etc. Those guys are royally getting even more rich with each passing crime. Well, except OJ, since he became poor after his first major crime
Re: Insuring PM's in Homeowner's policy?
Posted:
Mon Oct 01, 2012 7:47 pmby moparal7
I knew a guy in high school that put "protective devices" around his car stereo. A thief tried to steal the stereo, cut his hands and sued the owner. I don't recall the amount but the thief was awarded compensation. Yes it does happen.
Re: Insuring PM's in Homeowner's policy?
Posted:
Mon Oct 01, 2012 8:30 pmby barrytrot
moparal7 wrote:I knew a guy in high school that put "protective devices" around his car stereo. A thief tried to steal the stereo, cut his hands and sued the owner. I don't recall the amount but the thief was awarded compensation. Yes it does happen.
Ok, so you knew a guy in high school. And this was far back enough that car stereos actually had a positive value.
Not worth worrying about if this is best example
Also, my guess is the only thing that the thief had to make a court case out of was the sub-standard and based on what I know about high-schoolers probably dangerous "protective device" that was created.
Re: Insuring PM's in Homeowner's policy?
Posted:
Mon Oct 01, 2012 8:49 pmby SilverDragon72
barrytrot wrote:Do you have an example of the "silly justice system giving more rights to criminals" or is that a gross exaggeration also?
My guess is exaggeration.
Check the stats: Public defenders, the guys "protecting" most criminals, have a record that would not compare favorably to the "Washington Generals".
Now if you want to change your statement to RICH CRIMINALS, I will agree with you. And with a lot of evidence: OJ, everyone involved with the financial crisis of 08, most of Congress, etc. Those guys are royally getting even more rich with each passing crime. Well, except OJ, since he became poor after his first major crime
Maybe it's the rich criminals more. You can steal alot more armed with a briefcase than you can with a gun. Like I said before, it's only stories I've read or heard about. Nothing specific....date, time...etc.
What bankers have gone to jail since the bailout crisis? How about war criminals? How about companies profiting off of illegal wars? Do those people count?
How many criminals do you know get sentenced for life....only to get out in less than 20 years? I was watching a documentary the other day...and it showed this one prisoner who was robbed in jail...for his $200 pair of sneakers. Why should you get such luxury in jail? But we digress...this thread is about insuring PM's in a homeowners policy. Good discussion though.
Re: Insuring PM's in Homeowner's policy?
Posted:
Mon Oct 01, 2012 8:52 pmby SilverDragon72
SilverDragon72 wrote:barrytrot wrote:Do you have an example of the "silly justice system giving more rights to criminals" or is that a gross exaggeration also?
My guess is exaggeration.
Check the stats: Public defenders, the guys "protecting" most criminals, have a record that would not compare favorably to the "Washington Generals".
Now if you want to change your statement to RICH CRIMINALS, I will agree with you. And with a lot of evidence: OJ, everyone involved with the financial crisis of 08, most of Congress, etc. Those guys are royally getting even more rich with each passing crime. Well, except OJ, since he became poor after his first major crime
Maybe it's the rich criminals more. You can steal alot more armed with a briefcase than you can with a gun. Like I said before, it's only stories I've read or heard about. Nothing specific....date, time...etc.
What bankers have gone to jail since the bailout crisis? How about war criminals? How about companies profiting off of illegal wars? Do those people count?
OJ didn't do it!!!!
How many criminals do you know get sentenced for life....only to get out in less than 20 years? I was watching a documentary the other day...and it showed this one prisoner who was robbed in jail...for his $200 pair of sneakers. Why should you get such luxury in jail? But we digress...this thread is about insuring PM's in a homeowners policy. Good discussion though.