MNGunTalk.com

So, we are updating our homeowners policy.
I would like to raise the value of my firearm coverage, and have a few questions.
What info do insurance carriers usually need?
Make and model, picture, serial # and estimated value?
I'd rather not put too much info out there. Who all will see this info?

Ask your agent.

I have had some companies (even differences between agents in the same company) ask for a breakdown of each gun and accessory (scope/mounts/extra barrels/fitted cases/etc) by serial number, picture, and appraised value (for rare or customized guns) on down to an estimate of total value for the whole works. With that range of possibilities, it is pretty much impossible to give an answer to your question.

If your agent gives you an answer you don't like, ask for other possibilities or try a different company.

My insurance company didn't need any specific info intially. They just increased the replacement coverage and said that if I filed a claim, I would need to show documentation of what all I owned and lost. If I wanted to up the coverage beyond that basic amount of $10,000.00, I would need to make an itemized list of what all I own.

I understand the need for discretion, but no one is forced to insure their firearms. It's all voluntary, so you are going to eventually have to disclose some information to get your stuff covered. It's no different with other expensive possessions like jewelry, cars, boats, artwork, etc.

To get a $30K rider, I had to provide a list of SN's , descriptions and values. Which reminds me I should make an updated list.

A couple things to consider when reviewing firearms coverage. I recommend reviewing your coverage with your agent and reading the policy.... no really...read the policy. Policies and coverage can vary widely from form to form and company to company. Also, as with any advice you find on the internet, this is worth about as much as you paid for it. Proceed at your own peril.

1-The firearm limit is often related to the peril of theft, and may not be applicable to fire, water, collapse or other perils. How good is your safe?

2-Depending on the policy, the limit may include language such as "firearms and their accessories". Now you are looking potentially at you holsters, safe, reloading equipment, cases, bi-pods...you get the idea, included under the applicable limit.

3-If you "schedule" your firearms, you could be limiting a potential recovery if you are not keeping up with replacement cost. For instance an "870" was scheduled for 300 dollars, which was a good number 15 years ago when it was scheduled. But 15 years later, and when you suffer an applicable loss, regardless of the replacement cost for a like kind and quality "870"...which now costs $500, your still getting $300 bucks.

If your agent is decent they should be able to help you navigate how to proceed with sufficient coverage vs cost vs risk.

And here's to you never having to file a claim!

Take a video of every gun and video all your belongings in the house, and keep video in a safe place, Bank etc.

Thanks guys, sounds like I need to itemize like you would with fine jewelry.

MnHornet wrote:Thanks guys, sounds like I need to itemize like you would with fine jewelry.

If you get a policy through NRA, they do not need serial numbers and only ask to itemize guns worth over $2500 each. I have not read the fine print yet though or compared pricing.