In order to participate in the GunBroker Member forums, you must be logged in with your GunBroker.com account. Click the sign-in button at the top right of the forums page to get connected.

Insurance for a gun collection

jptatumjptatum Member Posts: 1,911 ✭✭✭✭✭
edited February 2004 in General Discussion
Does anybody have any experience with this? Should it be part of a homeowners policy?

J. Patrick Tatum
· Share on FacebookShare on Twitter

Comments

  • tapwatertapwater Member Posts: 10,336 ✭✭✭
    edited November -1
    Ask your agent if there is a max on the coverage of guns. A company I had years ago had a 5K limit on firearms loss...Plus, they wanted prior documentation and photos...My State Farm policy has no restrictions on firearm coverage....They are just another possession..I still keep accurate records and photos in a safe deposit box for proof....Always a good idea, regardless of insurance requirements..

    The early bird gets the worm, but the second mouse gets the cheese.
    · Share on FacebookShare on Twitter
  • gunpaqgunpaq Member Posts: 4,607 ✭✭
    edited November -1
    The best insurance is a good quality gun safe hands down.

    Pack slow, fall stable, pull high, hit dead center.
    · Share on FacebookShare on Twitter
  • DancesWithSheepDancesWithSheep Member Posts: 12,938 ✭✭✭
    edited November -1
    Gun riders to homeowner policies aren't worth much unless you do your homework first. You need to ask your carrier what they require and will accept as evidence of ownership and value; you need to ensure you have taken every precaution for their normal safeguard (e.g., bolted-down fireproof safe, etc.); and you need to discuss fully any exemptions to reimbursement as regards deductibles, payment maximums and loss type (e.g., theft vs earthquake, etc.). Merely estimating value and taking out a $10,000 rider probably won't mean squat if and when you ever need to submit a claim.
    · Share on FacebookShare on Twitter
  • tapwatertapwater Member Posts: 10,336 ✭✭✭
    edited November -1
    paq....Well said...[^]

    The early bird gets the worm, but the second mouse gets the cheese.
    · Share on FacebookShare on Twitter
  • dcon12dcon12 Member Posts: 32,040 ✭✭✭✭
    edited November -1
    Everytime I speak to my agent about insurance for my guns, you would think I slapped him. He is not interested in writing a rider for them because of the hassles that I believe DWS is refering to. Trying to insure my guns for value would be cost prohibitive from the estimates he does give. The best insurance is a fireproof safe for fire and a loaded one beside the bed for theft. Don.

    "Right is Right, even is everyone is against it, and wrong is wrong, even if everyone is for it"
    · Share on FacebookShare on Twitter
  • SuspensionSuspension Member Posts: 4,783
    edited November -1
    My state farm policy was supposed to have no restrictions on guns, but as I inquired deeper and gathered more information they only cover me for $15K through home owners and that is if they are burned. If their stolen it's even less. It sucks!
    everyone's already said it, but I'll say it again..buy a safe and keep at least one loaded or easy access to loading it.

    NRA Life Member ---"A pocket knife, a clean hankey, and a pistol... things I can use." - Ted Nugent
    · Share on FacebookShare on Twitter
  • mateomasfeomateomasfeo Member Posts: 27,143
    edited November -1
    I guess it is overkill, but I prefer both insurance AND a safe.

    The safe protects the sentimental value in all but catastrophic events.

    The insurance protects from the catostrophic. (A pro cracks your safe, or a horrible fire melts the safe)

    oswald.jpg

    Mateomasfeo

    "I am what I am!" - Popeye
    · Share on FacebookShare on Twitter
  • gunstosellgunstosell Member Posts: 53 ✭✭
    edited November -1
    You can go throught the NRA endorsed program. They do not require an itemization like other insurance companies would. There is one caveat with the NRA program--the last comppany the had is in receivership.

    Most homeowners policies will require an itemization with an additional premium.[8D]quote:Originally posted by jptatum
    Does anybody have any experience with this? Should it be part of a homeowners policy?

    J. Patrick Tatum
    · Share on FacebookShare on Twitter
  • gunstosellgunstosell Member Posts: 53 ✭✭
    edited November -1
    Certainly the more documentation the better. But, pictures, condition, serial numbers with make model etc. will go a long way. Then just make sure you have replacement cost insurance.[:D]quote:Originally posted by DancesWithSheep
    Gun riders to homeowner policies aren't worth much unless you do your homework first. You need to ask your carrier what they require and will accept as evidence of ownership and value; you need to ensure you have taken every precaution for their normal safeguard (e.g., bolted-down fireproof safe, etc.); and you need to discuss fully any exemptions to reimbursement as regards deductibles, payment maximums and loss type (e.g., theft vs earthquake, etc.). Merely estimating value and taking out a $10,000 rider probably won't mean squat if and when you ever need to submit a claim.
    · Share on FacebookShare on Twitter
  • FrogdogFrogdog Member Posts: 3,030 ✭✭✭✭
    edited November -1
    As a former property claims adjuster, here's my thoughts:

    Your homeowners policy does cover your guns just like all of your other personal property. The problem is that most policies cover personal property for only specified risks (fire, lightning, wind, hail, etc.) -- not "all-risk" like your house is covered. Also, there are usually specific limits placed on guns, jewelry, etc.
    The most common limit I saw was $2500. You can get a firearms endorsement added which increases your limit to $5000-$10,0000. I didn't see one higher than that on my company's HO policy. The endorsement is also good, though, because it replaces the specified causes of loss for your guns with "all risk" coverage. A lot of you have more than $10,000 in guns, though, and would definitely want "all-risk" coverage. In that case you'd probably want to get a Personal Articles Policy. You can get these policies for guns, jewelry, and most other items that you want better coverage for (coins, stamp collections, baseball cards, etc., etc.). They allow you to choose an appropriate amount of coverage for your collection, and the premiums are very cheap for the amount of coverage you can get. Finally, don't forget to take pictures and copy down your serial #'s -- will save you any trouble on a claim. The safe is certainly a good idea too.
    · Share on FacebookShare on Twitter
  • SuspensionSuspension Member Posts: 4,783
    edited November -1
    quote:Posted - 02/21/2004 : 7:24:21 PM

    As a former property claims adjuster, here's my thoughts:

    How much do the policies your talking about run? And how much do they cover or does it depend on what you ask for?


    NRA Life Member ---"A pocket knife, a clean hankey, and a pistol... things I can use." - Ted Nugent
    · Share on FacebookShare on Twitter
  • FrogdogFrogdog Member Posts: 3,030 ✭✭✭✭
    edited November -1
    Originally posted by Suspension
    Posted - 02/21/2004 : 7:24:21 PM
    _____________________________________________________________________
    How much do the policies your talking about run? And how much do they cover or does it depend on what you ask for?
    _____________________________________________________________________
    Suspension,

    It's going to depend on your state somewhat. I handled claims mostly in VA. In general though a personal articles policy is quite inexpensive. I don't have enough guns to need one yet for them, but I do have one for my wifes engagement ring. The premium for it is around $25/year for $5000 coverage and there is no deductible. As far as coverage goes, policies cover "Accidental Direct Physical Loss." Pretty much any loss that happens suddenly and accidentally (one occurrence). There are exclusions for things like rust/corrosion, wear and tear, and stuff like that (depending on your state and company). Overall it is very good coverage and you can usually get the policy limits set at whatever you need for your collection. If a company wants an appraisal to support the limit you want you can take a list of your guns to a gun shop and ask them to give you a quote on what replacing them all would cost. Whatever you get, remember that insurance agents are out to sell policies. So be sure to read the policy for yourself so you know up front what is and is not covered, and how losses will be settled. Be sure it is a Replacement Cost policy. Most policies pay the depreciated value of items up front, but as soon as you replace the lost item you get the full cost of replacement. You want to avoid policies that are ACV (actual cash value) only, because they will pay ONLY the depreciated value, whether you replace it or not.

    Hope that helps.
    · Share on FacebookShare on Twitter
  • s.guns.gun Member Posts: 3,245
    edited November -1
    B.T.T,

    1-Powder

    2-Patch

    3-Ball

    4-Remove the Rod

    5-Do Not Forget the Cap.
    · Share on FacebookShare on Twitter
  • Ruger22Ruger22 Member Posts: 385 ✭
    edited November -1
    The NRA automatically gives you $1000 worth of coverage just for being a member, and that includes portable CCW firearms as well. I called a rep today and she confirmed it. Of course, if you are a real enthusiast , your collection may be worth considerably more, call the NRA and buy more coverage if you need it. I am assuming you are a member.


    ~Jesus Christ is my Lord and Saviour~
    ~Proud member of the NRA and The John Birch Society~
    ~Protecting the 2nd Ammendment and United States Sovereignty~

    -Firearms that I like to shoot-

    Ruger_KP4C.gifT_22B3.jpg597LR.jpg
    · Share on FacebookShare on Twitter
  • bigdaddyjuniorbigdaddyjunior Member Posts: 11,233
    edited November -1
    I'm a Farm Bureau member and they have offered to cover my collection for about a .5% premium. I am trying to figure out how to do it without my wife killing me. I'm still easing her into the full impact mind numbing reality of what I've invested in collectables.

    040103cowboy_shooting_one_gun_md_clr_prv.gifBig Daddy my heros have always been cowboys,they still are it seems
    · Share on FacebookShare on Twitter
  • WagionWagion Member Posts: 2,464 ✭✭✭✭✭
    edited November -1
    DON'T EVEN BOTHER WITH NRA INSURANCE IT IS A SCAM THE COMPANY THAT HOLDS THE POLICY WILL FIGHT YOU TOOTH AND NAIL IF YOU EVER FILE A CLAIM THEY WILL NOT PAY!!!!!!

    If force ain't work'n... Your not use'n nough of it.
    I know the spelling is bad but guess what I DON'T CARE
    · Share on FacebookShare on Twitter
  • gskyhawkgskyhawk Member Posts: 4,773
    edited November -1
    the rider I have costs just over 6 dollars per thousand or in my case right at $100 per year,. made, model and ser number is required
    · Share on FacebookShare on Twitter
Sign In or Register to comment.