I was talking to my State Farm agent today and found out that my collection of firearms is not covered in the contents of my house. For 50k in coverage they can offer 815.00/year for complete coverage. I'm wondering if this sounds about right or if there's a better way to go about covering your collection rather than a general insurance agent.
Firearm insurance..
- Thread starter Wastemore
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Ohio Rifleman
Member
The NRA does offer firearms insurance. I know that for just being a member, you automatically get $1000 worth. If you want more, you have to pay, obviously. But it's still a sweet deal. Especially since, right now, both of my guns don't add up to $500.
duck911
Member
$815 a year on 50K sounds WAY high. And, do you NEED $50K insurance?
My insurance company quoted me on a rider policy on our homeowners. If I recall correctly, it was about $6 a year per $1000 coverage, no deductable.
Doing the simple math, I could do $25,000 in coverage (and by the way, the rider also includes lost/damaged jewlery, electronics, etc) for about $12 a month.
Even at $50K coverage, that'd only be $300/year...much higher than your quote.
--Duck911
My insurance company quoted me on a rider policy on our homeowners. If I recall correctly, it was about $6 a year per $1000 coverage, no deductable.
Doing the simple math, I could do $25,000 in coverage (and by the way, the rider also includes lost/damaged jewlery, electronics, etc) for about $12 a month.
Even at $50K coverage, that'd only be $300/year...much higher than your quote.
--Duck911
rkh
member
NRA offers free coverage for up to $1K, and charges $10/yr for each additional $1K. 'NRA sounds like a better deal
orionengnr
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skipjack
Member
"Doing the simple math, I could do $25,000 in coverage (and by the way, the rider also includes lost/damaged jewlery, electronics, etc) for about $12 a month"
Not doubting your word, but I would suggest double checking the inclusion of other items on a rider. Riders, or more correctly, inland marine floater policies generally cover specific items. For example, they will ask for a list of firearms and the value of each. Same goes for jewelry. Usually, serial numbers of firearms are not required to be submitted, but as much detail as possible should be provided. Beware of blanket coverage, as this is often limited to a max of $1000 per item. Beware of coverage where a safe discount is given as the item may not be covered when it isn't in the safe.
I have been an insurance agent for the past 22 years, and have written many of these policies. The areas of typical homeowners policies where items have limitations of coverage (in addition to firearms) are usually jewelry, watches, furs, silverware, tools, cash and bearer bonds. This limitation typically only applies to theft losses. I say typically and usually, because there is no set regulation of insurance on a federal level.
Each state has it's own insurance regulations and policy forms.
$800 plus may be high, depending on your location. I would definetly check with NRA, and also google firearms insurance. There is a policy that I have seen offered at gun shows that seemed to be really reasonable.
Good luck and hope this helps!
Not doubting your word, but I would suggest double checking the inclusion of other items on a rider. Riders, or more correctly, inland marine floater policies generally cover specific items. For example, they will ask for a list of firearms and the value of each. Same goes for jewelry. Usually, serial numbers of firearms are not required to be submitted, but as much detail as possible should be provided. Beware of blanket coverage, as this is often limited to a max of $1000 per item. Beware of coverage where a safe discount is given as the item may not be covered when it isn't in the safe.
I have been an insurance agent for the past 22 years, and have written many of these policies. The areas of typical homeowners policies where items have limitations of coverage (in addition to firearms) are usually jewelry, watches, furs, silverware, tools, cash and bearer bonds. This limitation typically only applies to theft losses. I say typically and usually, because there is no set regulation of insurance on a federal level.
Each state has it's own insurance regulations and policy forms.
$800 plus may be high, depending on your location. I would definetly check with NRA, and also google firearms insurance. There is a policy that I have seen offered at gun shows that seemed to be really reasonable.
Good luck and hope this helps!
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duck911
Member
Great advise, skipjack!
My wife works for AmFam so she works out the details and knows what the policy will and won't cover (we haven't purchased it yet) but this is a great heads up for other folks shopping for this kind of coverage!
--Duck911
My wife works for AmFam so she works out the details and knows what the policy will and won't cover (we haven't purchased it yet) but this is a great heads up for other folks shopping for this kind of coverage!
--Duck911
I have West Bend Mutual Ins. They cover any firearm up to $200 each included in policy no additional charge. 0.65 per hundred declared value per year after that. I took pics to agent and adjuster along with Blue Book for proof of value. I was told no problem should anything happen. I have mostly antique and c&r guns.
It might be, that's why I asked.I figured someone has most likely been down this road before and could advise me. An agent is even better(thanks, Skipjack).
I suppose I really don't need 50k.. Heck., I don't need insurance at all. If I had 25k in coverage and my collection was stolen I'd be 25k in the hole to replace my things. At this point my collection is at 47,234.19 in replacement cost. I'm always adding to it, so 50 probably won't be enough to be honest.
It doesn't make sense to me to spend thousands of dollars on something I enjoy so much and then skimp on the insurance. It's like these guy I see storing 5k worth of firearms in a 100.00 walmart "safe"...
Is your collection worth real protection or just something that gives the illusion of protection?
skipjack
Member
This thread got me curious, and I found this:
http://www.locktonrisk.com/nrains/collectorsGunCollApp.html
It looks like 50K with the NRA plan would be about $335 per year. They assume you are a member, and the first $1,000 is paid by your coverage as the basic membership benefits.
http://www.locktonrisk.com/nrains/collectorsGunCollApp.html
It looks like 50K with the NRA plan would be about $335 per year. They assume you are a member, and the first $1,000 is paid by your coverage as the basic membership benefits.
Starter52
Member
Maybe we are looking at "insurance" the wrong way. I can get a decent gun safe for the same $815 that State Farm charges for one year insurance.
Add up a few years' premiums and I have a REALLY good safe.
Add up a few years' premiums and I have a REALLY good safe.
mpmarty
Member
Get the insurance
A gun safe won't pay for a rifle that falls down a mountain and gets all beat up, an Inland Marine Floater will. All risk coverage not named peril and anywhere in the world. I had a rifle rack in a ramcharger sport utility come loose while traversing some really rough ground. Dropped a 378 Weatherby with a 4X10 Leopold scope onto an ammo box. Insurance paid to replace the scope 100% plus paid to send the rifle to ANYBODY I WANTED and get it refinished.
A gun safe won't pay for a rifle that falls down a mountain and gets all beat up, an Inland Marine Floater will. All risk coverage not named peril and anywhere in the world. I had a rifle rack in a ramcharger sport utility come loose while traversing some really rough ground. Dropped a 378 Weatherby with a 4X10 Leopold scope onto an ammo box. Insurance paid to replace the scope 100% plus paid to send the rifle to ANYBODY I WANTED and get it refinished.
I use Collectibles Insurance Agency and have been happy so far. I have not had a claim so I have no idea what they are like if things go south but they came highly recommended. I pay around $200 per year for $40,000 of insurance.
http://www.collectinsure.com/
http://www.collectinsure.com/
hwp
Member
Skipjack I need to correct your post just a bit.
Inland marine floater policies and riders are two seperate things. A rider is an endorsement added to an existing policy such as one's homeowners policy. An inland marine floater policy (aka floaters,personal article floaters,etc) is a totally seperate policy with seperate exclusions written as seperate "business".
Riders/endorsements are usually more restrictive than floaters.
I didn't want to nit pick but riders are not inland marine policies.
Inland marine floater policies and riders are two seperate things. A rider is an endorsement added to an existing policy such as one's homeowners policy. An inland marine floater policy (aka floaters,personal article floaters,etc) is a totally seperate policy with seperate exclusions written as seperate "business".
Riders/endorsements are usually more restrictive than floaters.
I didn't want to nit pick but riders are not inland marine policies.
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