Insurance for your gun collection?

My homer owners insurance only covers $1000. I looked at the NRA extra coverage and Collectibles Insurance. I went with Collectibles Insurance due to it being cheaper. They seem to have postive feedback. But i have not had any claims with them.

Brion


http://www.collectinsure.com/index.html

The better rate is actually with Chubb's policy at www.historicfirearms.com

They do not charge an add-on policy fee. Sold by Eastern Insurance.

=======!!!! See below! They are NOT ONLY FOR HISTORIC !!!! ============

Covers what guns you insure.
No list required unless over 50K, no receipts. I pay $140 on $45000. For the math challenged,
that comes to $3.25 per thousand...compare anywhere.

Here is the Rank- Best to Worst
Historic Firearms
Collect Insure
maybe USAA
NRA
Homeowner Rider
Homeowner Policy

Chubb's policy at www.historicfirearms.com

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This seems to cover historic and collectable firearms only.

Do all companies require a list of weapons complete with brand, model, serial number and accessories? Do they want copies of bills of sale, also?

I see that collectinsure.com insures all gun collections and only charges between $5 & $6 per $1000 of coverage. They don't require an inventory ("in most cases") but strongly suggest that the collection owner makes a detailed inventory to expedite any claims.

I actually went and talked to my insurance company the other day about this (State Farm) and it may vary by state but here is generally what I was told. They fall under a policy with "sporting goods". I need to provide them with a list, approximate dates I bought them and how much they would need to cost to be replaced (think if someone gave you an expensive gun as a present it still costs something to replace not what you paid for it). The rate they quoted me was $1.60 per year per $100 of coverage. So for $10,000 it should be $160 bucks for the year.

Being an NRA member, I am using NRA gun insurance. It was about 30% cheaper than going with State Farm and putting on my home owners.

J

These threads may help you:

http://www.thehighroad.org/showthread.php?t=468976&highlight=usaa
http://www.thehighroad.org/showthread.php?t=366962&highlight=usaa
http://www.thehighroad.org/showthread.php?t=475580&highlight=usaa
http://www.thehighroad.org/showthread.php?t=468976&highlight=usaa

I personally use USAA. I think they are a great all around company. You do need to give SN's, which some don't like - but I am ok with them having that info. Mine is a specific rider for guns.

When I checked on this the only insurance that I could find that didn't require a list of serial#'s was the NRA. I won't let my guns be put in a computer bank of some insurance co. We all know how wonderful and aware of our privacy they are. Maybe others don't require the list but NRA gets my vote. FRJ

My home owner/auto/property insurer (State Farm) covers all my $15,000 worth of firearms with a $150 a year rider.

I have been researching this recently as well. I don't have rates in front of me, but my SF agent offered me a "Personal Articles" policy. This is a standalone policy which can cover guns, electronics, jewelry, furs, etc. The premium is based on dollars per year per thousand dollars of coverage. It seemed to me that the firearms coverage cost was roughly 2/3 of what the NRA program or collectinsure wanted. Also, the coverage is supposedly for ANY loss, which apparently includes kabooms and physically losing the item (ie your wife's diamond falls out of its mount), with 0 deductible. The only caveat is that you must list make, model, S/N, and replacement cost, and if the individual item is over a certain limit (I think it was $1500) they want a receipt or appraisal. I think I'm going to go this route as soon as I can dig up the receipt for my wife's ring, which I hid from her back before we got married, and now can't find.

Make sure of what the policy says. I spoke with a man who lost 5 really nice guns in Hurricane Katrina and he got royally screwed. They were all very nice guns, one a mint condition Browning Belgium made sweet 16. They gave him $700 for the five because they said that the values had depriciated over time. He had owned the guns for many years. I'm not sure what company he was with. Just make sure it covers the replacement value.

Not everyone qualifies for USAA.

It would be interesting to know what other options are out there. Preferably for coverage that doesn't require SN's, and covers not only loss due to things like theft or fire, but also from, say, losing the gun in the field due to some unforeseen event, or a catastrophic failure.

I do not understand everyone is not an NRA member!

I do not understand everyone is not an NRA member!

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Why do you assume that?

I have mine covered, although it's a $100 deductable for each gun. I can't think of the company it's through right now.

I use Collectibles Ins, they are cheaper/lower deductible than adding to my USAA home policy. Collectibles does not require serials and you name your coverage amount (fixed value).

Is there something more than the default insurance from NRA?

The insurance on my collection is called a "safe".

I also chose Collectables. I have my collection split between two houses. Since the chance of a loss at both places is rather low, I only need to insure half the value of my collection. No serial numbers or documentation required for firearms less than $5000.

paradox998 - I have my collection split between two houses. Since the chance of a loss at both places is rather low, I only need to insure half the value of my collection. No serial numbers or documentation required for firearms less than $5000.

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If you are implying that you are paying for half the insurance for all the items that you might claim loss on, that doesn't sound very high road to me.

Collectibles Ins doesn't require serials, but they do require a list including good descriptions and individual stated values as well as a location at which the firearms are stored.

Coverage for personal firearms collection

I use Farm Bureau Insurance and they had someone come to my house and appraise my firearms. He determined the replacement cost of each for the insurance policy. His replacement cost was higher than I would have expected. I am totally satisfied with attitude and approach that they utilize.

mongo4567: .... but they do require a list including good descriptions and individual stated values as well as a location at which the firearms are stored.

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Since when?

I have both personal and dealer policies through Collectibles and have never been required to give them a list, descriptions or values.

Nationwide Insurance has a complete list of my collection sans serial numbers. They said that above and beyond the standard $1000.00 coverage the regular contents coverage will take care of it. I hope they wern't jerking me around.