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Cs · July 11th, 2012, 11:52

Hey Guys

What you will want to do first check the type of homeowners policy you have.

So for example if you have a Broad or Comprehensive policy ( works the same for Tenant and Condo)

► Broad Form - All Risks building / Named Perils Contents
► Comprehensive Form - All Risks Building and Contents

Airsoft items such as guns,mags,vest,masks and bb's all falls under your personal property coverage know as " Coverage C - Personal Property"

This is a Standard wording MOST Insurance Companies use ( please read your own policy for clarification )

1. We insure the contents of your dwelling and other personal property you own, wear or use while on your premises which is usual to the ownership or maintenance of a dwelling.

Some companies will allow you to add items separately outside your standard personal property coverage.
These are known as "Scheduled Items"
Check with your Broker to see if your company will allow you add your Airsoft guns separately. You will pay a Premium (additional Cost ) on top of your current policy premium.
Most of the time its not really worth adding your guns on separately due to the cost but it gives you an agreement with the insurance company that the Item is worth what is stated on your policy. Just remember the Insurance company can probably replace your stuff for 1/3rd the cost of what you paid for it.

When it comes to an insured Loss there are 2 types of Payouts

Replacement cost means the cost, on the date of the loss or damage, of the lower of:
1. repairing the property with materials of similar kind and quality; or
2. new articles of similar kind, quality and usefulness;
without any deduction for depreciation.

9 out of 10 times when it comes to personal property claims it is paid out as :
Actual Cash Value
The Actual Cash Value will take into account such things as the cost of replacement less any depreciation, and in determining depreciation we will consider the condition immediately before the damage, the resale value and the normal life expectancy.

Remember to always check with a licensed Insurance Broker from your province as coverage can very from company to company and province to province.

Also as Brian said, Liability insurance provided under your homeowners/tenants/condo policy is worth having.

July 11th, 2012, 11:52	#22
Cs Trader rating Join Date: Aug 2011 Location: Toronto	Always Check with a Licensed Insurance Broker Hey Guys What you will want to do first check the type of homeowners policy you have. So for example if you have a Broad or Comprehensive policy ( works the same for Tenant and Condo) ► Broad Form - All Risks building / Named Perils Contents ► Comprehensive Form - All Risks Building and Contents Airsoft items such as guns,mags,vest,masks and bb's all falls under your personal property coverage know as " Coverage C - Personal Property" This is a Standard wording MOST Insurance Companies use ( please read your own policy for clarification ) 1. We insure the contents of your dwelling and other personal property you own, wear or use while on your premises which is usual to the ownership or maintenance of a dwelling. Some companies will allow you to add items separately outside your standard personal property coverage. These are known as "Scheduled Items" Check with your Broker to see if your company will allow you add your Airsoft guns separately. You will pay a Premium (additional Cost ) on top of your current policy premium. Most of the time its not really worth adding your guns on separately due to the cost but it gives you an agreement with the insurance company that the Item is worth what is stated on your policy. Just remember the Insurance company can probably replace your stuff for 1/3rd the cost of what you paid for it. When it comes to an insured Loss there are 2 types of Payouts Replacement cost means the cost, on the date of the loss or damage, of the lower of: 1. repairing the property with materials of similar kind and quality; or 2. new articles of similar kind, quality and usefulness; without any deduction for depreciation. 9 out of 10 times when it comes to personal property claims it is paid out as : Actual Cash Value The Actual Cash Value will take into account such things as the cost of replacement less any depreciation, and in determining depreciation we will consider the condition immediately before the damage, the resale value and the normal life expectancy. Remember to always check with a licensed Insurance Broker from your province as coverage can very from company to company and province to province. Also as Brian said, Liability insurance provided under your homeowners/tenants/condo policy is worth having.