Firearm insurance?

[Mastrogiacomo]

I'm a life member of the NRA and I've got a number of guns in my collection (plan to buy more as well). I've been nagged in the past by family to get insurance for the guns. I can't imagine going out with the entire collection to get them appraised....what does everyone do for their guns regarding insurance? I know next to nothing on this subject and would appreciate hearing from folks. Thank you in advance.


Laura

[PT-92]

I cover my firearms with the NRA's Firearms Insurance Policy available for free to all members I believe up to $2500 in value. If you wish to buy additional coverage for your guns you can pay based on the additional value in excess of $2500 (very resonable rates to be sure). I'm happy with it and yes I do know several people that have unfortunately had to (successfully) submit a claim.

I personally chose not to pursue the matter with my insurance company simply because the NRA program suffices and perhaps, more importantly, I really don't want them knowing my business.

[Mastrogiacomo]

That's a good point. Thank you for the reply.

[Dragline45]

How are guns actually valued, by their new price or used?

[John Fritz]

If you own more than two or three firearms you have to get some insurance. Might I suggest Eastern Insurance. No appraisal, cheap. I used State Farm for years and these guys blew them away. So to speak. But anyway, get yourself some insurance.

From my experience guns are valued by insurers at their replacement cost.

[Auto5]

I'm with PT-92. Since I already got the first $2,500 free, buying the additional coverage was a no-brainer.

[Snyper]

How are guns actually valued, by their new price or used?

Most things can be insured either for actual value or replacement costs.
The biggest difference is the premiums will be higher for replacement values

[Mastrogiacomo]

Has anyone ever used the NRA for the free coverage and another insurance company for additional coverage? Or does it need to be under just one insurance company?

[johnwilliamson062]

I suggest checking into SafeCo. Last I checked they consider firearms to be normal personal property with no specified limits in their homeowner policy. I doubt anyone insures firearms at a lower rate than Safeco insures personal property. Just go to their website and find an independent agent that represents SafeCo in your area and ask him/her about it.

I would not buy insurance from a company that is not represented by independent agents(through an independent agent), EXCEPT Amica Mutual. The customer service awards they have racked up is absurd.

[BigJimP]

Talk to your homeowners or renters insurance agent ....there are some companies, in some states ( insurance policies vary by state) ....that do not have a sub-limit of "Theft" on firearms --- Safeco is one in my state.

Most policies have sub-limits for "theft" only on Firearms...maybe a $ 2,500 limit. But firearms are covered, like all your property, at replacement cost - for fire, etc. Just make sure you have enough personal property coverage - for your clothes, furniture, guns, etc...if you had a bad fire.

Some policies you can increase the sub-limit for theft - to maybe $5,000...but you'll still pay a deductible ....

If you schedule your guns - by mfg, serial number, value ( you'll need to have replacement values ) ...you have to list each gun specifically / and you'll pay a premium for the value - but its not actual cash value - its always replacement cost. Bad thing about scheduling - you have to keep the list up to date /you get no automatic coverage for a new gun / you have to add it / if you sell a gun you have to remove it ...so its your responsibility to keep it up / and to keep up the values.

Most insurance companies - give you 10% of your personal property coverage on the policy ( say its $ 100,000 on policy ) then you'd only have 10% or $10,000 away from premises ( like in trunk of your car at the range )...

If you schedule the guns - it removes the sublimit / and it usually removes the deductible.

Rates vary a lot by state...check with your agent.

NRA's insurance may be all you need - they have info on their website / and it would keep a claim off of your homeowners insurance if something comes up.

[LarryFlew]

ditto on calling your agent. I found my auto owners would cover my guns for a LOT less than the NRA extra would run me for more and it's based on what I value my guns at.

If you schedule the guns - it removes the sublimit / and it usually removes the deductible. usually worth doing in the long run

[Bill DeShivs]

http://www.collectinsure.com/
These guys have been insuring firearms for years. Take a look at their website.

[madmo44mag]

Call your home owners insurance agent.
Insurance is regulated by the state.
My home owners policy includes up to $10,000.00 in firearms loss or damage as part of the policy.
If say I drop a gun and it is damaged it will cover the repair cost.
That blew me away when my agent showed me that in my policy.

[Bill DeShivs]

Collectinsure was a LOT cheaper than my homeowners! I think they have rates on their site.

[shooterbob]

I did a claim with Safeco and they practice devaluation and also only pay partial value unless you replace them with the same gun. They won't pay replacement in a cash value. They pay a devalued price of the value of the gun. They also devalue the gun by quite a bit. I checked up on Nra plan and its a good value even up over 15000.00 They offer replacement value as well. A lot of companies don't insure more than 1500 sometimes without a rider added to the policy, same with jewelry. Be sure to check with your company on your coverage.

[johnwilliamson062]

I did a claim with Safeco and they practice devaluation and also only pay partial value unless you replace them with the same gun.

This is generally true of replacement cost on anything. For electronics and such where used is not always available and models are discontinued regularly there is some leeway, but the insurance company isn't going to upgrade you from a 24" Vaio to a 40" SOny because the prices on flatscreens droped the last 5 years and you want to add $100 to the pot. Actually, they might, but they aren't legally bound to do so by the contract.
Collectors insurance is cheaper than scheduling in most cases. I have never seen it cheaper than personal property rates.

[North East Redneck]

Quick question- any of you know about ins for ammo stocks and reloading supplies? If stolen or destroyed in a fire do they need coverage above and beyond home owners ins? I would think they would.
Also, NRA or other firearms ins cover air guns? I own a few air rifles that are worth more than many of the firearms I own. Thought I'd ask the members here for real life experiences before I talk to an ins agent. I tend to believe you guys know more than someone trying to sell me a product I may or not need.
Thanks.

[Lucas McCain]

IMHO the best firearm insurance that you can have is a good gunsafe. A good gunsafe don't cost much more than a gun an a scope.

[Aguila Blanca]

Originally Posted by Bill DeShivs

http://www.collectinsure.com/
These guys have been insuring firearms for years. Take a look at their website.

I second this suggestion.

They have been doing it for years, and they don't make it difficult. Their rates will almost certainly be lower than adding a rider to your homeowners coverage.

Beyond that, I'm not sure I want my homeowners insurance company to know I have guns in the house. They might increase my general liability premium ... or they might simply drop me.

[KeeperOath]

I for one do not trust private insurance companies like American Family and State Farm for example only. If Big Government begins taking our firearms, they will contact the Insurance Companies doing business in your State.

My Father was a Retired Insurance Agent and I still did not trust. So I agree, a high quality fire retardant Gun Safe bolted to the floor/wall is much better.

Of course I trust my dogs and cats.

[PT-92]

Lucas McCain

IMHO the best firearm insurance that you can have is a good gunsafe. A good gunsafe don't cost much more than a gun an a scope.

Agreed, if you have several or more guns I think it arguably mandates that one purchase a "good" Gun Safe--Now in a perfect world that would mean a Liberty or the like Gun Safe but in reality it's way too much for many people to swing (including myself I might humbly add ). So I bought a safe 10+ years ago of which I outgrew and I followed that up this past Christmas with another 'smaller' safe (promising myself and family that I am done with gun purchases for a "long-time" ). Point being that if you get a "sufficient safe bolted down, alarm system (again not necessary to "break the bank" here either), "family dog" (not to go off on a tangent but I see too many idiots treat dogs cruelly like hyenas) followed up with the aforementioned insurance of the OP you can rest assured while at work, vacation, away that you have done absolutely ALL within your power to secure your treasures (heck guns are 90%+ of what's in there but it holds other valuables as well).

[Bill DeShivs]

A safe will not protect from fire or water damage - even the "fire safes."
If you have a dozen or so guns, a good safe is advisable but you probably need insurance coverage any way.

[johnwilliamson062]

A good safe buys you at most one break in. If the thief is an amateur they will come back later with someone who knows what they are doing. If they are not an amateur they will make short work of your safe then and there.