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Old June 15, 2009, 10:06 PM   #1
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Firearms Insurance

I have a small modest gun collection that grows a little every year. I also have a gun safe mostly to keep my nephews out of trouble, and for fire and theft protection.

My question is to those of you who have your firearms insured do you do it through the NRA, I am a life member, or through a private insurance company that you would recommend? Or as a rider on your homeowners insurance?
Are there any insurance companies that specialize in firearms coverage and do any cover at full value?

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Old June 15, 2009, 11:35 PM   #2
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Most home/condo/renters policies will automatically cover your guns up to $500-$2,500 depending on the insurer. Beyond that they will offer increased limits to $5,000-$10,000 on a blanket basis, again depending on the insurer.

Most will also attach a floater to your policy where you can schedule either a blanket amount or individual guns, and cover you for as much as you need. Firearm floater premiums are usually very low as well.

If any of your guns are collectibles or are not being manufactured anymore, I would definitely schedule them to make sure you received the full value if they were stolen or destroyed. Like any other high valued item you own, it would be wise to keep proof of ownership off premises, perhaps at a relatives house, which could be as simple as some photos of the guns. It's hard to argue values when you produce a photo showing the gun was in mint condition.

25 years as an agent, 6 years as an underwriter, now retired. I've never had any insurer I dealt with or worked for balk at insuring guns.
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Old June 16, 2009, 02:11 AM   #3
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We cover up to $5,000 for "firearms and accessories" in the event of THEFT. If you have a loss due to fire, wind, etc. then your firearms are only subject to your total personal property limits. I'm in Missouri and this is fairly standard from what I've seen. Personally, I just have an additional $5,000 rider on my policy which gives me a total of $10,000 theft coverage.

All policies are not equal, so just be sure to read the fine print and ask your agent. If the company doesn't seem to like the idea of covering your guns then there are plenty of other insurance carriers out there.
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Old June 16, 2009, 09:17 AM   #4
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If you go above $100,000 in guns it is cheaper to buy more guns than the insurance. Up Grade the security system.
And so it goes....
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Old June 16, 2009, 11:12 AM   #5
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If your military or former (not sure on how long out of service you can be) USAA insurance is the way to go. I have them for my vehicle and renters insurance. They took the time for me to read off every gun I have with serial number and tell them what it was worth. I have them all as an extra policy with my renters insurance. I have found them to be cheaper than the other insurance companies also.
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Old July 13, 2009, 10:19 AM   #6
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Gun Insurance

I saw the posts on gun insurance. An alternative to scheduling on home insurance or increasing blanket coverage on home insurance is to purchase an inline marine policy for the gun collection. I am insured with and work for an agency that insures all types of collections - We have our guns insured. For 10,000 of coverage in PA we only pay $64 a year. You only need to schedule guns worth $5,000 or more and no serial numbers are required. They base coverage/claims on replacement value at time of claim. We keep a list and pictures of all of the guns.
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Old July 13, 2009, 10:50 AM   #7
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You need to be aware that Sixer has brought up an important distinction in homeowners insurance policies. Theft is a different "peril" than fire. The coverage is under different sections of the contract and has different limits. Generally speaking (each insurance contract may differ), the coverage limit for theft of firearms is lower than that limit for personal property caused by a fire loss.

So if your concern is loss by fire, check your policy's limit on personal property. If the value of your firearms is not significantly greater than that limit you are good for that type of loss. Theft is a different consideration.
The above is a link to the NRA endorsed insurance program ArmsCare Plus. It charges 0.0174 of the amount to be insured as an annual premium. For example to insure $10,000 worth of firearms the premium would be $166.60. $20,000 would be $340.60. This policy provides for Replacement Cost Coverage.

While Collector's Insurance seems less expensive, I could not determine whether the coverage provided for Replacement Cost or something less like Actual Cash Value.
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Last edited by Mello2u; July 13, 2009 at 11:42 AM.
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Old July 20, 2009, 07:27 PM   #8
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Use Chubb policy from Eastern Insurance

Eastern Insurance ( Historic Firearms ) sells a much cheaper Chubb policy. Beats NRA/ Lockton.
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Old July 20, 2009, 07:45 PM   #9
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Agree with Deerhunter that USAA is an excellent way to go, assuming you meet their 'membership' requirements. I have all my guns on a Personal Article Floater with them. Outstanding company in all respects.
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