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Theft insurance


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I've never had any, so don't know how this works.

I have my $20,000 diamond necklace insured. It's stolen. The insurance company cuts me a check. The police catch the crook, and he still has my necklace.

Except it is no longer my necklace because the insurance company paid me for it. It is their necklace.

Can I buy it back from them? Do they have to sell it to me for the $20,000? Especially if I had it under insured and it is actually worth $40,000? Do they have to sell it back to me for 20, or can they laugh at me and tell me that if I want that I have to pay them the 40 it is worth?







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Appraised value before policy is issued. 


They paid you, it's theirs. Likely negotiate a resale but if it's a concern get it written into the rider. 


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Back in the midf-80's I had four handguns stolen.

Two were recovered and returned within a few weeks (I tracked the thief from OR to CA and had an undercover LEO waiting to buy them).

The other two were covered by my renters insurance. The company cut me a check based on current Blue Book values.

A year later, I was notified by the Linn Co. Sheriff's office that one of them (an unfired NIB Colt Agent) had been found in Lane Co.
I called the insurance company to inform them that I had it back in my possession and asked what their policy was regarding recovered items.

They said that their employees had first option to buy it as the company now owned it.

After I informed them of the condition it was in when discovered (no longer unfired, with blotched bluing due to blood contact), they said no one in the office was interested in purchasing it.
I offered them half of what they had paid on it and sent them a check.

The 4th revolver has never been recovered.


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My personal experiences, with insurance companies, is that unless you think of something, and suggest it, it may not get considered, or mentioned. 


Also, a decent insurance agent will make all the difference in the world. Try to find one, that you perceive genuinely cares about their customers. 

Ask questions, and don't depend on anyone, but yourself, to look out for your interests. Nothing verbal...get it written down in the insurance rider, or contract. Remember, one company may say no...a different company may say yes, to what you want. Best to shop around a little, before making the commitment.  


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I had two guns stolen in a break in several years ago. The two guns were appraised at $5,000.00.  The insurance company paid me $2,400.00 to cover damages to the doors and related loss.


If my guns were ever recovered, they would play HELL trying to get those guns from me! Today’s values would put them in the $7,500.00 to $8,500.00 range.

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My father had a policy on his Colt collection (separate from his homeowners policy) with a major, well advertised, insurance company.  He'd been with them for 50 years and never had a claim.  All his Colts were stolen in a burglary.  Unfortunately, he refused my advise of obtaining a gun safe; opting instead for a very ornate display cabinet. Even with photo and paper documentation of the stolen guns, it was a real hassle to collect on the stolen guns.  The insurance company finally paid, but promptly canceled his homeowners and auto insurance. 


Two of the Colts were later recovered by the police.  Both were no longer in great condition.  The insurance company contacted him and insisted that he take possession of the guns and return the money they had paid him.  He had already replaced both guns and told the insurance company to "take a hike".  


The only minor positive of the entire incident was that my father finally conceded that I had been right about getting a gun safe.





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