Appraisals and Insurance

[ScotZ]

At what point have you all decided to get you collections appraised and insured. How often do you get you appraisals and Insurance updated? Is there a numeric value at which it becomes prudent for your average gun owner to consider an appraisal or "special" rider is neccesary. Is there a general "rule of thumb"?

Sorry for all the questions. This is not a subject I know much about

 

[northofnowhere]

Your question needs to be answered by yourself, as it is your collection. Insurance, of any kind, is needed when you cannot afford to replace what could get damaged or stolen beyond repair. If you have a smaller collection and you keep your valuable pieces in a locked safe that has little chance of fire damage or theft, I personally wouldn't worry at all about insurance.

If you are a serious collector and have a seriously valuable collection, then at least talk with your normal insurance agent regarding your options and what is right for your needs.

 

[Yo Mama]

1. Video Tape all your belongings. Make sure they show serial numbers.

2. Join the NRA. Automatic 1000$ in extra insurance.

3. Put the video tape in a safety deposit box.

4. Make sure you have the necessary amount of insurance on your firearms. Many insurance companies won't increase this coverage on a basic policy, and you may need a unique policy.

 

[Quoheleth]

NRA is probably not the cheapest "insurance" option, but if you consider it as a perq for your membership, it's a good deal. $1000 won't cover much more than a good centerfire rifle and a .22 pistol, though - keep that in mind.

You can probably add several thousand dollars worth of gun value to a home owners or renters policy for a few bucks a month.

My policy comes up in the spring. I'll probably not only increase my general HO insurance (if you haven't checked building costs in the last few years and updated your own insurance to follow suit, you may want to do so promptly as the price increases will DRAMATICALLY change what you can afford to rebuild. Four years ago, building costs were @ $90/sq ft; now they are over $125. There's a lot of people who got caught short after IKE hit.) but add a couple riders for things like firearms, jewelry, etc. It's not that we have all that much...but the little we have is precious and we want it covered.

Q