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Insurance for your gun collection?

Discussion in 'General Gun Discussions' started by Kingofthehill, Jan 13, 2010.

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  1. Kingofthehill

    Kingofthehill Member

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    Anyone here have their gun's insured? I need to look closer into it. I think im only covered for $1,500 through my renters insurance but i need to clarify that... and im an NRA member and i thought they were good for $1000..

    but how can I get more? who's reputable? I need to about 10,000-12,000 coverage. Also do they go by used market value or what it would cost to replace it at a shop?

    It would kill me to lose everything in a fire or robbery.

    Also, has anyone had to use their insurance to replace their stuff? if so how well did it work and would your recommend them to others.

    Thanks for the time.

    JOe
     
  2. Flyboy73

    Flyboy73 Member

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    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
     
  3. Keb

    Keb Member

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    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
     
    Last edited: Jan 14, 2010
  4. MinnMooney

    MinnMooney Member

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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.
     
    Last edited: Jan 13, 2010
  5. fractal7

    fractal7 Member

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    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.
     
  6. jcramin

    jcramin Member

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    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
     
  7. Tim the student

    Tim the student Member

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  8. FRJ

    FRJ Member

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    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
     
  9. Kingofthehill

    Kingofthehill Member

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    you guys with the NRA insurance... what kinda of coverage do you get and what are you paying?

    i like the idea of no list of guns and numbers, but if something happened, how would you prove what you had?

    SURE, i had 37 ar-15's, 9 S&W 500's... oh, those Rock Islands? NO... those are Nighthawks. lol

    JOe
     
  10. The Bushmaster

    The Bushmaster Member

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    My home owner/auto/property insurer (State Farm) covers all my $15,000 worth of firearms with a $150 a year rider.
     
  11. Geneseo1911

    Geneseo1911 Member

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    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.
     
  12. Arkansas Paul

    Arkansas Paul Member

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    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.
     
  13. Justin

    Justin Moderator Emeritus

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    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.
     
  14. flintlock62

    flintlock62 Member

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    I do not understand everyone is not an NRA member!
     
  15. Tim the student

    Tim the student Member

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    Why do you assume that?
     
  16. Kingofthehill

    Kingofthehill Member

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    I do not understand the question/statement?.

    Yes, I am member of the NRA.

    Joe
     
  17. gunnutery

    gunnutery Member

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    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.
     
  18. mongo4567

    mongo4567 Member

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    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).
     
  19. blkbrd666

    blkbrd666 Member

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    Is there something more than the default insurance from NRA?
     
  20. Guns and more

    Guns and more member

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    The insurance on my collection is called a "safe".
     
  21. paradox998

    paradox998 Member

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    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.
     
  22. mongo4567

    mongo4567 Member

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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.
     
  23. Jim Reaves

    Jim Reaves Member

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    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.
     
  24. dogtown tom

    dogtown tom Member

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    Since when?:scrutiny:

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

    clamman Member

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    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.
     
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