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Insuring your firearms

Discussion in 'General Gun Discussions' started by stonecutter2, Mar 10, 2011.

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  1. stonecutter2

    stonecutter2 Member

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    I was just wondering - does anyone have additional insurance on their firearms? Any recommendations on this? I know a homeowner's policy will cover some stuff, but for example would it make sense to insure my collection against theft?

    I know there are factors in this such as total value of one's gun collection, but let's say I have a CMP M1 Garand, a Glock 19, and a Springfield 1911A1 GI Model. That's easily over $1500 right there in cost to replace if something happened.

    I would be interested in hearing people's thoughts on this. I'm considering some personal articles policies on my possessions and wondered if anyone's done something similar.
     
    Last edited: Mar 10, 2011
  2. PRM

    PRM Member

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    The NRA offers insurance ~ you pay for the dollar amount you want (XX per $1000). Anything over a set amount per firearm is considered scheduled and requires the gun have an appraisal. I think its still $1500 on those guns.
     
  3. stonecutter2

    stonecutter2 Member

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    Ahh, cool. I'll look into that - thanks!
     
  4. ProShooter

    ProShooter Member

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    Are you an NRA member?

    NRA members now get $2500 of insurance for their firearms, just from being a member.

    As a recruiter, we can offer a one year membership for $25 rather than $35, and you get all the benefits of membership including the insurance.

    Join here - http://membership.nrahq.org/default.asp?campaignid=XP019625
     
  5. Chester32141

    Chester32141 Member

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  6. fractal7

    fractal7 Member

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    Call whoever is in charge of your homeowner's insurance and they will give you a rate for firearms, like a previous poster said, of some $XX.XX per $1000 of coverage and you put together a list of items you want to insure.

    Although its good to know the NRA limit went up from $1000 to $2500
     
  7. ProShooter

    ProShooter Member

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    Although its good to know the NRA limit went up from $1000 to $2500

    Yep, $2500 insurance for $25 ain't too shabby!
     
  8. stonecutter2

    stonecutter2 Member

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    Not an NRA member, but now looking into it. Thanks!
     
  9. stonecutter2

    stonecutter2 Member

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    This is definitely a pretty good deal.
     
  10. Owen Sparks

    Owen Sparks member

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    Do insurance prices go down if you have a safe? Fire is about as big a risk as theft isn't it?
     
  11. ColtPythonElite

    ColtPythonElite Member

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    Read your homeower's policy regarding fire....My homeowner's policy considers firearms as personal property when it comes to fire. The cap for coverage is for theft only....The reason for this is ownership is easy to prove for a fire because the guns will still be there. Theft is too easy to fake.
     
  12. Tom488

    Tom488 Member

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    I also went with Collectibles Insurance... about half the price of the NRA-sponsored insurance. I've been with them for a couple of years now.
     
  13. CyBuzz

    CyBuzz Member

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    Has anyone ever had a claim with Collectibles Insurance (or anyone else for that matter)? If so, how did it go?
     
  14. Chester32141

    Chester32141 Member

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    I don't know of anyone that has had a claim but they are well rated and have no negatives against them w/ the Better Business bureau ... just got my bill for this year and it's the same as last year ... $68 for $9,500 of coverage ... I thought it was $89 ... nice to see no increase ...
     
  15. lima_w

    lima_w Member

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    I have mine specifically insured as valuable property on my USAA renter's insurance policy
     
  16. JohnBiltz

    JohnBiltz Member

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    Call your insurance agent. You have a set amount right now but can probably boost that fairly easily.
     
  17. Rembrandt

    Rembrandt Member

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    I'll go against the grain and suggest to forget the insurance coverage. You'd be money ahead in the long term to take the premium dollars and buy a top quality safe with a good fire rating. In effect you'll be self insuring your own property.

    Look at what you're required to give up going through an insurance company....information and details concerning your collection along with the cost of the premiums. Some years ago a number of home burglaries were found to have origins when an insurance company employee was selling client information to the bad guys.

    If you live in a high crime area along with earthquakes, floods, and raging fires, then perhaps an insurance company might be the way to go. Every situation is different. Good luck.
     
  18. makarovnik

    makarovnik Member

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    I was going to take out extra insurance for my guns and music collection but the cost was prohibitive. I have since come up with a plan to backup my music on a one terabyte hard drive and store my guns on the property but not in the house.

    Only my wife and brother know where they are and I don't think the cops could even find them with a metal detector. With a gun powder sniffing dog they might find them but I doubt it. I have a nasty little surprise for any dogs that go sniffing around there. Don't worry it won't hurt the poor doggie permantly. I like all doggies even mean ones.
     
  19. Dr.Rob

    Dr.Rob Moderator Staff Member

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    Collectibles Insurance doesn't list an underwriter on their website. But there is this statement:

    "In 2006, a privately held wholesale broker purchased Collectibles Insurance Agency"

    That's not exactly a vote of confidence to me.
     
  20. TXHORNS

    TXHORNS Member

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    Join the NRA regardless, they insure your guns in more ways than one.

    But if you need more coverage than a good safe and the $2,500 NRA coverage will give you, call your renters/homeowners company first, just my opinion.
     
  21. menacingsquirrel

    menacingsquirrel Member

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    I'm an NRA member, so get their base insurance plus buy additional. I think I paid $60 for an additional $4K.
     
  22. 22-rimfire

    22-rimfire Member

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    I found insurance costs to be somewhat prohibitive. My agent informed me that insuring my firearms and other collectables would run about the same amount as my homeowners insurance per year. As others have said, it is all based on the value and assigned risk level for what you are insuring.

    I think you're better off with a good safe. Some would say if you can't afford the insurance, you can't afford the firearms, but I don't see it that way. Start with your insurance agent, and look at some of the other insurance options mentioned in this thread.
     
    Last edited: Mar 10, 2011
  23. BNDIT 1

    BNDIT 1 Member

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    Is there a way to join and opt out of mailings requesting money every few weeks? I was a member about 15 years ago and felt like all my dues money did was pay for junk mail to myself asking me to give more money!
     
  24. Toforo

    Toforo Member

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    Yes - you can call them and tell them to stop (they will) or if you have an online account set-up on the NRA homepage, you can select or de-select what and when and IF you want to receive info from the NRA and/or it's advertisers.

    If you haven't joined YET - there is also that option available WHEN you join.
     
  25. Uteridge

    Uteridge Member

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    Look at your home insurance policy, see what the cap is on Firearms, then call your insurance company and write an extended coverage for the rest of the cost of the guns. It is not hard to do but you will have to put together a list of what you have together with prices of what they are worth.
     
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