Firearm insurance

[WeedWhacker]

I'm looking to have my firearms insured against loss by theft, destruction, etc. The agencies I have talked to want serial numbers, which have no bearing whatsoever on value unless lost by theft, at which point I would have no problem providing to the police and the insurance agency (via photographs, if necessary). But, only at that point. I also do not have a problem getting the firearms appraised, as long as I retain the records (or the appraiser does, at most, and if they do not list the serial numbers).

The agents I have talked to cannot provide, for certain, a policy of any kind which will not require serial numbers to be given up front. The value on the policy should be $15,000 (to allow for growth and avoid the "cop-out" for policy values $10,000 and under - long story).

In summary:
- Can't require serial numbers (or only on items worth more than, say, $5,000, of which I have none)
- Must provide $15,000 minimum coverage on firearms
- Am willing to move homeowner/renter policy to new company
- Must contract for replacement cost (not depreciation!)

Who out there has a policy akin to the one I am after? Care to share?

 

[TexasRifleman]

NRA insurance will do some insuring without much info for guns below, I believe, $1500 value. For individual items valued more than that they require details.

They require appraisals in some instances, but I don't remember providing serial numbers.

 

[Dave P]

NRA points you to a company in Kansas City: (877) 672-3006. They do pretty good.

 

[Abby]

We have a firearms rider on our renter's policy through USAA. Don't know if you're eligible to deal with them (a servicemember-type organization), but it might be worth looking into. I think ours is for $5,000.

 

[nucstl1]

Homeowners Ins.

An umbrella policy on your homeowners should cover it. I think it's like $10 per $1000....or something like that.

 

[orangelo]

You could ask these a few questions:

http://www.historicfirearms.com/

I think many NFA firearm owners on www.subguns.com and www.sturmgewehr.com use them for insurance

 

[Technosavant]

My renter's policy through State Farm has no serial # requirement; I merely say how much coverage I want, then I pay for it. I do think, though, that it is cash value, not replacement cost. I don't remember offhand.

 

[TexasRifleman]

An umbrella policy on your homeowners should cover it. I think it's like $10 per $1000....or something like that.

Umbrella policies are for liability,not property.

What you are talking about is an excess property rider.

Umbrellas are for coverage over and above existing coverage.

Example, you have 100,000 liability on your car, boat, home policies.

You could then by an Umbrella that would take over if you were liable for MORE than $100,000. It is an Umbrella because it covers you on all other policies.

$10 for $1000 would be quite a bargain too.
The NRA policy is $16.60 per $1000

Having a rider on your homeowners also doesn't cover loss away from the home beyond a smaller value, usually 10% of the value of your home.

Firearm specific insurance usually covers theft from a locked vehicle, which could be significant if you happen to be travelling with valuable firearms for some reason.

 

[cuervo]

Buy a good fire-lined gun safe and bolt it to the floor in a good location in the house.

Think of it as a one-time-only premium that covers as much as you can put inside of it.

Beyond that, as you've found, most insurance companies aren't worth the expense or effort.

 

[MikeK]

There has been some discussion of this before. Not exactly what you're looking for but I have Nationwide. $5,000 no serial numbers - over that and it's a requirement.

I also have a safe (RSC).

 

[MikeS.]

MikeK and I think alike, I too have Nationwide with a 5k rider. Back in March I had a loss of 3,600 and it was a bit of a hassle getting them to cover it. Then they really depreceated my guns. I have 6 months to replace them and file for further reimbursement.

MikeS.

 

[TexasRifleman]

Then they really depreceated my guns.

Short of a named value policy, which would cost an arm and a leg, I'll bet that all of the insurance carriers will do the same thing to someone filing a claim.

 

[CB900F]

Weed;

Let me say up front that I'm an interested party to this discussion because I sell safes. If you were to search the term RSC you'll find several of my posts detailing the differences between an RSC and a true safe.

I have no argument with insurance as a form of protection. However, as others in this thread have alluded, it's hard to get what you think you have, or will, pay for. That's not to say the same thing can't happen when buying container protection also.

Is there an over-riding reason that you'd prefer insurance to a real safe?

900F

 

[22-rimfire]

Insurance premiums are way too expensive for me. I could buy a safe a year with the premium. I'll stick to safes. Life has its risks.

 

[Hkmp5sd]

A rider on your homeowners insurance is the way to go. Especially if you have a lots of money invested. Being married to the person writing the policy helps also. My policy includes "replacement cost" of my firearms. A must have (if you can get it) for those with machineguns.

PS. State Farm does NOT write new policies w/ replacement cost in the state of Florida anymore.

 

[leadcounsel]

Tagged for later retrieval.

I'm shopping for new insurance. I currently use American Family. Overall I'm satisfied even with a claim I had for theft once.

But their limit is $5,000 before you have to provide a list of serials and such. I'm not interested in playing that game so I'll shop elsewhere. Meanwhile, glad I have a nice safe.

 

[ccw9mm]

An umbrella policy on your homeowners should cover it.

Yes. Mine covers loss of anything not bolted down and part of the house, ie any possessions. Any, including firearms, the safe itself, etc. You can do this on a renter's policy, a condominimum policy, or a homeowner's policy. Just ask.

 

[ScottsGT]

Why the concern with giving your guns SN's to the insurance companies?
(I'm about to start looking into this since the wife won't let me drop $2000 on a safe, and I cannot "sneak" one into the house like I can with a gun. So if she starts paying a higher insurance premium, she might just tell me to go buy a safe!"

 

[TexasRifleman]

Is there an over-riding reason that you'd prefer insurance to a real safe?

Well, having read your posts among the other safe/RSC posts here, it's clear that to get true protection you're talking about spending many thousands of dollars. 99% of the things being sold as gun safes are, as you've taught us, closer to worthless

I'd say a safe and insurance both are the way to go.

Another advantage to insurance is the away from home factor. What if you are on a hunting trip and someone steals a couple of your very nice Weatherby rifles? That safe isn't going to give you any protection at all.

 

[ejalbertini]

I've asked this quetion of current and prior insurance agent/s and they have the following suggestions regarding the most cost effective way to insure my firearms:

1. Buy a reputable gun safe or safes.

2. Install a monitored alarm system.

The initial outlay for the safes is high, but the pay back in saved insurance premiums is fairly quick, given the useful life of a gun safe.

Monitored alarm systems are about $300/year..... also way cheaper than insurance.

/Emil

 

[ccw9mm]

An umbrella clause/rider is pennies a day. Takes a long time to pay that back, with a safe costing multiple thousands of dollars. Insurance policies aren't a bad route, if you've got the option and don't have a $100K arsenal to protect.

 

[WeedWhacker]

CB900F,

I own a Zanotti Armor "safe", which I'd decided is the best thing for someone in my situation (apartment dweller, stealthy firearm owner). Regardless, if I can get a safe/RSC into an apartment, crooks can get it out. Hopefully, they would not be motivated or smart enough, but since Old Man Murphy hates my guts, I thought it would be prudent to check on buying insurance, as well. One day, when I'm finally a home-owner, I can build my vault. Meanwhile...

For the record, "Fireman's Fund" appears to offer what I'm looking for, though I'm told they are likely to insist that all insurance policies are to be carried by them.

Monitored alarm systems are not much deterrance to those in the know - their response time seems to be longer than the police's, sometimes abysmally so. On top of that, they use civilian employees, which do not have liability protection to the extent city/state-employed police officers do. On top of that, I hear the job pays crap, which doesn't really encourage a person to do a good job safeguarding some rich, cheapskate snob's possessions and/or property.
What I am considering, however, is a custom jury-rigged setup involving a secure-as-I-can-make-it server hooked to a few cheap web cameras and a telephony device so that the system will call *me* if there's a problem, and I have the option to scout the place out using the cameras. No, I'm not paranoid!

 

[CB900F]

Fella's;

From TexasSIGman: "Well, having read your posts among the other safe/RSC posts here, it's clear that to get true protection you're talking about spending many thousands of dollars. 99% of the things being sold as gun safes are, as you've taught us, closer to worthless."

A true safe does cost more than an RSC, but perhaps not as much as you seem to think. Look at the cost of an upper-end Browning or Liberty & consider that you're going to pay about 80% of the cost of a safe for an RSC that gives about 20% of the protection. True safes start at about $3000.00 these days, that's the cost of three good guns. One Beretta O/U shotgun, one SIG, and one Remington VLS with good glass.

You're quite correct that a safe and insurance is perhaps the best solution. A safe can't protect the guns that are outside of it. But I can't imagine a situation where I could lose my guns while hunting without there being serious social consequences - your lifestyle may vary.

900F

 

[TexasRifleman]

But I can't imagine a situation where I could lose my guns while hunting without there being serious social consequences - your lifestyle may vary.

But bad things happen, and thats why the extra protection. My lifestyle does vary because I travel with NFA weapons now and then to different shoots, shows, etc and a car crash or any number of bizarre things could happen along the way to some VERY expensive firearms.

Get a hunting rifle stolen (or disappeared as American Airlines called it heh heh) and find out the airline isn't responsible for the full value of the gun necessarily ... things like that make you think about insurance. And you are right, some folks may not need that on the road protection.

And I am not about to argue with you concerning safes/RSCs. I based my purchase decision for mine on all of your great information, and I'll probably be emailing you soon to ask about another (better) one. Thanks!

 

[Tory]

Another urban myth

promoted as fact:

A ‘touchy-feelie’ CNN reporter, while interviewing a Marine sniper, asked, “What do you feel when you shoot a terrorist?”

The Marine shrugged and replied, “Recoil.”

Utter drivel, the natural consequence of mindlessly accepting e-mails, instead of verifying before repeating them.

Go HERE for the reality check:

http://www.snopes.com/politics/war/recoil.asp

I suggest bookmarking the site.