Firearms appraisals for insurance?

[Trey Veston]

Just got off the phone with my insurance agent with State Farm to get a quote for rider to my homeowners to add extra firearms insurance.

She said I needed either a receipt or an appraisal for any firearm valued over $2000. I have at least 3 such rifles.

Has anyone had an appraisal done? How much does it cost? How do you find an appraiser?

I assume they have to inspect the rifle in person, and I live in the middle of nowhere and the idea of loading up my vehicle with all of my rifles and driving to the nearest high-crime city is not comforting.

She gave me a rough quote of $270 a year for $45k worth of coverage, which doesn't seem too bad.

 

[jmr40]

Unless you have custom guns it shouldn't be hard to document the replacement cost of a comparable gun/scope. I don't know if that would be acceptable or not. You might ask around at a local gun shop. They would probably be able to advise you as to value.

Lots of photos to document what you have would probably be a good idea too. I have a spreadsheet listing everything I own including SN's along with a description including the type of scope, aftermarket stock, etc. As well as my estimate of value.

 

[George P]

Do you have receipts?
How much insurance do you need?
Personally, my guns are worth closer to 40K, so there are other alternatives like Collectibles and similar companies..................

 

[Trey Veston]

No receipts. 12 rifles valued from $200 to $18k. Three most expensive are custom rifles gifted to me by my dad. Plus ARs put together by me. Then another 12 pistols with the most valuable at $1200. $6800 in pistols. Total coverage I just figured after listing everything out would be $38,000.

 

[Trey Veston]

Just got off the phone with the nearest Cabela's. They will do an appraisal. Will have to call my insurance agent to see if that will suffice. Internet search turned up no appraisers within 500 miles of me.

 

[bannockburn]

Trey

I was going to suggest finding a dealer or retailer that possibly has an online presence to give you an appraisal as they have a pretty good idea what most guns are currently selling for. I did this with my collection a few years back for insurance purposes. And I didn't even have to take my guns to him; I just took good digital photos of my guns with at least one picture of the model number and serial number and printed out the photos at Walmart. I then listed all the pertinent information about the guns (like what kind of condition they were in, if I still had the original box and paperwork, extra parts or grips, etc.), and gave it all to the dealer to do the appraisal. I think he only charged me $60 as I had already done all the prep work for him!

 

[Trey Veston]

Trey

I was going to suggest finding a dealer or retailer that possibly has an online presence to give you an appraisal as they have a pretty good idea what most guns are currently selling for. I did this with my collection a few years back for insurance purposes. And I didn't even have to take my guns to him; I just took good digital photos of my guns with at least one picture of the model number and serial number and printed out the photos at Walmart. I then listed all the pertinent information about the guns (like what kind of condition they were in, if I still had the original box and paperwork, extra parts or grips, etc.), and gave it all to the dealer to do the appraisal. I think he only charged me $60 as I had already done all the prep work for him!

I can't go to my only local dealer. I went there once looking for .450 Bushmaster shells for my AR and they'd never heard of it.

Not too optimistic about the Cabela's, either. The two most expensive rifles were built by semi-famous regional gunsmiths. One was Al Biesen and the other Mel Smart. Both are long gone. Mel's business lives on and a similar rifle built by them is $17,500. But mine has one of his early Accubond rifle stocks that may have been a prototype.

Hard to value something that you can't replace. Went to the current Biesen site and they no longer offer rifles or stocks for sale, and they won't even verify if a rifle was built by them.

 

[drk1]

As others have suggested, keep looking for a different insurance agent. An internet search of that company will turn up countless entries explaining that they are not anti-gun, but that alone should suggest that there is a problem. This company is also rated near the bottom of the list by at least one group for its denial and delay of claims. Generally, in the past the honorable insurance companies that were willing to insure firearms fell into two categories -- those that required documentation and those that do not require documentation. As you have discovered, documentation can vary from a detailed appraisal by a certified appraiser to a simple list that includes make, model and serial number. In the past, some of these companies even required you to keep all your insured firearms in a fire rated safe and/or have an alarm system, which they sometimes sent an agent to inspect! Those insurance companies that don't require documenation generally just want you to specify the amount of coverage you want and then they give you a price for that amount, usually in terms of dollars per thousand. So, for example, if you want $100,000 worth of insurance, the quote would be something like $15 per $1000, which for a $100,000 policy would mean $1500 per year. The entire issue of insurance for firearms, however, is somewhat in turmoil because of little Mikie Blumberg, Soros and the dictator of New York "Killer Cuomo". Not only have they attacked companies that have issued firearms insurance and ccw liability insurance, but "Killer Cuomo" has said that any insurance company that covers firearms or ccw liablity will not be permitted to do business in the state of New York. The NRA used to offer insurance, but I don't know if they still do, because they were one of the prime targets of "Killer Cuomo" and crew. Chubb insurance used to offer "collectors" policies that would cover firearms, but once again, I don't know if they still do, but it might be a place to start. There are other companies such as CollectInsure, Core Vans, Preferred Mutual and Crosby & Crosby, but I have no experience with any of them. Hope this helps some. Best of luck and please keep us informed about what you find out and what you decide to do.

 

[Trey Veston]

Looked at the NRA insurance program, which is offered through ArmsCare. I can purchase additional coverage and don't need to submit appraisals. However, WA state evil Attorney General and Governor specifically outlawed the NRA from offering insurance for firearms. Just another reason to move out of this stupid state.

 

[Steve S.]

A state government (WA) can single out an insurance provider (NRA) and legislate that a specific category of an item (firearms) cannot be insured by this specific provider in that state - I am missing a piece of this puzzle.
In WA, insurance providers/ policies have to be approved by the state insurance department AND, it is illegal to provide/ purchase insurance for protection against one’s own illegal activity (ie, to pay for legal fees against charges of an illegal shooting). In my mind, there is a difference between insuring an item and insuring “illegal behavior”. I live in MO, I can insure my firearms as a physical item but I cannot buy insurance to protect me from the legal costs of robbing a bank - I think WA has the same legal governance.

 

[ColtPythonElite]

I use Easterns Historic policy. Much cheaper than a homeowners rider plus no need for an appraisal unless one item is worth more than $50k.

https://www.easterninsurance.com/insurance-quotes/personal-insurance/historic-firearms

 

[Trey Veston]

A state government (WA) can single out an insurance provider (NRA) and legislate that a specific category of an item (firearms) cannot be insured by this specific provider in that state - I am missing a piece of this puzzle.
In WA, insurance providers/ policies have to be approved by the state insurance department AND, it is illegal to provide/ purchase insurance for protection against one’s own illegal activity (ie, to pay for legal fees against charges of an illegal shooting). in my mind, there is a difference between insuring an item and insuring “illegal behavior”. I live in MO, I can insure my firearms as a physical item but I cannot by insurance to protect me from the legal costs of robbing a bank - I think WA has the same legal governance.

I don't know. When I go to the ArmsCare link and select personal firearms insurance, there is this notice:

 

[buck460XVR]

As others have suggested, keep looking for a different insurance agent.

You will find when putting a rider on jewelry you will have to do the same thing. Comes down to verification of value and possesion. Guns and jewelry are highly susceptible to theft and to theft fraud. Most legitimate places that give appraisals for either, always give the high side for insurance purposes. I have State Farm and I have the gun insurance rider. Part of the reason for knowing the value of your collection is that your premium for the rider is based upon total value. Take the low side of appraisal to get a cheaper premium and you will lose out if you lose the whole collection. Took pictures of every firearm I own. Was not an issue to get the few firearms appraised that could not have their value easily verified by gun broker. But then my State Farm agent is a gun nut/hunter like me.

 

[edwardware]

My thoughts:
1) find an independent agent and quote your whole package . . State Farm is pretty expensive for what they do.
2) buy separate Firearms Insurance. I use Historic Firearms Ins from Eastern, and it's way less expensive than a rider.

 

[1942bull]

When you have any exceptionally valuable items many insurance companies will require an appraisal to set the value for reimbursement in case of a claim. Traditional use of market value to determine replacement cost is not reliable for exceptional items because there are few for sale in the marketplace. So an appraisals sets the value, and that is good for the insured. You should contact the American Society of Appraisers which accreds appraisers. https://www.appraisers.org/

 

[Bo]

I also have a rider for my firearms through State Farm. All I did was send him a list of all my firearms with description, serial # and value.

The only discrepancy was, he thought I didn't value a S&W Model 19 high enough so, he raised the value on my policy.

 

[Texas10mm]

You're not going to get a lower premium or better service than you do from Eastern.

The last I checked it's something like $140 for $40K of coverage per year.

The NRA insurance is MUCH higher than that and I've never had any of the other insurance companies even come close to the price. Most are 5-10X higher.

 

[Trey Veston]

You're not going to get a lower premium or better service than you do from Eastern.

The last I checked it's something like $140 for $40K of coverage per year.

The NRA insurance is MUCH higher than that and I've never had any of the other insurance companies even come close to the price. Most are 5-10X higher.

I submitted my info for a quote to them.

 

[daniel craig]

Hell, my insurance company just asked my what I paid for them and them and went with that price. No proof even needed. Probably due to being a customer with a lot of their products for a long time. Mine were also at the $1000 range not the the $2000 range but it was an extra $24 in "valuable personal property insurance"

 

[fpgt72]

You will find when putting a rider on jewelry you will have to do the same thing. Comes down to verification of value and possesion. Guns and jewelry are highly susceptible to theft and to theft fraud. Most legitimate places that give appraisals for either, always give the high side for insurance purposes. I have State Farm and I have the gun insurance rider. Part of the reason for knowing the value of your collection is that your premium for the rider is based upon total value. Take the low side of appraisal to get a cheaper premium and you will lose out if you lose the whole collection. Took pictures of every firearm I own. Was not an issue to get the few firearms appraised that could not have their value easily verified by gun broker. But then my State Farm agent is a gun nut/hunter like me.

Jewelry....don't get me started on that scam of an industry.....I do have a rider on mine, and hope that a lighting bolt goes through my window and just hits that one shelf.

 

[berettaprofessor]

Trey, where are you roughly? PM me if you're near Kansas there's a nice guy who appraises collections that shows up at all the gun shows...somewhere at home I have his name and number.

Like someone else said, I switched from NRA to Eastern. Good rep and no appraisals.

 

[shoobe01]

I am another who says: get different insurance. I got the Lockton via NRA one. Below some limit, it just IS. Above that, you have to itemize all the guns.

Still pretty dumb, but at least no appraisal, and they said best-guess replacement value*, but I asked and they will likely look into it if the loss is very high so do also take photos, have them elsewhere/online so they are around if you do need to file a claim.

Dumb was: accessories don't count unless ON the gun. PVS30? Accessory. Suppressor? Accessory. I tried logic, even federal law (a suppressor is a Firearm). Nope.

Magazines are disposable. Even if you have 100 and that's like a couple thousand dollars worth? Doesn't matter.

Etc. But... better than the appraisal and year-of-manufacture, etc etc. required of my homeowners rider.


*This vs purchase price ended up being generally in my favor. Some things lost value due to use etc but most are much more due to inflation and relative scarcity. I did online auctions and for sale forum threads to get a gist of cost.

 

[Texas10mm]

I am another who says: get different insurance. I got the Lockton via NRA one. Below some limit, it just IS. Above that, you have to itemize all the guns.

Still pretty dumb, but at least no appraisal, and they said best-guess replacement value*, but I asked and they will likely look into it if the loss is very high so do also take photos, have them elsewhere/online so they are around if you do need to file a claim.

Dumb was: accessories don't count unless ON the gun. PVS30? Accessory. Suppressor? Accessory. I tried logic, even federal law (a suppressor is a Firearm). Nope.

Magazines are disposable. Even if you have 100 and that's like a couple thousand dollars worth? Doesn't matter.

Etc. But... better than the appraisal and year-of-manufacture, etc etc. required of my homeowners rider.


*This vs purchase price ended up being generally in my favor. Some things lost value due to use etc but most are much more due to inflation and relative scarcity. I did online auctions and for sale forum threads to get a gist of cost.

That's the nice thing about Eastern, all that stuff is covered.

 

[shoobe01]

May have to switch when next renewal period then.

 

[Pat Riot]

I am insured through USAA. I remember when I asked about additional insurance I was told they insure for replacement costs unless the gun would cost more than a specific amount ( which I cannot remember) and any of those would need a Appraisal.

The Cabela’s near me at the time in Tualatin OR, did appraisals and from what I had heard they did a very good job of it. Give them a try. They appraised a friend’s Dad’s collection and they were pleased with the job the Cabela’s Gun Library did.

I am not a fan of Cabela’s any more so I definitely have no reason for steering you their way except that they did do a good job for my friend. Maybe they can help you.