May 9, 2023, 08:01 PM | #1 |
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Gun insurance question
Went over my home owners policy with my agent today. My policy will insure basically two guns monetarily. I have significantly more. A policy to insure all of my firearms would run roughly $330/year. Has to be a separate, special policy. But very affordable.
From me they would need make/model/serial # of all firearms and it would also cover optics, class 3 items, etc. not ammo. I know I'm not alone here saying I'm not comfortable with the idea of handing over an itemized inventory list of said firearms. My firearms are very well secured with a steel framed steel door with lugs in the frame. I also installed a sprinkler system in my gun room, along with a few cameras. Natural disasters, a well equipped and determined thief, an overwhelming fire, you get the idea. Nothing is fool proof. I'd like to hear your thoughts. Some of my firearms are antiques with significant sentimental value. In that sense a few are irreplaceable. |
May 9, 2023, 08:56 PM | #2 |
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I use this company: https://collectinsure.com/
They don't require an itemized inventory. I don't know how it works if you have a claim -- I've never had one. I started with them so many years ago that I don't remember what research I did, so I encourage you to do your own. I'm using them, so I guess whatever I found about them satisfied me then, but that was then and this is now.
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May 9, 2023, 09:14 PM | #3 |
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I have a special policy to cover all my guns. Like you i had to give them an itemized list. But this policy covers any loss or damage regardless of it being in my home. I travel with guns and gear (NFA stuff, optics, etc).
Cost is about what you mentioned. It gives me good peace of mind. Over the years I've paid more then the cost of A gun. But, the peace of mind is worth it to me. YMMV |
May 9, 2023, 10:49 PM | #4 | |
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If you don't tell the insurance company what they are insuring, its unlikely they will issue a policy. Alternately, if they DO issue a policy, without a shared, agreed on list of the items, they are free to dispute any claims you make. What comes to mind is, say you have a nice rock, you insure it as a rock, for $5 a year. Someone steals your rock. You want its value from the insurance. Insurance asks, what kind of rock, worth what? You say it was a 10carat diamond worth thousands of dollars. They check their paperwork, "says here, we insured a rock, policy limit $20. Here's a check for $20. I you had wanted insurance for a diamond, that would have been a different policy and fee...
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May 10, 2023, 08:34 AM | #5 | |
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May 10, 2023, 09:42 AM | #6 |
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I use Lockton Affinity. Only have to tell them about firearms over $2500. I have a base amount under my homeowners, then (life member) another amount through the NRA. The Lockton is really if they were all destroyed or stolen, and I'd have to use all three policies. It was cheaper than getting them insured through my Home/Auto/Umbrella carrier.
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May 10, 2023, 11:03 AM | #7 |
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Isn't Lockton Affinity the insurance company that caused a major problem for the NRA several years ago, because (IIRC) either the company wasn't licensed in many of the states where the NRA was selling their policies, or the NRA wasn't licensed as a broker? I don't remember the specifics, but I'm pretty certain that's the company. Caveat emptor.
Hmmm ... some initial research suggests that Lockton Affinity is not an insurance company, they are a broker/aggregator. In other words, they don't insure, they take your money and assign the risk to actual insurance companies.
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May 10, 2023, 11:41 AM | #8 | |
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But LA does handle claims, and they do a great job. |
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May 10, 2023, 03:14 PM | #9 |
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Thank you Gentlemen. This is better information than I asked for. Wasn't really aware of these other options. I have some home work to do. Appreciate the feedback on having had to make claims. Insurance is near worthless if the company drags its heels and doesn't make good on the policy.
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May 10, 2023, 05:14 PM | #10 |
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Sounds like you already have security covered. Theft is my only concern and I feel mine are pretty secure from that as well. If my home were destroyed by fire or tornado, I have enough insurance to cover all personal property to also cover the guns. For me, I don't see any advantage to paying extra just to insure the guns. I'd rather spend $300/year on more guns or better security.
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May 10, 2023, 05:21 PM | #11 |
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Almost all policy limits are $2500 on guns, photo equipment, etc. Are you saying you have enough on "contents" to cover the guns? Or that you only plan on getting $2500 towards guns?
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May 11, 2023, 01:53 PM | #12 |
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Keep in mind with Collectibles Insurance that there is a threshold at which they will require an inventory for private collections (non-FFL).
When working up a policy with them a few years ago, we reached a number that pushed me over a hidden limit and prompted what can pretty much be summarized as, "We are sorry, but the value of this collection will now require a detailed inventory for each piece over $XXX value, and a simple inventory for all pieces of lower value." The average and above-average collections won't require a detailed inventory. But if you own a number of high value items, they may require it. If the number of firearms in your collection hits triple digits (and isn't just garbage guns), expect to provide an inventory.
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May 11, 2023, 07:19 PM | #13 | |
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Do you have any idea what the threshold is? $25,000? $50,000? $100,000?
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May 12, 2023, 11:50 AM | #14 |
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Yea, I was surprised to have that suddenly come up, since the biggest form of promotion for them are other gun owners harping on, "no serial number, no inventory."
I had to dig, but found the emails. Part of the process was done over the phone, and part via email. So I am not certain where the threshold was, but it looks like it was probably $25k as of May 2019.
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May 14, 2023, 09:31 AM | #15 |
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ask your company about putting them on a scheduled property list
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May 14, 2023, 11:13 AM | #16 | |
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May 14, 2023, 01:25 PM | #17 |
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Agreed value is usually better for collectible type items.
Assessments and appraisals can be a pain and very dependent upon the individual appraiser; and then that value is usually fixed until you get a new appraisal to modify the policy. I don't know of one for firearms, but Hagerty, at least when I still had a classic car insured through them, had policies available that were agreed value and had a buy-up option for a "hot market" adjustment (up to something like 4.5% over agreed value).
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