Firearms Insurance/Gun valuation

[Trent]

I need to get my insurance expanded for my firearm collection - My collection now exceeds what State Farm will insure on a homeowner's rider by a large margin and need to obtain a separate policy.

This is a two part/question post;

Part 1:

A) What is the Cheapest/Best insurance for a collector with a collection in the $100-200 thousand range? I am an NRA Life member, if it matters. Please cite any positive and negative experiences with your carrier of choice if you have had any.

B) Will any of them insure AMMUNITION, or just firearms and accessories? (I have a LOT of 50 cal; some of it is getting rather expensive - API, APIT, etc)

C) Do those carriers have any specific requirements for large collections?

Part 2:

A) What is the best way to (quickly/accurately) value firearms?

I thought about gunbroker, but some of my guns aren't even listed in current or recent auctions. I thought about using "the book" but that's not always really representative of a true value you can get on an open market.

B) Other guns have deep sentimental value (great-great-great grandpa's 12 gauge black powder breechloader), and while maybe not worth much of anything on paper, are worth a great deal as a family heirloom.

How should those be valued? Can you do declared, state value on firearms as you can with antique automobiles?

My local State Farm agent wasn't very helpful since he's never dealt with a situation quite like me before, and his company can't directly help me any longer.

Thanks in advance.

 

[Matthew Courtney]

My insurance carrier

http://www.locktonrisk.com/nrains/ArmsCarePlus.htm

 

[Matthew Courtney]

How I got values to determine appropriate coverage

http://www.amazon.com/dp/1936120208...&hvpone=&hvptwo=&hvqmt=&ref=asc_df_1936120208

 

[dogtown tom]

http://www.collectinsure.com/

 

[22-rimfire]

Depending on what you have, I generally lean toward the Blue Book of Gun Values for general valuations. Obviously it does not cover everything (and often at lower than market valuations since the values change rapidly) and misses many of the unusual variations which might be valued a lot higher.

I also ran into this with State Farm. They wanted valuations and listing of all firearms (including serial numbers) which I was uncomfortable with not to mention that it was rather expensive on an annual basis.

My answer was larger safes. But that only addresses the theft issue, not the fire issue.

You hear people say check out USAA insurance, collectors insurance and the NRA insurance but you never hear about actual examples of coverage after an incident.

Some would say that if you can afford the insurance, you can't afford to own the guns. I say... hogwash!

 

[Trent]

Thanks guys!

(I was away on work for a couple days and didn't get a chance to check any answers until just now.)