Valuable Property Insurance

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giggitygiggity

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Does anyone have recommendations for a company to use for Valuable Property Insurance?

For those unfamiliar, guns are generally not covered under homeowners or renters insurance policies and a separate Valuable Property Insurance policy or rider is required.

Thanks!
 
Guns may be a "special case" when it comes to insurance. It seems to me that your biggest risk is theft, and the main protections against theft are physical barriers (safes, vaults, etc.) and secrecy. I don't believe that insurance companies are immune from information leaks. So you may be actually increasing your risk of theft by declaring your guns to an insurance company. Something to think about.
 
AlexanderA said:
So, you can get a policy that does not require an itemized list?
Click to expand...
Many insurance companies cover firearms up to a certain dollar amount without a separate rider policy. Some companies cover the gun values up to $5,000, while others cover them up to $10,000. Thus, amounts exceeding whatever your insurance company regularly covers with your existing coverage would need an additional firearms rider....
 
If you're talking firearms, Eastern has the best coverage for the best price. $45K coverage, including $5K for ammo and $5K for reloading equipment as their base for $150/year. You do not need to provide a list of anything you own, except for individual firearms valued at $10K+. Or course, you can get additional coverage. It takes about 1 minute to enter your info for a quote.
https://www.easterninsurance.com/insurance-quotes/personal-insurance/historic-firearms
 
I have whats called a Marine Rider added to my State Farm homeowners policy. It started with a set value for my firearms, and the value increases with inflation. The premium is about 150 a year for 35k coverage. While it wasn't required, I did come with a list of firearms and serial numbers to initially come up with a value worked out with my agent. We used blue book of firearms, and various completed actions found online to get values for the more rare ones in my collection. Again, it wasn't required, but my agent suggested letting him keep the list in my file, and he assured me State Farm would not, and does not, require that list to be forwarded to them...and last time I updated the list with him, he still had the orginal handwritten list I gave him years ago...we just added and deleted changes by hand..and it went back into my file.

While I'm never comfortable with any entity outside my family having a list of what I own (and the possibility that State Farm would forward that knowledge to big brother if he asked), I do trust my agent...as he too is a gun guy. He also told me he would inform me if State Farm ever wanted that list...so I'd have the option of dropping them to protect my list...but almost 15 years now that hasn't happened.
 
Megawatt maker said:
I have whats called a Marine Rider added to my State Farm homeowners policy. It started with a set value for my firearms, and the value increases with inflation. The premium is about 150 a year for 35k coverage. While it wasn't required, I did come with a list of firearms and serial numbers to initially come up with a value worked out with my agent. We used blue book of firearms, and various completed actions found online to get values for the more rare ones in my collection. Again, it wasn't required, but my agent suggested letting him keep the list in my file, and he assured me State Farm would not, and does not, require that list to be forwarded to them...and last time I updated the list with him, he still had the orginal handwritten list I gave him years ago...we just added and deleted changes by hand..and it went back into my file.

While I'm never comfortable with any entity outside my family having a list of what I own (and the possibility that State Farm would forward that knowledge to big brother if he asked), I do trust my agent...as he too is a gun guy. He also told me he would inform me if State Farm ever wanted that list...so I'd have the option of dropping them to protect my list...but almost 15 years now that hasn't happened.
Click to expand...
Good to know. I stopped using State Farm years ago regarding my homes, vehicles, etc. when they dramatically increased their prices to encourage those with non-cancelable legacy policies to leave. I did receive quotes from them for my properties this year and they were not even close to others as their premiums were higher AND their policy deductible of 1/2% of coverage amount was five-times higher as compared to their competitors.

I learned something here as I thought SF changed to a paperless filing system that required their agents to upload documents they received from their clients. Did you see the original handwritten document this past year?
 
Gone Hiking said:
If you're talking firearms, Eastern has the best coverage for the best price. $45K coverage, including $5K for ammo and $5K for reloading equipment as their base for $150/year. You do not need to provide a list of anything you own, except for individual firearms valued at $10K+. Or course, you can get additional coverage. It takes about 1 minute to enter your info for a quote.
https://www.easterninsurance.com/insurance-quotes/personal-insurance/historic-firearms
Click to expand...

I too have been very satisfied with Eastern.
 
giggitygiggity said:
Does anyone have recommendations for a company to use for Valuable Property Insurance?

For those unfamiliar, guns are...
Click to expand...

Heyyy!!! I get to be the FIRST to mentio.... oh. Beat me to it ! (LoL)

Gone Hiking said:
If you're talking firearms, Eastern has the best coverage for the best price. $45K coverage, including $5K for ammo and $5K for reloading equipment as their base for $150/year. You do not need to provide a list of anything you own, except for individual firearms valued at $10K+. Or course, you can get additional coverage. It takes about 1 minute to enter your info for a quote.
https://www.easterninsurance.com/insurance-quotes/personal-insurance/historic-firearms
Click to expand...

As an add on fellas, NOT A BAD TIME to suggest getting that list together. Serial#s, supposed value, PICTURES. Supposed value could be (my suggestion) CLOSED GUNBROKER AUCTIONS. And as an aside, those gun values are still up a bit; replacement goes on a stated amount that matches current market values.
Print out the GumBroker, use that. Or more correctly, hope you don't have to use it I guess!!

HAPPY TURKEY DAY WEEKEND !!
 
CodeSection said:
Good to know. I stopped using State Farm years ago regarding my homes, vehicles, etc. when they dramatically increased their prices to encourage those with non-cancelable legacy policies to leave. I did receive quotes from them for my properties this year and they were not even close to others as their premiums were higher AND their policy deductible of 1/2% of coverage amount was five-times higher as compared to their competitors.

I learned something here as I thought SF changed to a paperless filing system that required their agents to upload documents they received from their clients. Did you see the original handwritten document this past year?
Click to expand...
no I have not, but my agent didn't call me to tell me if this happened, and I trust that he would have. He is hardcore pro gun..has a collection himself..

But like the man said...Trust but verify...Ill be calling him Monday morning to find out
 
AlexanderA said:
Guns may be a "special case" when it comes to insurance. It seems to me that your biggest risk is theft, and the main protections against theft are physical barriers (safes, vaults, etc.) and secrecy. I don't believe that insurance companies are immune from information leaks. So you may be actually increasing your risk of theft by declaring your guns to an insurance company. Something to think about.
Click to expand...
The likelihood of theft may be increased slightly, but the loss would be reduced.
 
Ask your agent on what the base policy contract covers. On my Farmers policy I was about to increase the amount from $5,000 to $25,000 on the existing policy for a few bucks more in premium. If that does not work ask if a separate rider or umbrella policy would be sufficient for your requirements. If not then a separate policy from Eastern, Lloyd's, Chubb, USAA and many others. Be sure to carefully read the policy contracts for what is covered and for exclusions on coverages. Don't be afraid to ask detailed questions on what you don't understand on the contract.
 
I am a gun collector. I had assumed it would be necessary to have my guns appraised somehow in order to get them insured. Is that not the case? And how would I get them appraised if that is needed?
 
Monac said:
I am a gun collector. I had assumed it would be necessary to have my guns appraised somehow in order to get them insured. Is that not the case? And how would I get them appraised if that is needed?
Click to expand...
There are professionals out there, some auctioneers and such that maybe could do it too...but the costs of a professional may outweigh the value of most gun collections. People like that grade museum collections and such for insurance liability.

For us normal Joes...we just used the Blue Book of Gun values...and completed action searches on Gunbroker to come with a value...
 
Just switched my homeowner's insurance from State Farm to USAA. USAA was $6 cheaper a month, with half the deductible, and $50k more in coverage for the home.

Adding a VPP to it for $40k in firearms coverage and a cost of $54 a month with no deductible. They are asking for a list of all firearms and serial numbers and value of each. I'll give it to them. State Farm wanted a professional appraisal on all firearms valued over $1500. The only appraiser in the area was a Cabela's 70 miles away in a bad area. Yeah... I'm going to load all of my most precious firearms in my SUV and drive into a high crime area to have them appraised. No thanks.
 
Guns are generally covered up to your policy's personal property coverage limit for all losses, except theft. Theft is usually limited to a much lower number like $5k. You can add more coverage, but it often is more expensive than a separate policy....Like a couple of others here, I have a firearms policy with Eastern.
 
Monac said:
I am a gun collector. I had assumed it would be necessary to have my guns appraised somehow in order to get them insured. Is that not the case? And how would I get them appraised if that is needed?
Click to expand...
In my state (Washington), it is not necessary to have one's guns appraised. My guns are covered under my homeowner's policy with USAA. Every year they ask me to send them a current list (the company does NOT require serial numbers) of guns (I give them model number, barrel length and year made) with an approximate value assigned (I use the current year's Fjestad's Blue Book of Gun Values, which are typically very conservative and much less than one can privately sell or auction off a gun for).

I worry more about fire than theft. And frankly, I don't worry a bit about getting money for any firearms lost; most of my firearms have only sentimental value to me (the only insurance money I tend to think about is giving my wife or kids a windfall if something happens to me). So for me, protecting them from fire or theft is just more important than worrying about how much money I could get back if any were lost.
 
Old Dog said:
In my state (Washington), it is not necessary to have one's guns appraised. My guns are covered under my homeowner's policy with USAA. Every year they ask me to send them a current list (the company does NOT require serial numbers) of guns (I give them model number, barrel length and year made) with an approximate value assigned (I use the current year's Fjestad's Blue Book of Gun Values, which are typically very conservative and much less than one can privately sell or auction off a gun for).

I worry more about fire than theft. And frankly, I don't worry a bit about getting money for any firearms lost; most of my firearms have only sentimental value to me (the only insurance money I tend to think about is giving my wife or kids a windfall if something happens to me). So for me, protecting them from fire or theft is just more important than worrying about how much money I could get back if any were lost.
Click to expand...

I am glad to hear that, because getting the guns appraised sounded like a real headache and expense. I thought an insurance company might not take my unsupported word for things because most of my guns are collectors items rather than shooters, so their value depends significantly on condition. I mean, all gun values do, but a 35 caliber Smith & Wesson automatic, say, has very little value as a shooter, so it ALL depends on condition. I know there are guidelines for that, but you know how opinions of conditions can vary depending on whether a person is buying or selling.
 
Old Dog said:
In my state (Washington), it is not necessary to have one's guns appraised. My guns are covered under my homeowner's policy with USAA. Every year they ask me to send them a current list (the company does NOT require serial numbers) of guns (I give them model number, barrel length and year made) with an approximate value assigned (I use the current year's Fjestad's Blue Book of Gun Values, which are typically very conservative and much less than one can privately sell or auction off a gun for).
Click to expand...

I'm in Washington and State Farm refused to insure any firearm valued over $1500 without an appraisal.

And in starting my USAA policy, they wanted a list of all firearms and their serial numbers.
 
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