Firearms insurance

[LumberZach]

Hey All,


I know this has been brought up before, but I thought a new thread would be beneficial to everyone.


I have to get a new homeowners insurance policy now, and they said they would cover up to $2,500 in firearms on the policy. Any more than that and I would need a separate policy and send them a list of guns with serial numbers and value on each. $2,500 doesn't come real close to covering my current collection, and I certainly intend to keep buying more in the future. I'm just not comfortable sending a list with serial numbers though.


How many of you guys have an insurance policy on guns? Do you think it's worth it? Or should I take that money and buy a graffunder safe and call it good?


Unfortunately the gun vault isn't going to work out for a few more years...

[gun_fan111v2]

Safe only covers your property at home, so I say yes for insurance policy in addition to the safe. Companies like NRA and Collectibles Insurance out there have better rates and do not require to submit the list unless you are filing a claim.

I am also not confident in a safe in case of house fire. Imagine all those plastic guns melting over your nice 1911s - scary

[OldmanFCSA]

$2500 doesn't even cover cost of a good target rifle, and I won't give out a list of Serial Numbers.
Ask your insurance company for a list of all employee's SS numbers. Watch their response.

[igofast]

Not really answering the question, but to give perspective on cost.

Historic Firearms/Eastern Insurance has the lowest rates with positive feedback I have found:

https://www.easterninsurance.com/insurance-quotes/personal-insurance/historic-firearms

Their standard rate as of 8/31/16 was .33 per $100 of coverage with a $250 deductible and included NFA items. No serial numbers required unless an individual item is valued at over $10,000.

[BigBlue]

Shop around for different homeowners insurance. I found that many do want the list of serial numbers up front, which is not acceptable to me. But Farmers is OK with providing blanket firearms coverage without a list of the guns and a promise to provide the serial numbers later if/when the guns are stolen. I was able to add the additional coverage I needed above their standard $3000 limit for around $7 per 1000 of value (annual amount). If you're anywhere in the west or SW metro area or beyond PM me for the name of a great agent.

BB

[mmcnx2]

I have a rider on my home owners and yes I must provide serial numbers and values on each. I found the 3rd party folks a little small time to be comfortable. I've got all my cars, boats, cycle, camper, home umbrella and riders for extras with one company. I have had a few claims in the past 20 years and they have always paid fast and without question. I may not have the cheapest rates but I sleep well. Not sure why folks are concerned about serial numbers with your agent, in most cases they also have your social security number and half the other important information of your life.

[shooter115]

My policy covers full replacement for fire. For theft or loss I was able to negotiate them to cover up to $7500 on my normal plan, then went with a rider for another $10K in coverage, that I think is like $90 a year. Yes I did have to give my serial numbers, description and values, but I see no issue with that. Plus I have the coverage through the NRA.

[ShooterMcGavin]

Would probably have to take into account cost of guns vs. the insurance plan coverage and cost. What's the cost of the insurance?

[BigBlue]

Would probably have to take into account cost of guns vs. the insurance plan coverage and cost. What's the cost of the insurance?

Look up 3 posts before yours...

[crbutler]

So, does the homeowners or rider coverage cover for loss in transit or while hunting (especially out of country)?

Will it cover damage as well as loss?

My answers received were pretty vague from the insurance agent and I went with specialty insurance through a hunting group.

this covers for all purposes...but it's substantially more expensive than $7/1000 per year.

[UnaStamus]

I have State Farm, and I have a separate blanket policy for firearms up to a specific amount without having to provide further information on my firearms. My guns and accessories exceed that dollar amount, so I have opted to get proper coverage. I have no problem providing my serial numbers, but then and again, I'm not paranoid about the government somehow getting my gun through my insurance company. With any high-dollar item you have insured, you have to provide identification information or proof of authenticity for those items. This is nothing new. You must provide your VIN for motor vehicles. If you have a vehicle without a VIN, you have to provide a unique manufacturer serial number, if it has one. If you insure expensive watches or jewelry, you must provide any serial numbers available. Anything that does not have a serial number often times must be appraised and you must show certificate of appraisal or certificate of authenticity from the manufacturer if the value is well established. If I were an insurance company and you wanted me to insure an $8000 Accuracy International AX rifle, or a $62,000 Beretta SO Sparviere 12ga shotgun, I would make you prove ownership of the gun. This prevents fraud. It also aids in identification of items if they are stolen, should you not have those serial numbers documented.

[LumberZach]

I hear what you guys are saying. I'm happy to hear plenty of companies don't require the serial numbers. It's not a total deal breaker, but if I can avoid it I will opt for a policy without that. Obviously if I acquire guns in the tens of thousands mark I would not have a problem providing specific information for insurance, but a collection of assorted ar's and pistols shouldn't need serial numbers in my opinion.


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[Holland&Holland]

So, does the homeowners or rider coverage cover for loss in transit or while hunting (especially out of country)?

Will it cover damage as well as loss?

My answers received were pretty vague from the insurance agent and I went with specialty insurance through a hunting group.

this covers for all purposes...but it's substantially more expensive than $7/1000 per year.

USAA's policy covers damage as well as loss up to the stated value both in transit and while hunting or shooting. Best policy I have found. Not cheap but good.

[28_days]

Try Collectibles Insurance.

[Jack's My dog]

So, does the homeowners or rider coverage cover for loss in transit or while hunting (especially out of country)?

Will it cover damage as well as loss?

My answers received were pretty vague from the insurance agent and I went with specialty insurance through a hunting group.

this covers for all purposes...but it's substantially more expensive than $7/1000 per year.

USAA's policy covers damage as well as loss up to the stated value both in transit and while hunting or shooting. Best policy I have found. Not cheap but good.

My choice would be to find an endorsement for replacement cost for a specific "firearms" limit, and then make sure I had some head room on the limit. If you suffer a break during a panic-good luck replacing your $500 DPMS for that cost. I hear a lot of good things in the industry about USAA, but I think you need to be a Vet or family member to get a policy.

*****Read any policy you sign as it is a contract, and they all have variations in coverages.***

Here are a few things to consider-

Stated value is a 2 edged sword. If your value sky rockets prior to a loss, you will not be able to fully recover your loss. It is your responsibility to maintain the proper
valuations.

-$2500 Firearms sub limit is often only for the peril of theft.

-The sub limit for "firearms" can also sometimes include accessories. Your RRA AR with a good optic and mount, sling, mags, etc. could blow the $2500 limit. Does reloading equipment count as an accessory?-possibly

-A firearm specific endorsement, may refer back to your homeowner's policy regarding property away or in transit, or could spell out its own coverage. The status of being "away" may limit coverage.

-Insurance sales people or often vague on coverages, because they do not want to be on the hook for committing to a coverage that isn't in the policy.