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Old November 14, 2012, 08:00 PM   #1
K1500
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Gun Insurance

What do you guys with sizeable collections do about insurance? My homeowners policy is 5,000 max, and doesn't cover any loss outside the home. Plus there is a deductible. The agent can write a separate policy naming each firearm, sn, etc, but in his example the price was around $250 per $10,000 of coverage. This is zero deductible, and includes losses outside the home.

I know I have some basic coverage via the NRA (I am looking that up right now). Give me your opinions of companies, policies, etc. Thanks.
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Old November 14, 2012, 10:08 PM   #2
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I just went through this recently with AAA. With out giving to much away on the net of my guns and what I have . A simple rider for guns worked for me . I do not have any high dollar gun ($5,000+ each ) so they did not have to come out and inventory my guns . I am right at that border line limit and really over my policy limit compared to what my guns a worth . It was a trade off so they did not have to come and see what all I had . I will have to show recepts if I were to file a claim . I never asked if my policy covers theft or lose outside the home . Im going to check that out in the morning

There is something very VERY important everyone should check with there policy and there insurance company . That is , what all does the policy cover . It took me asking many times and many different service reps to find out that my regular polcy does not cover all the gun accessories . Like scopes , holsters , mags etc and if your like me thats alot . The individuel gun rider covers all aspects of the guns and accessories . Now when you include all my accessories I am way under insured .

I would say If your guns and accessories are worth more then $10,000 you will need the insurance company to come out and inventory your guns and accessories . Especially the ones you do not have recepts for .
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Old November 14, 2012, 10:32 PM   #3
Long Path
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I've not looked at it lately, but I used to have a bit of insurance from Lloyd's of London through my NRA membership.

My homeowner's policy covers $10k automatically, and I upped it another $10k, just be covered.
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Old November 15, 2012, 06:30 AM   #4
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www.collectinsure.com
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Old November 15, 2012, 09:36 AM   #5
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Real collectors likely have specific policies. I just added a renter's insurance rider on my car policy - I don't have that many and they are not irreplaceable so a few thousand in coverage works for me for now.
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Old November 15, 2012, 10:05 AM   #6
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Aguila Blanca listed where I have my insurance through. I could not be happier. I have a $35,000 policy for my firearms. They have great rates and offer excellent coverage.
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Old November 15, 2012, 10:39 AM   #7
PeterGreg
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Personally I don’t count on my homeowners insurance(Am Fam) for any substantive coverage so I have a policy with collectables insurance.

My arsenal is modest but for only the cost of one dinner out for the wife and I the firearms are covered at replacement value.
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Old November 15, 2012, 10:42 AM   #8
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+1 to www.collectinsure.com

I have a policy through them and it is very reasonable. They came out much lower than USAA for me.
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Old November 15, 2012, 07:53 PM   #9
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On most homeowners insurance, the limit is applicable to theft only. Other perils are covered to the policy limit of the policy. Might be a good idea to read your policy. A lot of agents and adjusters don't understand it either. (I adjusted claims 30+ years and made the mistake for years)
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Old November 15, 2012, 08:49 PM   #10
Kevin Rohrer
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The one time I checked into it, my insurance company at the time wanted $3 a hundred. I bought a safe instead.
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Old November 15, 2012, 08:55 PM   #11
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Another vote for http://www.collectinsure.com/
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Old November 15, 2012, 09:03 PM   #12
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Quote:
Originally Posted by Kevin Rohrer
The one time I checked into it, my insurance company at the time wanted $3 a hundred. I bought a safe instead.
the safe doesnt protect 100% in fire, flood and theft. Also what happens when you lose it or if its stolen outside of the home?


call your homeowners insurance and ask for an inland marine policy for your firearms.
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Old November 15, 2012, 09:04 PM   #13
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Osbornk is right. On homeowners no limit except theft as long as it's a named peril or not excluded. No problem with settlement on normal guns, but collectors items should use a specific policy where appraisals are required to schedule and value. Otherwise, the company will fight you tooth and nail on items that have appreciated and you have no proof other than charred and melted metal in a fire. Same is also true with jewelry, fine art, antiques or any other collectibles that appreciate in value. Also, scheduled items are a floater and generally cover them while away from you residence except where specifically excluded.
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Old November 15, 2012, 10:05 PM   #14
K1500
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My HO policy has a $5,000 limit on firearms, and I had to bump that up from $2,500. They offered a separate scheduled policy if i needed more. I will look at collectinsure. If you dont mind, about what are you collectinsure guys paying annualy per $1000 of coverage?
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Old November 16, 2012, 09:28 AM   #15
PeterGreg
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The main reason I went with collectibles instead of just my homeowners is the agent admitted that in replacement the company would select the cheapest available gun.

If you have say a Winchester MD12 the replacement would be any pump and not another MD12, so it's not just the quantity cost I had to consider but the quality cost of each gun.
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Old November 16, 2012, 10:51 AM   #16
Kevin Rohrer
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Insurance is Not An Alternative to Being a Responsible Gun Owner

Quote:
the safe doesnt protect 100% in fire, flood and theft. Also what happens when you lose it or if its stolen outside of the home?
Fire is a small concern. Flood and theft inside my house is not a concern. If I get something stolen outside my house, I deserve to be punished for being stupid enough to allow it to happen.

My insurance covers a basic figure, after my $1000 deductible.
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Old November 16, 2012, 08:30 PM   #17
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^^^^

Then why did you say you bought a safe. It seemed like you said you thought your ins co wanted too much $ for coverage so you bought a safe instead. If you're not concerned with fire flood theft then of course you have no use for insuring your firearms.
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Old November 16, 2012, 10:20 PM   #18
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I went through the hole get insurance or buy a safe pickle . I almost went with a safe . IMO I would need a safe that was fire proof-ish and be unable to be broke into . A safe is a life time investment . It would need to be big enough for what I need now and in the future . The cost for someting like that was $2,000+ not includine set up ( bring it in my house and putting it where I wanted . ) so lets say minimum $2,400 . For $2,400 I can have all my guns insured for full replacement value for 25 years . I went with the insurance and bought a new gun with the money I saved cus I did not have to put out that $2,400 all at once .
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Old November 16, 2012, 10:54 PM   #19
nate45
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I have an itemized rider on my home owners. My firearms are each fully insured, for the amount I requested, against theft, fire, etc.
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Old November 17, 2012, 12:02 PM   #20
Kevin Rohrer
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Quote:
If you're not concerned with fire flood theft then of course you have no use for insuring your firearms.
Correct. I have no firearms insurance beyond what the basic policy covers. My safe provides all the insurance I need.

No amount of money will replace most of the firearms I own due to their uniqueness or nostalgia, so I don't bother to pay the insurance company money for something that can't be replaced.
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Old November 17, 2012, 01:13 PM   #21
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I have a personal affects floater that specifically covers each firearm at it value. Very reasonable rates.
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Old November 17, 2012, 01:36 PM   #22
CharlieDeltaJuliet
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I keep the majority of my firearms locked in my safes, but still have insurance. Just one of my 50bmgs would hurt my wallet to replace. To me it is a no brainer(might be different for others) My safes are to keep thieves from carrying my firearms off, the insurance is for fire and any other damage that might incur. I set the values of the total policy and they let me write values on my higher end firearms,so if anything does happen, I can at least be compensated somewhat.
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Old November 19, 2012, 07:33 PM   #23
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I simply added my collection to my home owners insurance. The additional cost was very reasonable.This protects them from theft, fire, etc. I had my collection appraised to prove what they were worth. Any additional firearm I buy I simply have to take the receipt to my insurance agent and have it added to my policy.
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Old November 20, 2012, 05:44 AM   #24
Master Blaster 2
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I have too many guns to insure them. I could buy a dozen extra guns a year for the premium I would have to pay.
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Old November 21, 2012, 07:43 AM   #25
Rembrandt
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Self insured....I'd rather assume the risk than pay someone for it.
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