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Do you insure your guns?

Discussion in 'General Gun Discussions' started by LooseGrouper, Sep 26, 2005.

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  1. LooseGrouper

    LooseGrouper Member

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    I'm looking into a homeowner's insurance policy and I found out that expensive items that would be easy to steal are not covered for more than $1000. I don't have an awesome collection, but just a couple of my more economical peices runs up that limit.

    Apparently I will have to get a special insurance plan if I want to cover them. If I do this, the insurance company wants a list of what I have if they're gonna cover them. Does anyone have any opinions or experience they would like to share? I'd greatly appreciate the help.

    LG
     
  2. spocahp anar

    spocahp anar Member

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    Buy a fireproof safe; it is cheaper in the long run and less likely to try to screw you when you file a claim!


    Mine are insured by .357 Magnum and associates.
     
  3. Ohen Cepel

    Ohen Cepel Member

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    The NRA has an insurance plan that doesn't require any firearm info from you. However, it's more pricey than the company I just went with, Collector's Insurance Agency (think that's it, always in Shotgun News). You have the give them info, but no serial numbers and if you request they will only keep hard copies, nothing computerized. So far they have been real good to deal with and have a good rep from all I saw.

    I would have stayed with the NRA plan. However, it was about 3 times more money and I just couldn't see paying that again.
     
  4. Rembrandt

    Rembrandt Member

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    No....have no intentions of leaving a paper trail with the insurance company.

    Some years ago a series of breakins occured in Chicago, numerous homes were burglerized. It was later discovered the bad guys had used insurance company client records to target their thefts.

    Save the money you'd spend on premiums and buy a dog and a safe.
     
  5. f4t9r

    f4t9r Member

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    I would have to agree with the gun safe get a good one and bolt it down if you have to
     
  6. Shootcraps

    Shootcraps Member

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    How good are the safes? If someone got into your house quietly and had a few hours to work at it, could they get it open?

    My insurance company will insur firearms to a max of $2500. That's 3 of my guns. I have a couple more than that. :evil:
     
  7. esheato

    esheato Member

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    I have renters insurance with a firearms policy along with a 600 pound safe to protect my hobby. Maybe I'm ignorant but I sent my insurance company all the info and would do it again.

    I've had firearms stolen before, and the thousand dollars that insurance provides won't even cover ONE of my handguns. Nevermind rifles and shotguns.

    To me, it's worth it.

    Ed
     
  8. a1abdj

    a1abdj Member

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    They could have it open in minutes. Most gun safes are really not that secure. As long as the only thing you're keeping in them is a modest gun collection, you'll be doing fine.

    The UL RSC rating says it all: 1 hammer, 1 screwdriver, 5 minutes. Just about any safe that I can think of which uses a mechanical lock should be able to pass that test.

    Keep valuables, paperwork, photos, etc. out of gun safes. If you have an extremely valuable gun collection there are gun safes designed for that purpose.
     
  9. TexasRifleman

    TexasRifleman Moderator Emeritus

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    I have $18,000 coverage through the NRA program. It might not be the cheapest, but I was OK with the rate, especially since there are not a lot of restrictions on storage, amount of shooting, etc.
    Have to give an itemized list for items worth more than $1500

    Paid around $275 for that.
     
  10. Standing Wolf

    Standing Wolf Member in memoriam

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    I switched my car insurance to American Family several years ago, and cut my premiums by 50%. I'd have moved my house insurance at the same time, but left it with Farmer's: American Family wouldn't write additional coverage for my firearms without makes, models, and serial numbers.

    Registering your guns with an insurance company is tantamount to registering them with government.
     
  11. EddieCoyle

    EddieCoyle Member

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    Give a good thief a 1/2 hour and he can open any safe. Gun safes are easy.
     
  12. Guntalk

    Guntalk Member

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    Safes are a good idea, but you also need insurance.

    Ask the folks in New Orleans. A safe won't help if the house is under water for two weeks.
     
  13. epijunkie67

    epijunkie67 Member

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    A good friend of mine had a house fire recently and lost thousands of dollars worth of firearms. I keep most of mine in the safe but I still bought the NRA insurance. I would advise both.

    The safe is a champion and is fire resistant. It should stop the average thief but as stated before, nothing will stop someone with enough time or knowledge. I went with the NRA policy because they don't ask for any gun info what so ever for pieces under $1000. They just need a total of how much you want insured. That means however that you will have to have proof of your ownership in the event of a loss. Just take some pictures and keep the make and serial number recorded somewhere safe.

    And like most insurance you pay in proportion to their risk. I got $14000 of coverage for about $250 a year. Considering I'd pay more than $250 for one gun it seemed worth it to me.
     
  14. Matthew748

    Matthew748 Member

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    I am also looking into a policy from Collector's Insurance Agency. I have a small amount of coverage under my renter’s policy, but it is not much. I think gun safes are a good idea. They won’t stop an experienced thief, or master safe cracker, but they will deter petty thugs that want to get in and out quickly.
     
  15. biere

    biere Member

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    Biggest concern with insurance for me is not theft. I want stuff replaced in case there is a fire.

    I figure most folks working a decent job can come up with a yearly premium since it does not cost that much in my opinion to insure 5 or 10 grand in guns.

    Now if I had one handgun and a beat up hunting shotgun I would most likely just get my ccw and keep the handgun with me and not insure the shotgun since it could be replaced for a few hundred bucks at most any gun show.

    If you shop around for insurance you will find a setup that works for you most likely, as mentioned some don't mind giving serial numbers and some do mind.

    Now if I was retired and home most of the time and on a fixed income, that yearly premium might be annoying but at the same time if the guns were stolen or in a fire I would not be working and in a position to replace them.

    Overall I weigh all insurance. I don't have full coverage on my older vehicles because they are not really worth fixing if I damage them. But my value of guns is pretty decent and it would take a while to replace what I have, so I keep that in mind when the premium comes due.
     
  16. wmenorr67

    wmenorr67 Member

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    Right now I don't have any extra insurance but I know that I need it. Several years ago had renters insurance and when I had by apartment broken into and several items stolen they paid off with no questions. Firearms, electronics and other items. Never have totally replaced everything but will someday.
     
  17. Tim3256

    Tim3256 Member

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    My guns ARE my insurance. j/k

    Yes, all my firearms are included in my HO's policy.
     
  18. rick_reno

    rick_reno member

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    No, but I have only 3. I'm going to add a SKS if I can find one I can afford (my first semi-automatic). I'm curious, at what point should I consider insurance?
     
  19. ckyllo

    ckyllo Member

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    i remember from a previous thread about somthing john ross had posted.

    http://www.john-ross.net/insurance.htm

    might be cheaper than auctual firearms insurance. looked at the collector insurance but if your firearms are shooters than they may not cover them. or at least that is how it was when I looked at it.
     
  20. TexasRifleman

    TexasRifleman Moderator Emeritus

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    ckyllo,

    That is generally good advice but it doesn't work in all states. In Texas for example there is generally a limit on contents of 60% of the value of the home.

    So if you have $100,000 coverage on the house, you get $60,000 on contents in a Homeowners policy. It is extremely difficult to get an insurer to raise that amount above the 60%. It can be done but most insurers don't want to.

    Also, keep in mind that in most states the coverage for personal property only covers things while they are in the house, and the list of covered acts is limited.

    So, if you are travelling and you have some firearms with you, your coverage may be limited.

    And, the fact is, you cannot buy "all risk" Homeowners insurance in the United States any more, not for any reasonable premium at all. None of the major carriers like Allstate, State Farm, Farmers, etc even offer "all risk" policies, at any price.

    The recent abundance of mold claims on homeowners policies has killed the "all risk" so things like loss or confiscation of firearms would not be covered, only named perils in the policy.

    Also riot, civil insurrection, and civil confiscation are not covered in nearly all cases, these are usually specifically excluded (Katrina would have killed that). Imagine coming back to New Orleans and finding your house broken into and everything gone. There's a good chance you have no coverage against looters. There will be some interesting lawsuits against insurance companies after Katrina to see how that plays out.

    Keep in mind also that in a total loss of the home, that coverage may leave you way under insured. If for example you had this $60,000 contents coverage, and in addition to all your furniture, TVs, towels, clothes, etc you had $20,000 worth of guns in your home, you would get a check from the insurance company for $60,000 for contents, even though you'd very likely have much more than $60,000 of stuff to replace.

    Even NRA and other firearms specific policies only cover named perils like theft, robbery, fire etc. I have never seen one that would cover "all risks" like mysterious disappearance, similar to what you can buy for jewelry.

    Insurance companies offer something called "Scheduled Personal Property" add ons for things like expensive watches, wedding rings, whatever. Some companies offer this for firearms, some do not. The cost of this coverage is usually high, because it is as close to "all risk" as you can get. In most cases it is not a good buy for the money. It's worth checking into certainly because it does offer good coverage. Most insurers however limit this SPP coverage to things like Furs, Jewelry, and Antiques. Some require appraisals as well.

    This is by far the best way to get coverage if your insurer sells such a thing.
    It's off and on state by state.

    So, it's a lot more complicated than it sounds with "I'll just let my homeowners cover it".

    If you are acting under the assumption that it will all be OK because you have Homeowners insurance, you might look into it a little more. It's doubtful you would be fully compensated in a total loss of your home.

    Lots to think about.
     
  21. halvey

    halvey Member

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    Farmers (Illinois Farmers) charges $70 for $10k in supplemental coverage.

    No Serial numbers. If you want more than $10k, then they want serial numbers etc.

    I just did the $10k and a good safe.
     
  22. Technosavant

    Technosavant Member

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    My renter's policy (State Farm) just asked for a ballpark value on firearms. It did NOT request specific make/model or serial numbers. They handle guns the same way they handle jewelry and electronics.
     
  23. TechBrute

    TechBrute Member

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    Safes aren't safe and fireproof isn't fireproof. Dogs aren't bullet-proof or steak-proof, and Alarms may or may not get someone to show up at your house. None of them are waterproof.

    Unless you wear your tinfoil hat with pride, insure your guns. Farmers insurance has a good rep, but the NRA plan or another gun-only plan may be the way for you to go.
     
  24. Old NFO

    Old NFO Member

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    I use a belt and suspenders....er... Safe AND insurance :rolleyes:
    I have a rider on my State Farm home owners policy that covers the firearms along with the jewelry and art work up to $75K. It's not cheap, but I figure that it is worth it to me... just my .02 :D
     
  25. MR.G

    MR.G Member

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    Yes. With the NRA Endorsed Insurance Plans.
     
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