Homeowners insurance on your firearms

[Milkmaster]

Recently for whatever reason, my home insurance writer ask me to list such items as jewelry, firearms, coin collections, etc I had. I am a working class guy, so I don't have much of such items other than a few firearms. I had to list them and specifically write down the manufacture dates of each one. I had no problem with Remington, or a couple of others. I found most of what I needed on the web for my Winchesters. All the rest older guns I simply could not verify anything other than sometimes guessing dates because of finding what years they were made. The insurance company wasn't too happy with those answers, but it was all I could do. I think they are trying to make sure I don't have something "Rare" and worth an exceptional amount of money in case of theft or fire.

Anyone else taken this same home insurance journey with your firearms?

Any problems you would especially note here?

 

[hlq]

Read your policy carefully, many only cover up to a stated amount typically in the $2000 to $3000 dollar range.

 

[AirForceShooter]

if my insurance company wanted to know what I have I'd find another company.
My guns aren't insured as separate items.

AFS

 

[moooose102]

Well, usually, you have to insure your firearms with a seperate "rider" policy, if they are worth much, or you have a quanity of them. If you just have a couple of regular, run of the mill firearms, they would probably just be covered by the "contents" part of your policy. If you indeed have one, or a couple of really old, or valuable guns that you want insured for a specific amount, you will need to have them apraised by a competent person, who is recognised in his feild (most gunsmiths). Then have a specific value "rider" included with your policy. At least, that is how i understand it.

 

[rino451]

I'm trying to imagine what they're going to try and make you waive because you own and keep firearms in the house.

 

[ny32182]

I asked my company (state farm) about this. They cover up to 2k of firearms, unless I get a rider. I imagine most are similar.

 

[Rio Laxas]

My former insurance company, AMICA, denied me (a customer of 10 years) homeowners insurance because of firearms ownership. It started as a mistake on my part. I had previously purchased separate coverage through the NRA. I thought I could combine my bills so I asked them about the additional firearms coverage they ADVERTISED on the their website. Then the invasive questions started.

They asked my wife how they were stored, what the models and SNs they were, whether I had a CHL, if I was a member of the NRA, etc. They specifically asked her how often I carry. She played dumb and said she didn't no. When I call them I refused to answer most of their questions and they denied me coverage. I found a new insurance company, and if they are asking you questions like these then you should too.

Anyone that has AMICA should find a new insurance company, as they are known among the insurance industry as being particularly anti-gun. A co-worker that used to work in insurance told my wife they have a reputation in that way are the only ones to really press those questions. I have heard of other companies doing it though. Despite their employees totally understanding why I wouldn't want to answer, they nonetheless denied me. A denial, by the way, is looked down upon by other companies and can affect future coverage.

Now I use Texas Farm Bureau, which is a member of the Farm Bureau. They specifically support the 2nd Amendment on their website.

 

[rscalzo]

I have had State Farm homeowners for over twenty five years. My limit on firearms is $5000.00.

Read your policy carefully. Mine has a single payout and total payout limits. Something like 2k per item, 5k total. Anything beyond that and I would need a separate policy. It was suggested that I use a specialty company.

 

[Milkmaster]

More information after a few responses to the first posting....

The issue came up when I wanted to add "replacement cost" to my home insurance. There was no real problem I can identify. It was just strange to me to single out firearms as something more than replacing bedroom furniture or the kitchen table for instance.

From experience, I would advise all of you to go around your house with a video camera once a year. Our insurance guy suggested it. He said you should take a video of your closets, garage, and all the rooms. If your home gets destroyed by fire or a storm, a lot of your posessions will be forgotten about after the disaster when you are listing the things that were lost. Once you settle it may be too late to go back afterwards. Simple things like towels, sheets, GUNS, vacuum cleaners, bicycles, and the like can mount up to a lot of money to replace. The video will help remind you of items to list if that should ever happen. I keep a video disk in my bank lock box for that reason. It isn't really a lot of trouble to put another disk in there once a year.

Thanks for the replies.

 

[Chukpike]

Recently for whatever reason, my home insurance writer ask me to list such items as jewelry, firearms, coin collections, etc I had.

This is basic insurance 101.

If you ever make a claim you will have to supply proof you ever had this stuff. Robbers break in and take this stuff first. It is easier to receive payment on a claim if they know you all ready had it.

Insurance agents also suggest you take pictures of these things to have if claims are made. You should also try and keep copies of all of this some where away from home. You will then have it if fire destroys your records at home.

 

[JWarren]

Practically ALL homeowners insurance has a maximum amount that they will pay on firearms.

I know for a fact that my collection's value is more than my payable amount. My collection is nowhere near the value of some of yours.

I've been meaning to purchase specialty insurance on my firearms, but haven't gotten around to it.

I got robbed and lost $6K worth of firearms in 2006. I took a $1K loss on the deal, but I was not "capped" on firearms insurance-- meaning if I were to be robbed or the house burned, I could claim up to $5K again.


This time around, I'd take a MUCH greater loss. It may be worth it this time.


Even though I have a safe, and a monitored alarm system, there are still things that could go wrong.

Knocking on wood kinda sucks.


-- John

 

[slovak]

Insurance 101

Milkmaster - You don't have to supply them with that info.

Get a third party appraiser to write a statement of value, keeping the contents confidential. If the company doesn't accept that, ditch them. They'd be the type to scr$w you. It's also helpful if you can find out who they use for claim appraisals - just to watch them lie about how they can't accept an appraisal from someone who they regularly accept.

I've never made a claim on an NRA policy but I think separate and distinct specialized coverage like theirs (or Lloyd's) is different from an umbrella like Homeowner's.

The basic's are for the company to ruthlessly increase profits. One way they do so is through denial of claims & payments as a matter of course. Read the policy VERY carefully - along with the annual and any subsequent changes the insurance company decides to make. They can and DO change horses in mid-stream - and in very fine print hoping you'll miss it. They also get to define terminology, it's in the contract.

In fact, they're counting on it - all the way to the bank.

Here's a horror story:

I was burglarized and lost my Benchmark knives (and claim to full value) because the loss constituted a "collection", which was covered differently - as did four wristwatches, and several other items of which I had duplicates.

In less than 2 hours I was at dinner 1 mile away, I was cleaned out of about 15K in property including a bedstand protection piece. (Hey, I was just going down the street for a few minutes... I don't leave home even to take the garbage out without it in my pocket now)

The insurance company whittled the value down to 6K (regardless of the 'full replacement cost' they find a way to depreciate it). I forget how they skated away from paying for the piece. They even refused any claim on my gun safe which had dents and crowbar marks on (Thankfully, it and it's contents were safe - just thrashed, they don't pay for that kind of damage).

If you make noise about it, they can cancel or 'fail to renew' your policy (they're free to do that). They then blackball you with other companies by canceling your policy, thereby making it more expensive to obtain coverage with another carrier. The only thing you can do is vote with your feet by canceling them first, AFTER you've obtained a new policy from someone else - then fighting with them to get refunded for your premium after you've switched carriers.

Gee, I'd go again to the Insurance Commissioner, but his hands are tied by the Legislators, who in turn are paid off by the insurance company lobbyists - whether directly or in contributions & 'support'.

Of course, I'd likely win if I went to court, which would have the loss 'mitigated by the Court' down to 12K, of which the attorney would get half - hey! Look at that!? 6k!

(minus my time off work, travel, deposition time, and senseless running around)

What a COINCIDENCE!! Funny how that works.

Get a separate, well defined rider policy - NRA or elsewhere.

 

[Birdhunter1]

Mine are all covered under "sporting equipment" which every few months I have to have it upped in value. The agent was telling me I needed all that, which I have, and we argued about how they are to be replaced if stolen. He was going on and on about depreciation, I was going on and on that mine are all kept in like new condition and they will be replaced in the condition they are in, so lots of photos of all of them are stored on an external hard drive in the gun safe (yeah probably not the best place for that) and another one in a safe deposit box at the bank. Pictures, prices and dates will save your butt, but first make sure they will cover to the amount to replace them.

 

[Duke of Doubt]

Reminds me I should look at mine again, what with all the price increases since BO, aka "Red Erkel" got in. Replacing the semis would be quite a trick now.

 

[Landric]

I actually keep most of my rather modest collection in my locker at the police department were I work. I figure there isn't much chance of someone breaking into the police department (though of course it could happen) and then picking my locker out to break into (but again, it could happen). I figure it is at least less likely than someone breaking into my house.

The only weapons I keep at home are my home/defense and off-duty carry guns. Those are locked up when I am not at home (other than those I have with me). I figure I can limit any sort of loss by spreading my collection between two places. The standard coverage in my homeowner's insurance policy will cover what I keep at home.

 

[7.62X25mm]

NRA provides some insurance for your guns.

Most insurance provides standard limits -- "$2,500 any single firearm, $2,500 total loss." If you purchase a "rider" it's at a premium per $1,000 and the guns need to be itemized, appraised.

If you have a safe it brings the cost down.

 

[Byron]

Milkmaster, I too live in Middle TN and am a retired Casualty/Property Claim Rep. The policy give a limit to firearms under "unscheduled personal property". You do not need to give the list to your agent or carrier and I wonder what your agent is up to. Keep a list of gun information and this list is to be only used if a claim happens. Check your policy and see if a monetary limit applies only to theft. See if the same limit applies to fire.Policies can be different. A rare or valuable gun can have a separate schedule and thus it is an "all risk"(few limitations) coverage.If the value of your guns exceed $5000,an increase on the limit can be scheduled. I would also report this to the TN Ins Commissioner. Byron

 

[TexasRifleman]

The NRA insurance is $1.74 per hundred dollar value and it's all risk coverage and has coverage away from home. And, you don't have to list serial numbers and stuff unless the gun is worth more than $2500.

Truth is that's probably a pretty high rate but I haven't seen any better offered.

Homeowners policies seem to me to have too many limitations.

I just bite the bullet so to speak and buy true firearm coverage.

 

[berettaprofessor]

Someone mentioned State Farm....I have a rider for extra coverage on firearms and only had to suggest a dollar amount...they still didn't ask for details on the firearms. Nice company.

 

[Norinco982lover]

I do all my insurance through State Farm, always have, and they threw on a renter's policy for me for $8 a month (then subsequently gave me 10% off of $120 car insurance).

They asked for a list but we never got around to filling it out. I believe it had a section for firearms and we were covered for a total of $20k (we don't have many belongings).

~Norinco

 

[Ric in Richmond]

Most policies have some basic limits, and over that you need to get a rider and schedule the items.

The advice to photograph or video is CRITICAL!!!!! DO IT!!!

If you are in Virginia and want a 2a friendly S.F. insurance agent PM me!

 

[ThomasT]

I am an adjuster for a Texas company named Germania. Not only do I right estimates for storm damage but I also have my house insured with them.

My guns are covered up to the limit of my personal property amount of $90,000. Personal property is personal property as far as they are concerned.

I have is detailed list with serial numbers plus photos of what I own. I am a certified adjuster for State Farm, Allstate. Farmers and Nationwide. As far as I am concerned Germania is the best Insurance Company to come down the pike.

Some companies do have limits on how much they will cover on your firearms. The time to ask is before you have a loss and not after. Talk to your agent. He will explain your policy to you. That's his job. If your need to list your guns seperatly he can do this for you. Its no differant than listing jewelry or crystal or paintings. Anything can be covered. The extra premium is not that much. If it is then shop around.

The most important thing you can do is get photos and serial numbers. The video is an excellent thing to do also. Walk around a video plus speak about what you are looking at. Documentation is the name of the game here.

 

[CWL]

Photograph all firearms, knives, tools and other items that have value. Better to have a video of them (preferably digitized and stored online somewhere as back-up).

Insurance claims adjusters find it hard to argue with a running video of you personally holding-up and describing each item of value you own.

 

[jcjacobvt]

Wouldn't it be wiser to spend a few years insurance money on a or a couple of fire proof safes that is large enough to keep your firearms in rather then paying one or two thousand dollars out the door each year. And then lock them up. I know that I have a couple of guns that no money in the world could actually replace them, nor make me feel better after they are stolen. If you have a rifle that cost you say $1500. by the time optics, bells and whistles are done, it seems that a safe is in order. I know people that in todays market might be paying out a thousand dollars for one good AR15 and two thousand dollars for one good Springfield M1A. Securing your firearms should be the goal. Every responsible firearm owner needs to secure their guns when not in use.

 

[TRGRHPY]

I just spoke with my State Farm agent yesterday regarding firearms. The first thing I asked her was "is there a limit for my firearms?" $2500 max per gun, $2500 max per claim. I brought up several issues with her regarding additional coverage.

1. She requested an appraisal from a dealer. I asked her if they cover what it would cost to replace the item or what the item cost originally minus depreciation. She stated that they replace what it would cost to replace. I mentioned to her that several guns have gone up in price recently due to politics, and she stated that was fine and that they would use what the appraisal states. She stated that value goes up, value goes down.

2. Depending on how much the additional insurance is for, there needs to be different levels of security involved. I didn't speak to her in specifics since I have to go back on monday, but they apparently do exist and need to be in place if you want to make a claim.

3. I asked about the accessories and aftermarket parts added to the firearms. She stated that they are covered but need to be listed in the appraisal.

The quote was much cheaper than what I had anticipated and the coverage is far more than what I would need. I'm glad that I checked into it, otherwise I could've ended up getting screwed for my own ignorance if there had been a break-in or fire.

Nothing seems innappropriate or out of line for an insurance company to be asking. If you have an older car that you want insured for more than what BB states, then you're gonna have to get an appraisal, and that will include the VIN. I don't see why asking for a firearms SN is out of line. They are only trying to prevent fraud. Otherwise we could just borrow a friends firearms collection and make a falst claim. I would be worried about an insurance company that DIDN'T ask for that information. If they aren't willing to take the time to get correct information, they aren't going to take the time to make sure that you get what is due you. And yet people still complain and wonder why their insurance didn't pay for x, y, and z, or didn't cover what x, y, and z is worth.