Wasn't sure where to post this but as my collection grows and I see my insurance only covers $3000 I find myself looking. What is everyone doing or going for insurance of their collection. Thanks.
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Insurance question.
- Thread starter Herd Thinner
- Start date
Homeowners policies do not cover firearms past a token amount.
You will need to get a special rider for your collection. You will need an inventory list with the following information (or at least this is what my insurance carrier wanted).
1. Make/Model/SN
2. Receipts or in lieu of receipts an appraisal from an FFL
3. Photos
Once you submit, they may want to verify so be prepared for an on-site inspection. My carrier didn't but I have heard of this happening to friends with large collections.
Cost is not insignificant. The cost per thousand varies based on where you live; if you have a safe; if you have an alarm, etc.
I personally no longer carry it as it was a few hundred a year for my collection. I bought a large Liberty safe which is bolted down. Also have an alarm system and a large dog.
Good luck
You will need to get a special rider for your collection. You will need an inventory list with the following information (or at least this is what my insurance carrier wanted).
1. Make/Model/SN
2. Receipts or in lieu of receipts an appraisal from an FFL
3. Photos
Once you submit, they may want to verify so be prepared for an on-site inspection. My carrier didn't but I have heard of this happening to friends with large collections.
Cost is not insignificant. The cost per thousand varies based on where you live; if you have a safe; if you have an alarm, etc.
I personally no longer carry it as it was a few hundred a year for my collection. I bought a large Liberty safe which is bolted down. Also have an alarm system and a large dog.
Good luck
If you don't have a good gun safe, start there first and then worry about the additional coverage JMHO. When it does come time for additional coverage, you may just want to pick out the better items of the collection and not the whole thing to keep the costs down. I have State Farm and they wanted almost a 1000.00 for the extra coverage. Between good safes, alarm systems, and being home 95 percent of the time I don't carry it as the only issue I might have is a house fire if I am not at home and even then the local fire station is less than a mile down the road so I hope they could have water on it before it got too bad.
I carry the NRA insurance and it is not too bad priced. Just know the loopholes as they have several in order to get out of paying for items. I.E. they will not cover guns if they are stolen out of an unlocked vehicle or unlocked portion of the vehicle. also...they only cover stolen accessories if the gun is stolen at the same time. stuff like that.
they don't need serial numbers. Only descriptions of guns that are over a certain amount ($2500 i think).
I don't know how they are to deal with on making a claim. Hopefully I never will have to make a claim.
they don't need serial numbers. Only descriptions of guns that are over a certain amount ($2500 i think).
I don't know how they are to deal with on making a claim. Hopefully I never will have to make a claim.
I have the safe and all the others. Fire is my only worry. The houses next to me are awful close.
I called my insurance company and asked if they cover sporting goods and was told that my homeowners policy covers up to $20,000. I asked for them to email me a copy of the policy which they did.
I have photos and model and serial numbers of everything.
I am getting close to my limit so I will probably need more coverage soon.
I have photos and model and serial numbers of everything.
I am getting close to my limit so I will probably need more coverage soon.
You don't need extra coverage for the risk of fire anyway. The limitation in the Homeowner policies (usually $1,500-$3,000) is for Theft only. If your house burns down or a water line bursts over your gun room and all your guns are damaged, then you have the full Personal Property coverage limit to work with.
Keep in mind though that the limitation for Theft INCLUDES firearms and firearm accessories (things intended to be used for, on and by firearms only).....so if you have a nice Safe but have some non-mounted expensive glass, large stock of ammo, a chassis or 3 laying around outside the safe and that stuff gets stolen....then the limit will apply.
Generally, if an item cost me more than a few hundred bucks, it goes in a safe (except ammo). I even keep my compound bow locked in one of my safes. A thief might make a quick break and grab if I am not home but besides tv's or computers, they are not really going to get anything.
Living in a state/area where just about every household has more than one firearm in it, open carry laws as well as generous CCP approval for non-criminals...that in itself keeps the break-ins/thefts of firearms down here....even with a HUGE Meth problem in this area. I handle Homeowner and Commercial property claims in Southwest VA (coal country) and East TN/Tri-Cities and hardly EVER have a theft of firearm claim. Hell, with Facebook Trading/Sale pages and Armslist around here, any felon can buy a Hi-Point 9mm for $150 or trade a stolen chainsaw for it anytime they want with no risk.
But you had better keep an eye on your outside HVAC unit or anything else with copper in it or that will be gone in a flash....
But you had better keep an eye on your outside HVAC unit or anything else with copper in it or that will be gone in a flash....
I would be more specific. I asked my insurance carrier the same question worded in the same way and was told..."Yes, we cover sporting goods not including firearms".
This is one area that you want to be absolutely sure about, IMHO
This is also an excellent point...I worry more about fire or water damage than anything else
stand alone policy with the same insurance agent as home owners. They had to come out and at least count number of items and a list of model and serial #. A little effort up front but easy to add and take away as your needs change. But as mentioned before it covers them outside of the home also. I haven't had to make a claim yet so I cant speak of that. State farm is the comp I use I am sure there are others that offer this also. I don't recall the yearly bill but it wasn't much for what is insured.
$140 gets me $70,000 worth of coverage through my homeowners insurance company. Plus you get a nominal amount with your NRA membership. Liberty Mutual has saved me a shit ton on insurance, and also gave me much better coverage. FWIW
I have a personal property policy with SafeCo. It is $100k worth of coverage with a $500 deductible. Firearms are included, but they only pay up to $1500. For additional coverage on the more expensive firearms I simply "buy" a policy on each firearm at whatever I value them at. The individual firearm policies have $0 deductibles. I don't remember what they charge for per firearm per dollar value. All I know is that the personal property policy gives me a $70/year discount on my auto polices. All said and done, I am paying about $10 a month to ensure full replacement for tools and firearms. I've spent far more for a lot less.....
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I went through NRA Insurance and $18,000 worth of coverage is about $180 per year. Cheaper than adding to my Homeowner's Policy.
I insured my Group M16 through USAA. Wanted to insure it for more than I paid since it had gone way up in value but they wouldn't do it without proof of the new value, which of course I couldn't provide since they sell so infrequently. I ended up insuring it for $18k which cost me $35/month. That seemed way too high and is one of the reasons I sold the gun. At least I got the FA bug out of my system.
Otherwise USAA provides $10K of gun coverage through my household insurance.
Otherwise USAA provides $10K of gun coverage through my household insurance.
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