Insuring a gun collection question


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offthepaper
May 1, 2008, 12:48 PM
I've been considering lately, getting some insurance on my modest gun collection. I was the victim of a breakin a couple of years ago and lost 3 handguns. I was reimbursed (lowballed) for the loss under my homeowners policy that tops out at 2k. I have continued to build my collection since then, but have decided I need more insurance for my "babies". I contacted my home insurer who gave me a quote of $700 for 8k worth of coverage. This seems quite expensive to me as my home (about $275k) is insured angainst almost anything for a bit less than $800/year. Not sure how they came up with a price like that.
BTW-I already have the NRA supplemental coverage that comes with membership.
Does anyone know of somewhere I can get about $8k worth of coverage at a more reasonable price?
thanks in advance.

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Jorg Nysgerrig
May 1, 2008, 01:03 PM
This is the company who provides the NRA insurance. You can buy additional coverage for $1.66 per $100 from them.
http://www.locktonrisk.com/nrains/armscare.asp

yourang?
May 1, 2008, 01:10 PM
check out these guys:

http://www.collectinsure.com/

i find them very reasonable



disclaimer: i do not work for these guys at all....although i am
a very satisfied customer.....(i have not had the need to use
them for a claim....i do have a policy with them)

Dismantler
May 1, 2008, 01:25 PM
Your homeowner's insurance will pay the full value of your guns for covered perils like fire. They have, as you found out, a restriction for theft. This is not just for guns, but for silverware, jewelry, furs, and other things that burglars like to steal.

But if your house burned down, you could collect on your guns. The trick is proving to the insurer that you really had them. Photos taken of the guns inside your house, along with copies of receipts are good to have. Indeed, photos of expensive sporting goods, entertainment equipment, camera equipment, etc., are good to have. Keep these photos and receipts at a relatives house. If your house burns to the ground and the photos are burned up with it...:(.

Also note that there is a maximum dollar amount for your TOTAL personal possessions listed on your policy. This will include guns, as well as furniture, pots and pans, blue jeans...all of your personal belongings that are not part of the house.

Do not hesitate to shop around for new homeowner's insurance. Ask for a quote on your home and autos as a package. When I was doing insurance (I am still licensed) I never insured any guns on a floater policy, so I cannot tell you if the price quoted is fair. But do not be afraid to shop around. Independent agents, that represent many different companies can shop several of them for you, and maybe save you hundreds of dollars a year.

offthepaper
May 1, 2008, 07:37 PM
Thanks guys.
Another question I'll have to clarify with my homeowners policy is if the 2k limit is a one time claim. In other words if they paid me $1500 for the last theft, will my coverage only extend to another $500 if something should happen again. I gotta call my agent tomorrow.
Has anyone ever had to make more than 1 claim at different times against a homeowners policy on a FA?

GRB
May 1, 2008, 07:52 PM
My home owner's policy came with $5,000.00 of coverage for firearms; Liberty Mutual.

Picard
May 1, 2008, 08:58 PM
Can't you just get a good safe? Won't that keep people from taking your guns?

TraderJack
May 1, 2008, 11:10 PM
I encountered a new wrinkle from insurance companies a few years ago. I'm a retired Realtor and some insurers are rating homes like credit companies do. In other words your home has a rating that determines whether or not it is insurable.

When a buyer of your home tries to get insurance, the home's insurance history is reviewed and it's either insurable at 'normal' rates or it is a 'high risk' home and the rates are sky high. It may even be 'un-insurable'!

The advice given to me by several companies was to tell home owners to only claim 'catastrophic losses'. In other words, they suggest that the home owner eats the smaller claims like up to $4-5K, and only submit a claim when it is a total loss like a tornado, or earthquake, or fire, or something similar.

The home has a rating... not the home owner! I think it's totally absurd, but...

They seem to have us by the shorthairs here. Most folks can't 'eat' $5K! But if you submit the claim, the Ins. Co will either decline renewal or list your home as a 'bad risk'!

My guns are in a safe in a secure part of the house. I just hope the BGs never get to it. And, I hope it will withstand a fire or worse, but that's about all I can do!

Check with your carrier and ask if they have this policy in place!

Pat McCoy
May 1, 2008, 11:59 PM
The $700 premium is very high, unless you live in an urban high crime area. You can usually add an "unscheduled floater" for items under $2500 each at somewhere between $.80 AND $1.50 per thousand. Specific coverage for more expensive firearms can run slightly higher.

Houses don't have a rating, but the homeowners do (based on claims frequency and credit rating). Companies are interested in prior loss history on the home to be sure it has been repaired before they write a new policy and assume the risk.

Only ten months to go to retirement with 33 years as an insurance agent.

aaronrkelly
May 2, 2008, 03:37 AM
yourang? said:

check out these guys:

http://www.collectinsure.com/

i find them very reasonable



disclaimer: i do not work for these guys at all....although i am
a very satisfied customer.....(i have not had the need to use
them for a claim....i do have a policy with them)

This is who I use to....I have about 18K worth of coverage and it cost me $104.

The ONLY downside is they will NOT insure weapons used on a daily basis. You can take any of the insured weapons out to the range a couple days a month or so and shoot them or take one hunting, no problem there.....but they wont cover your daily carry pistols or guns that are constantly used.

Since I have about 60 weapons, 58 or so of them fell under there stipulations....just occasional use. I left my 2 carry guns off the insured list.

TraderJack
May 2, 2008, 06:26 AM
Houses don't have a rating, but the homeowners do (based on claims frequency and credit rating)
Maybe not in your neck of the woods Pat, but ask anyone from California or Florida - houses DO have ratings.

ImARugerFan
May 2, 2008, 08:04 AM
I have state farm, and I upped the firearms insurance to $10,000 and pay a total of around $500 for the year. Is there a lot of crime where you live?

Animal Mother
May 2, 2008, 08:53 AM
The ONLY downside is they will NOT insure weapons used on a daily basis. You can take any of the insured weapons out to the range a couple days a month or so and shoot them or take one hunting, no problem there.....but they wont cover your daily carry pistols or guns that are constantly used.


Out of curiosity, how would they ever know that the gun you claim was a daily carry piece and not just taken out once a month? Heck I'm sure plenty of people have something suited to CCW that they only take out to shoot once in a great while. I'm not advocating dishonesty, but I'm just curious.

MachIVshooter
May 2, 2008, 09:02 AM
The $700 premium is very high, unless you live in an urban high crime area. You can usually add an "unscheduled floater" for items under $2500 each at somewhere between $.80 AND $1.50 per thousand. Specific coverage for more expensive firearms can run slightly higher.

This is exactly what I did. My unscheduled floater costs me $1.32 per $1,000 in coverage. I only have one gun that's worth more than $2,500 by itself, but I didn't figure it was worth the hassle to insure just that one under a special policy, since it's over that limit by less than my deductible.

MaterDei
May 2, 2008, 09:06 AM
Mr. McCoy,

Congrats on the impending retirement. I was planning on retiring myself in about 12 years but my wife is pregnant again. Number 7. :)

Retirement might be delayed a year or two.

RugerFan, you're paying an aweful lot for your coverage. If Jorg is correct you shouldn't be paying more than $166. Or using an unscheduled floater you won't pay more than $13.20. :D

aaronrkelly
May 2, 2008, 02:16 PM
Animal Mother said:

Out of curiosity, how would they ever know that the gun you claim was a daily carry piece and not just taken out once a month? Heck I'm sure plenty of people have something suited to CCW that they only take out to shoot once in a great while. I'm not advocating dishonesty, but I'm just curious.

I asked them and they said they just take every ones word for it. MOST of my guns are new, high capacity handguns or rifles such as AKs and ARs. They didnt bat an eye....just said I can choose to collect that I want, if thats new guns then so-be it and they would insure them no problem.

I left a Glock 19 and a Glock 26 off the list as "carry pieces".

They were great people, super friendly and nice to deal with.

Seeing what everyone else is paying, such as ImARugerFan paying $500 for just $10K in coverage......well I think I got a deal.

windjammer
May 3, 2008, 02:03 PM
offthepaper.........I have my guns insured thra the NRA. The cost is $16.50 per $1000.00 of coverage. You do not have to give a list of your guns if they are less than $1000.00.

If a particular gun is worth more than $1000.00, it needs to be listed.

The requirement is, you make a list of your guns and have someone verify the list. Sign it and date it. It must be someone other than a family member.

DoubleTapDrew
May 3, 2008, 02:32 PM
Windjammer I think it's $1.66 per 1k. ETA: oops nevermind, that's per $100.

The requirement is, you make a list of your guns and have someone verify the list. Sign it and date it. It must be someone other than a family member.
That's a good idea, just have the sketchy teenager from down the street do it :p

windjammer
May 3, 2008, 04:20 PM
Other than family, there are only two people that I would trust to see my guns.........Some in the family, I wouldn't want them to know either...

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