Gun insurance question

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SunnySlopes

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I've insured my guns with State Farm. My current agent requires me to fax a copy of the invoice of any gun I add to my collection.

If I have a gun that is valued too low for the current market, he's requiring me to take the gun to a licensed appraiser and correct the value and submit the documentation.

I'm looking at my policy. For example, I've got two Colt Pythons, 97% condition, I insured years ago for $1,000 each. The market has placed a higher value on those guns, but even though I can research their values myself (I've been doing this for 40 years), St. Farm says I've got to have someone with a "license" give an appraised value.

First off, we don't have licensed "appraisers" in my state. I could take them down to Eli's Pawn Shop and get his estimate. But the funny thing is, Eli sometimes asks me what a gun is, what it's worth, etc.

For those of you who insure your guns separately, do you have to do this? With an insane gun market, are you able to adjust the values with just a phone call?

What burns me is the fact that, if I understand the twit I just talked to, I conceivably might pay insurance for a $10,000 gun that I bought 50 years ago, but if it's stolen, since I have no "official" documentation re its value, State Farm might just set their own value and give me enough to maybe buy dinner.

Any advice is appreciated.
 
This kind of intrusive insurance reporting actually makes you less secure, not more secure. No telling who has access to the information. What you're doing is drawing a big target on your house.

I believe that there are insurance arrangements that don't require this sort of detailed database. But ultimately, your best protection is the "bodyguard of secrecy." Take your physical precautions and hope for the best.
 
If they just want an FFL dealer to tell them what your gun is worth, and your FFL dealer asks you what your guns are worth, why not just tell him and have your FFL dealer tell your insurance agent?
 
"Take your physical precautions and hope for the best."

I agree. You might also consider buying a used safe, one that's too heavy to carry off and difficult to break into.
 
You might also consider buying a used safe, one that's too heavy to carry off and difficult to break into.
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No. You're kidding. I never thought of that.

I have a good quality safe, combo lock, bolted to the house, etc.

But even the best safe will not protect against every possibility.

My question is about insurance coverage. Not gun safes.
 
I can't answer for State Farm, but generally there are three ways to cover firearms under your homeowner's policy (and some policies include scopes, reloading equipment, etc in the definition of firearm).

Most policies have and exclusion of firearms, sometimes only for theft. The limit can often simply be increased by a specific dollar amount.

Often you will need a "floater". These come in two forms, unscheduled and scheduled. Some companies will only include "lower valued" firearms on unscheduled floaters (ours was under $1000 value). The unscheduled floater is done with a simple increase in total value based on your estimation, but may include a per items limit of some percentage of the total value. Floaters do increase the type of coverage to "all risk" from the normal "maned perils". "All Risk" coverage does NOT cover ALL risks. As always, the fine print taketh away (read the exclusions and limitations).

A "scheduled floater" specifically lists each item, the description, value from either a recent bill of sale or appraisal, and often photo. It is mandatory over certain dollar amounts (differ in different companies), and is "all risk" coverage.
 
I would Change MY INSURER. I have 21 guns Insured with SHELTER INSURANCE CO. All are insured seperate of my homeowners insurance. The yearly cost is $485.00. I just sold two on the list and have a $39.52 check in my hand for the removed items.

CHANGE YOUR INSURER.

MR835 IS GONE
 
Contact these guys;
http://www.collectinsure.com/

I have had them for years, been very happy with them, they only do collectibles so they get it, and they don't require the run around you're getting now.

The guy you're dealing with it too much of a homeowner type of insurance guy. It's not his fault, sort of like going to a mechanic for a heart transplant. I have been with USAA for about 25yrs and love them, but when it comes to collectibles they are the same way so I had to go elsewhere for those.
 
i have all of my insurance through Farm Bureau. i have a rider on my home owner's policy to cover my firearms (the basic HO's plan has a maximum pay out for firearms. $500 or $1000, i don't recall). no appraisal or official value is required. i just give them a list of the firearms with a description and the value i want on them. if something happens, they pay the amount for which i had them covered. the good thing here is i can value them high enough to cover the cost of scopes, custom work, etc. the yearly cost of the coverage is a percentage of the total of all the values i give them ($1 on the $100, iirc).

my policy covers everything, which is nice. fire, theft (from my home or my vehicle), etc. they're even covered if i drop it out of a tree stand and tear up the scope or something.

the downside is i have to update my policy anytime i buy or sell a gun, which can be often. i usually just make the updates once or twice a year.
 
  1. A safe protects something only when it's in the safe. Insurance is helpful for things you take out and use. So when I go to the range, travel to take a class or engage in competition, my gun is insured.

  2. Pretty much any insurance company is going to insist on some independent and expert estimate of the value. If you and the insurer agree on the value of something, in most cases that will be that. If you and the insurer do not agree ahead of time, and you make a claim on the item, the insurer will pay based on its estimate of the thing's value. You will be free to dispute that, if you want to bother hashing it out in court or in front of an arbitrator. (This applies to pretty much anything -- not just guns.)

  3. Because I'm a member of the Safari Club I was able to buy insurance on my guns through Sportsman's Insurance Agency. They have an established track record insuring guns for members of various shooting organizations and are familiar with the subject.

    • When I applied for the insurance I sent them a detail inventory of the guns and optics I wanted coverage for, including describing any modifications and customizations, with my estimate of the value of each.

    • SIAI reviewed my schedule and verified the values of guns then currently in production based on the manufacturer's list price and the values of guns no longer in production through the Blue Book of Gun Values. In several cases I was asked to supply documentation validating my estimates of the value of some custom work.

    • SIAI then prepared a schedule of how much they were willing to cover the guns for, and I was given a chance to review it. I found their evaluations to be fair and reasonable, and so I accepted the coverage.

    • SIAI did a lot of the leg work. I do not consider the process unreasonable or intrusive. I would not expect an insurer to provide coverage without understanding exactly what it would be covering, nor would I expect an insurer to necessarily just take my word for things.
 
Allstate.

The value of my firearms are covered under the replacement of furnishings and possessions of my homeowner policy.

A very important part of the policy for me is it is based on the actual replacement value.

Allstate doesn't require me to list my individual guns on my policy. I have photographs of all of them along with serial number which I keep on a computer disk.
 
So, an insurer wants to know the actual value of something before agreeing to insure that item? What's unusual about that?

I just bought a boat, and added it to my policy. I wanted it insured for an agreed amount, instead of some undervalued NADA 'book' value. My insurer required a marine survey/appraisal before writing the policy for that amount, which I was happy to provide. My boat is now insured for its actual value, instead of what the insurer thinks it's worth. Yes, I had to pay a marine surveyor up front. But, it will have been worth every penny if I ever have a total loss claim. I guess I don't understand the problem...
 
Check with several other independent agents. When Allstate and State Farm wanted individual appraisals I switched and saved cash. All I do now is call my agent with serial number and value.
 
an insurer wants to know the actual value of something before agreeing to insure that item
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No problem with that whatsoever. The problem is that in 1978, for example, I bought a Colt Python for $300. Today it's worth more. I want to increase the coverage. The insurer wants me to physically carry the gun to a licensed appraiser.

As the above posts indicate, those are unnecessary hoops. If I'm willing to pay the increase in premium, I expect to receive the coverage.

Most significantly, our state does not have "licensed appraisers" when it comes to firearms. State Farm doesn't know what they're talking about.
 
Often you will need a "floater
Click to expand...

With State Farm, that's called a "personal articles" policy. I've had this for years.

As I stated, the problem is that in a volatile market, such as we've seen lately, guns values have increased. I want an insurance provider who will allow me to adjust my policy accordingly without having to jump through theiir inane hoops.
 
Hoops, like providing the current value, may seem "inane" to you, but there are lots of thieves out there who try to make living selling $300 guns to the insurance company for $1000. Claims like those just raise the prices for everyone. You should be glad your insurer is trying to protect your future premiums, and hold down costs.
 
SunnySlopes - like you, I have State Farm as well and I'm in Illinois. My agent is also a hunter and what we did is a rider policy that covers my guns up to a max of $10,000 total (if I remember correctly). There is however, a limit of $1,500 per gun (I think) but I'm not sure as we haven't reviewed the coverages for two years. That is on my list of "things to do" at the next policy renewal next spring.

He has never had me get an "appraisal" or show him a "bill of sale" or invoice. I question why this "person" would ask you for such detailed information and would require so much extra work (and COST) on your part.
 
I have an add-on to my Farmer's Home owners policy that increases the maximum normally paid by my policy. I exceeded their limit a long time ago. If I keep my guns in a safe, the insurance company decreases my premium. If I had some $5,000 guns, I would pay for an appraisal. Your agent can tell you who they use for appraisals.
 
Allstate.

The value of my firearms are covered under the replacement of furnishings and possessions of my homeowner policy.

A very important part of the policy for me is it is based on the actual replacement value.

Allstate doesn't require me to list my individual guns on my policy. I have photographs of all of them along with serial number which I keep on a computer disk.
Click to expand...

Same here, except I have the gun numbers and pictures on five different drives, in different places.

Pictures are the best thing you can do to insure you get full replacement coverage on everything.

My gun shop burned to the ground in 1995.
I got full replacement value on 7 guns, 23,000 rounds of ammo, five reloading presses and a LOT of other gun stuff.

Because I had pictures of how my $300 Wards Metal building was fixed up on the inside with carpet and wood panel, the insurance replaced the $300 building with a $5,200 Morgan building.


Personally I would NOT deal with a insurance company that wanted a record of my gun numbers.

FFireman.gif
 
I am very surprised that Allstate doesn't have a limit on coverage for theft. State Farm does. It is $2500 on my standard policy. The most I could raise it to was $5k. All other perils are covered to the max of personal property coverage.
 
Interesting update.

I raised a bit of a ruckus w/my insurer. Turns out the office staff had it all wrong. Now they're saying the only time I need physical, hard copy verification of an item is if that item is over $5,000.

Otherwise, a simple phone call will now do.

Strange.
 
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