Insuring your firearms


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stonecutter2
March 10, 2011, 10:22 AM
I was just wondering - does anyone have additional insurance on their firearms? Any recommendations on this? I know a homeowner's policy will cover some stuff, but for example would it make sense to insure my collection against theft?

I know there are factors in this such as total value of one's gun collection, but let's say I have a CMP M1 Garand, a Glock 19, and a Springfield 1911A1 GI Model. That's easily over $1500 right there in cost to replace if something happened.

I would be interested in hearing people's thoughts on this. I'm considering some personal articles policies on my possessions and wondered if anyone's done something similar.

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PRM
March 10, 2011, 10:27 AM
The NRA offers insurance ~ you pay for the dollar amount you want (XX per $1000). Anything over a set amount per firearm is considered scheduled and requires the gun have an appraisal. I think its still $1500 on those guns.

stonecutter2
March 10, 2011, 10:29 AM
The NRA offers insurance ~ you pay for the dollar amount you want (XX per $1000). Anything over a set amount per firearm is considered scheduled and requires the gun have an appraisal. I think its still $1500 on those guns.
Ahh, cool. I'll look into that - thanks!

ProShooter
March 10, 2011, 10:30 AM
Are you an NRA member?

NRA members now get $2500 of insurance for their firearms, just from being a member.

As a recruiter, we can offer a one year membership for $25 rather than $35, and you get all the benefits of membership including the insurance.

Join here - http://membership.nrahq.org/default.asp?campaignid=XP019625

Chester32141
March 10, 2011, 10:35 AM
I use this company ... about $89/yr for $10,000 of coverage ... no deductible ... all peril ... easy app and easier quotation ... no appraisal required on any of mine ...

http://www.collectinsure.com/cost.html?gclid=CN7O-bGpxKcCFQXu7QodgESaDg

fractal7
March 10, 2011, 10:39 AM
Call whoever is in charge of your homeowner's insurance and they will give you a rate for firearms, like a previous poster said, of some $XX.XX per $1000 of coverage and you put together a list of items you want to insure.

Although its good to know the NRA limit went up from $1000 to $2500

ProShooter
March 10, 2011, 10:43 AM
Although its good to know the NRA limit went up from $1000 to $2500

Yep, $2500 insurance for $25 ain't too shabby!

stonecutter2
March 10, 2011, 10:51 AM
Are you an NRA member?

NRA members now get $2500 of insurance for their firearms, just from being a member.

As a recruiter, we can offer a one year membership for $25 rather than $35, and you get all the benefits of membership including the insurance.

Join here - http://membership.nrahq.org/default.asp?campaignid=XP019625
Not an NRA member, but now looking into it. Thanks!

stonecutter2
March 10, 2011, 10:52 AM
Although its good to know the NRA limit went up from $1000 to $2500

Yep, $2500 insurance for $25 ain't too shabby!
This is definitely a pretty good deal.

Owen Sparks
March 10, 2011, 10:55 AM
Do insurance prices go down if you have a safe? Fire is about as big a risk as theft isn't it?

ColtPythonElite
March 10, 2011, 11:00 AM
Read your homeower's policy regarding fire....My homeowner's policy considers firearms as personal property when it comes to fire. The cap for coverage is for theft only....The reason for this is ownership is easy to prove for a fire because the guns will still be there. Theft is too easy to fake.

Tom488
March 10, 2011, 11:00 AM
I also went with Collectibles Insurance... about half the price of the NRA-sponsored insurance. I've been with them for a couple of years now.

CyBuzz
March 10, 2011, 11:44 AM
Has anyone ever had a claim with Collectibles Insurance (or anyone else for that matter)? If so, how did it go?

Chester32141
March 10, 2011, 11:51 AM
I don't know of anyone that has had a claim but they are well rated and have no negatives against them w/ the Better Business bureau ... just got my bill for this year and it's the same as last year ... $68 for $9,500 of coverage ... I thought it was $89 ... nice to see no increase ...

lima_w
March 10, 2011, 02:02 PM
I have mine specifically insured as valuable property on my USAA renter's insurance policy

JohnBiltz
March 10, 2011, 02:13 PM
Call your insurance agent. You have a set amount right now but can probably boost that fairly easily.

Rembrandt
March 10, 2011, 04:55 PM
I'll go against the grain and suggest to forget the insurance coverage. You'd be money ahead in the long term to take the premium dollars and buy a top quality safe with a good fire rating. In effect you'll be self insuring your own property.

Look at what you're required to give up going through an insurance company....information and details concerning your collection along with the cost of the premiums. Some years ago a number of home burglaries were found to have origins when an insurance company employee was selling client information to the bad guys.

If you live in a high crime area along with earthquakes, floods, and raging fires, then perhaps an insurance company might be the way to go. Every situation is different. Good luck.

makarovnik
March 10, 2011, 04:59 PM
I was going to take out extra insurance for my guns and music collection but the cost was prohibitive. I have since come up with a plan to backup my music on a one terabyte hard drive and store my guns on the property but not in the house.

Only my wife and brother know where they are and I don't think the cops could even find them with a metal detector. With a gun powder sniffing dog they might find them but I doubt it. I have a nasty little surprise for any dogs that go sniffing around there. Don't worry it won't hurt the poor doggie permantly. I like all doggies even mean ones.

Dr.Rob
March 10, 2011, 05:13 PM
Collectibles Insurance doesn't list an underwriter on their website. But there is this statement:

"In 2006, a privately held wholesale broker purchased Collectibles Insurance Agency"

That's not exactly a vote of confidence to me.

TXHORNS
March 10, 2011, 05:29 PM
Join the NRA regardless, they insure your guns in more ways than one.

But if you need more coverage than a good safe and the $2,500 NRA coverage will give you, call your renters/homeowners company first, just my opinion.

menacingsquirrel
March 10, 2011, 09:58 PM
I'm an NRA member, so get their base insurance plus buy additional. I think I paid $60 for an additional $4K.

22-rimfire
March 10, 2011, 10:10 PM
I found insurance costs to be somewhat prohibitive. My agent informed me that insuring my firearms and other collectables would run about the same amount as my homeowners insurance per year. As others have said, it is all based on the value and assigned risk level for what you are insuring.

I think you're better off with a good safe. Some would say if you can't afford the insurance, you can't afford the firearms, but I don't see it that way. Start with your insurance agent, and look at some of the other insurance options mentioned in this thread.

BNDIT 1
March 10, 2011, 10:32 PM
Are you an NRA member?

NRA members now get $2500 of insurance for their firearms, just from being a member.

As a recruiter, we can offer a one year membership for $25 rather than $35, and you get all the benefits of membership including the insurance.

Join here - http://membership.nrahq.org/default.asp?campaignid=XP019625
Is there a way to join and opt out of mailings requesting money every few weeks? I was a member about 15 years ago and felt like all my dues money did was pay for junk mail to myself asking me to give more money!

Toforo
March 11, 2011, 09:18 AM
Is there a way to join and opt out of mailings requesting money every few weeks? I was a member about 15 years ago and felt like all my dues money did was pay for junk mail to myself asking me to give more money!
Yes - you can call them and tell them to stop (they will) or if you have an online account set-up on the NRA homepage, you can select or de-select what and when and IF you want to receive info from the NRA and/or it's advertisers.

If you haven't joined YET - there is also that option available WHEN you join.

Uteridge
March 11, 2011, 09:45 AM
Look at your home insurance policy, see what the cap is on Firearms, then call your insurance company and write an extended coverage for the rest of the cost of the guns. It is not hard to do but you will have to put together a list of what you have together with prices of what they are worth.

ColtPythonElite
March 11, 2011, 09:51 AM
Less than 6 months ago, I spoke to my agent about adding additional coverage beyond my homeowner's 5k limit on theft... The cost was $1.80 per $100. They wanted either receipts or appraisals to prove value....Pretty steep, IMO....The only good thing was the insured items would be covered for losses anywhere, not just at my home.

Water-Man
March 11, 2011, 09:57 AM
I have a separate gun insurance policy only with USAA. $15,000. for $240.00 yearly.

Buck Nekkid
March 11, 2011, 10:01 AM
Please keep in mind that if you are depending on your homeowners insurance to protect your gun collection your losses will be subjected to the policy deductible. Some policies have "internal" limits on guns and other valuables such as musical instruments, fur coats, and jewelry. The "internal limits", such as $5,000 total for all losses to firearms, is also subject to the deductible as well.

The best way to cover your firearms on your homeowners policy is to "schedule" them on what is called a Personal Articles Floater. This is an attachement to your policy and the rate is so many cents per dollar of value. Scheduling your property does several important things. First, no deductible. Second, world wide coverage. Third, established value for each firearm.

Even though I'm in the insurance business, I insure my firearms collection with an 800 pound safe and my "free" NRA insurance.

Toforo
March 11, 2011, 10:11 AM
American Family here - policy came with a 5K limit on firearms and ACCESORIES (to include ammo, holsters, reloading equip, etc)

For an additional $9.00 (nine) per year I can up it to 10K - after that, it DOES go up considerably (but not much considering the value of what I'm protecting)
(I'm also a Life Member of NRA which gives additional coverage)

It's simply adding a "rider" to exceed basic coverage, just like additional insurance for jewelry, etc.

At this level there is NO REQUIREMENT (from AmerFam) for a safe, the serial numbers, an inventory - nothing... UNTIL there is a claim and then - you BETCHA' they wanna' see proof!

However, my insurance guy IS a gun-guy too and he did remind me to keep PROOF (videos, receipts, pics, etc) in a SEPERATE location other than my home/place of storage. I keep copies in my fire/water resistant safe - and originals in a bank deposit box (which was his recommendation as well)

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