Insuring your Firearms Collection

[Little Wolf]

Just curious how those of you with firearms, and especially firearms collections, go about protecting your valuables from theft/damage through insurance? Which companies are the best to deal with? Which offer the best coverage at the most reasonable prices? How much of a hassle is it to get reimbursed if one or more of your guns is stolen/damaged in a fire, etc? Do you need to take pictures of everything you have, or will they simply take your word for it?

I live in an apartment so I will need some type of renters insurance. Let me know what's best! Thanks.

 

[BigV]

I purchased a 75,000-dollar rider on my homeowner’s policy. I keep a list of all guns with descriptions and accessories (scopes, night sites, other add on …) along with model numbers and serial numbers on my computer. I update and print a hard copy every time I make a purchase. I keep the hard copy along with all receipts in an envelope at my brother’s house (in case of fire). I also keep all my guns locked up in a fire resistant Browning safe. Firearm insurance is fairly cheap. I believe I pay around $35 a year for the extra coverage. I also made sure I have “replacement value” listed on the policy.

 

[Falconeer]

My homeowners is through USAA; they cover firearms for theft up to $2000, no limit on anything else. Additional coverage is available (I was quoted up to $3000 for anything, no deductable for $60 a year). YMMV

 

[AlanD]

The NRA has good rates on their policy. I have never had a claim.

 

[Ala Dan]

"A piece of the Rock" = Prudential

 

[Master Blaster]

Big V who is your carrier???

The best rates I can find are at least $1.66 per hundred $ of insured value, and
thats the NRA rate.

CAI has the lowest of all for collections about .45 per hundred but only for collections of guns that do not get fired more than once a year.

 

[BigV]

Big V who is your carrier???

I use State Farm.
I have 3 auto’s covered, 2 motorcycles and a boat so I get a pretty good discount on my homeowners insurance.

 

[Jorg Nysgerrig]

This recent thread might help, a lot of people shared their experiences in it.

http://www.thehighroad.org/showthread.php?t=220205

 

[DeadCalm]

As you can see by the replies there are a lot of variables going into insurance coverage. Your location is only one. And the insurance carriers themselves seem to use some very different actuarials that make it worth your while to shop competitively. Just as an add-on, and NOT as a substitute for insurance, spend some time on researching a gun safe too. I spent a painful amount of money on one, not so much for crime, but for fire protection. That includes accounting for the two stories above the safe caving in on top of it if they burn out. With a baby grand piano leading the way. It's nice to know too that only a very experienced safecracker could breach this thing, however unlikely that scenario. I still keep a gun or two out of the safe in case of emergencies, also secured. While there is no "collection" in my house, there are several firearms inherited from relatives that have a rich history and deep sentimental value. No insurance policy could replace that. Good luck to you.
Ross

 

[Zundfolge]

A membership in the NRA includes a free $1000 policy. The company that does this policy has additional coverage available for $1.66/yr per $100 coverage.

I'm in the proccess of making a claim with them for a stolen handgun, so I'll post a full report in the forums when all is said and done.

http://www.locktonrisk.com/nrains/armscare.asp

 

[1KPerDay]

Anyone know how/where I can get my collection appraised for insurance purposes? I honestly have no idea what some of my inherited guns are worth.

 

[45Seventy]

I'm an insurance adjuster. IMO you really don't need to get your guns appraised unless you have some really valuable pieces. I do recommend photographing your guns and keeping receipts or documentation. If you have a loss, any good company will determine the guns' value. Most will do a good job.

Your homeowners or renters policy will provide some coverage for firearms for certain perils. Usually they are insured against fire, but not theft. READ YOU POLICY CAREFULLY since this is not the case with every policy. If your policy does not appear to provide adequate coverage (and most don't), you'll need to buy a rider for your homeowner's policy. Many companies sell a "Sports Equipment" rider that covers firearms up to whatever limit you specify. This rider will provide additional coverage for your fishing gear, binoculars, tree stands, etc. Usually a rider is an "all perils" coverage, meaning you will be protected from all sorts of loss (fire, theft, boat tipping over, etc...)

The point is, read your policy. Determine if the coverage provided by your homeowner's or renter's policy is adequate. If not, inquire with your agent or company about purchasing a rider for your guns.

 

[Sunray]

In addition to what 45Seventy says, always get 'replacement value' for your firearms rider. Otherwise, you'll get the 'book' value if you ever are unfortunate enough to have to file a claim. 45Seventy, does 'replacement value' exist Stateside?
Pictures(think digital) are a great idea. Especially for those inherited firearms. They may or may not be easily replaced. You can't prove you had an original Colt SAA without a picture. It's a good idea to store a copy of every picture off premises too. Pictures can be put on a CD now, even if taken with a film camera. Store a copy of the CD, elsewhere, in case of fire. Make sure you take a good picture of the serial number on the firearm, if there is one. CYA in case of theft.

 

[45Seventy]

Yes, you can get "replacement" coverage in most cases. Be sure to specify it. Otherwise, you may end up with ACV (Actual Cash Value) coverage that may or may not be adequate. One thing I can't emphasize enough is READ YOUR POLICY.

I can't tell you how many times I've heard someone say "I bought 'full' coverage." "Full coverage" means different things to different people. Sometimes, even those that sell insurance don't quite know. You have to read your policy. If you have a loss, it will be paid according to what your policy says, not what you thought you had, or what your agent said he sold you.

 

[Ohen Cepel]

I like Collector's Insureance Agency myself. Much cheaper than USAA or the NRA insurance company, plus collectibles are all they do so I feel pretty good dealing with them.

 

[45Seventy]

One of the problems of going with a different company to insure your guns instead of going with a rider from your homowner's carrier is the "other insurance" clause in just about every policy.

For instance, if you have a homeowner's policy with ABC company, and a gun collector's policy with XYZ company, and you try to make a claim with either, they will likely direct you to make your claim with your other company because both policies will likely have the "other insurance" clause that says "this policy is excess to any other insurance policy." What usually happenes in that case is that both companies end up paying a pro-rata portion of the claim since both have policy wording that conflicts with the other. Your claim will get paid, but it will be a pain in the butt going back and forth between companies and getting them to agree on an amount payable. Then they may squabble over who pays what portion of that amount.

I don't mean to deter you from getting your policy from any company you wish. Unless you have a loss, the only benefit of having a policy is the peace-of-mind it provides. But when you need to you use it, you will discover its true value. You probably don't want to be shuffled between companies after you've just had a loss. It may be EASIER just to stick with your own homeowner's company and a rider.

 

[1KPerDay]

Thanks for the feedback, 45Seventy.