Insurance and guns, a question.

[Buzzbox]

Hello there,

I have a question for anyone who owns a few guns. That's likely everyone here. Do you have insurance on them? what kind? I was looking at at renters insurance, which I haven't had in some time. For $30,000 in personal property renters insurance, it's about $175 a year. When I told the fellow I had a safe full of guns, he said it would have to be "scheduled." I gave him a rough estimate of the total value of safe and guns at 20,000. According to this fellow, that means that the yearly premium for my renters insurance would jump to $710. I would like to insure my firearms against theft or damage. I did this essentially when I bought the 850lb FN fire safe.

$710 seems like a heap of $hite to me. Thats more than a glock a year for the small chance that someone could either move an 850lb safe or crack it.

Thanks for anything you can tell me.

Bbox.

 

[George S.]

I'm curious about this as well. My homeowner's policy covers the actual cash value of the contents, but I have not contacted my insurance company to see whether or not weapons are specifically covered under the general coverage for contents or if they have to be listed separately and an additional policy rider is needed.

 

[BozemanMT]

Most home insurance policies cover up to 5,000 dollars (may vary) in firearms and knives. Any more than that and you have to buy more.
You don't have to tell them what you have until you make a claim, but you'll never recover more money than you were insured for. So you do have to give them a best guess of "i have 10,000 dollars worth of firearms" and you get a rider on your policy. (which, of course, costs more) Tools, jewerly (how do you spell that?), furs, stereo's, etc all work the same way with differing amounts of it.

HTH

 

[sumpnz]

When I talked to my State Farm agent she said that SF would only insure up to I think $5000 total value and something like $500-1000/gun. They supposedly didn't even offer insurance for anything over that. Could be wrong, though. You might want to look into seperate insurance just for your guns that is independant of your renter/homeoweners policies.

 

[Ohen Cepel]

Conviently enough I just sent my check out to the NRA backed insurance program.

Think it was $166 for $10k of gun specific insurance (wouldn't swear to that though).

It was a much better deal than working with my standard company. They wanted a LOT of info on each piece, and the price was more.

I think the NRA insurance deal is the way to go.

Hope that helps.

 

[Buzzbox]

Thanks, I'm not sure if homeowners has different standards than renters. In my mind they should be the same, you are just covering your stuff one way or another. What I don't get is why it's such a difference in price between the two quotes. I'm going to go in and drill the poor guy with questions about their policy and procedure. I got the distinct impression he was talking out his a$$. I won't shell out that money unless I know exactly how I'm covered.
Anyone out there who sells insurance? I'm trying to understand the whole insurance thing. It really feels to me like a complicated con where you pay someone to bet against you.
I may go with the standard renters, but the guy claimed it wouldnt cover the guns, which I again thought was BS.

 

[sumpnz]

It really feels to me like a complicated con where you pay someone to bet against you.

You nailed it. No matter whether you're talking auto, homeowners, medical malpractice, or health insurance, it's all a game where they figure most people won't make claims worth more than their premimums. Where they have you over a barrel is that without insurance, if something major happens you are seriously screwed without insurance. I'm paying almost $2k/year in health insurance premimums (that covers me, my wife, and my daughter - if we have any more kids it won't add to the premium). Now, what are the odds that in any given year I'll spend $2k on health care (or $10K over a 5 year period)? Once you add in my employer's contribution (~$6k), there's almost no chance of that happening. But, if I get cancer, have a heart attack (not likely at 27, but I wouldn't be the first if it did happen) it can easilly cost multiples of $100k. If I stay healthy until I drop dead of a heart attack at the age of 85 I'd have put probably $200k+ into insurance that was never used, and that is what they are betting on.

I may go with the standard renters, but the guy claimed it wouldnt cover the guns, which I again thought was BS

There's probably a specific exclusion in the policy againt guns (and jewlery, furs, art, etc). Read the fine print, it's all in there.

 

[Freedomv]

Buy the best gun vault-safe that you possible can find and afford. The cost never repeats itself and it will keep you equipment from walking off. It also will protect from a fire especially if you have the fire dept. play water on the area where the safe is located to prevent it from heating up and cooking your guns when exposed to a large house fire etc.
I have never been able to collect what my lost equipment was worth when it was stolen or lost in a fire. The insurance company always seems to find a loop hole to get out of paying up.
Al least that is my experince. And the safe will be around for your grand children to use and enjoy. Some of the old safes are really neat to look at etc.
Vern

 

[JuniorG]

A few weeks ago i called my insurance co. to make some corrections on my policy. Been insured thru them for 23 years and my premiums are all prepaid thru my bank, being a lazy ass I just always made sure the premium was paid every year and called it good, never looked at the policy.

Talking with the agent I mentioned the improvements i've made over the years and she went over the diffrent admendments that had been made over the years as it had been along time. I mentioned my guns and she said as my policy stood right now I would get 500 for ALL my guns total!!

Well 23 years ago that would of put money in my pocket but today it won't cover one. We did some talking and adjusting and now my guns are covered up to 60.000, change in premium? a total of $65.00

If you haven't done it yet, check your policy AT LEAST. Better, call your agent and ask them directly.

 

[OMCHamlin]

I was in the same boat, renters insurance wouldn't cover but 10% of my value in guns / knives. I found these guys: http://www.historicfirearms.com/

and I sleep a little better, 'though I already have fireliner safes.
Chris

 

[Standing Wolf]

American Family Insurance didn't get my home owner's coverage because it thought I'm dumb enough to turn over a list of makes, models, and serial numbers of all my firearms.

 

[Safety First]

I work for a major Insurance company and when I started with them 12 years ago I was selling home owners and renters insurance. I am not certain that what I am telling you is still correct (as I am now in auto claims)so all who read this, check with your agent... The standard coverage for guns with most companies is set at $2000 or $5000. You will need to do what is called Scheduling (itemizing) each indivdual gun assessed at a specific value if you want to increase that coverage. For some of the people on THR this is important because there are many here with collections worth many Thousands. One piece of advice for ALL who read this, read your policy and ask your agent/service rep if you have REPLACEMENT COST. Do not ASSUME you have it. Many, many people have Depreciated Value on their contents and even dwelling. Trust me you need to fix that if you do not have replacement cost. One fire,theft or if you live in a hurricane or Tornado prone area could wipe you out if you do not have REPLACEMENT COST coverage. The high quality Safe idea was good advice and I may even check into the NRA coverage myself..

 

[kidcoltoutlaw]

i have nra

i cant rember a little over 12.50 a grand,thanks,keith