Insurance Companies and Firearms

Juggernaut

Anyone else required when insuring their firearms by the insurance company to itemize each firearm including: manufacturer, model, caliber, serial number, etc. for coverage rather than insuring them collectively as a group and having the receipts to show as proof for loss, so as not to disclose what and how many?
Thanks.

duckhunter

Depends on the insurance company. I use the NRA. No numbers or other info under $1500.00 per gun.

iwannausername

Many insurance policies are just a general category, and a low limit. For example, my homeowners has a flat "firearms $2500 total". Anything more that that would require an add-on and descriptions, etc.

If your base coverage amount is enough, then just document what you have and keep in a safe place. That way, should you need it, you have the proof. Several suggestions I've seen for different things (guns, household stuff, cars, car parts, etc) has been to video tape it, including zoom ins, and do a narration along with it.

perry shooter

Hello a standard HOME OWNERS policy will only pay you a fixed cost usually less then $2000.00 even if you have $100,000.00 worth of firearms. These same insurance companies will sell you a rider policy on JEWELRY , FINE ART or FIRE-ARMS . I know of at least one STATE FARM that wants an itemized list with pictures & or serial number as well as stated value on any of these types of items. I don't see a problem in giving this information to your insurance agent. but YOUR MILEAGE MAY VARY. Look at it from the other side BUBBA tells his agent I just had $100,000.00 worth of guns stolen but I don't have the serial numbers and no I never took pictures just pay me $100.000.00 . That is why every agent worth any thing will come out to inspect your house and auto if not new before he will write you a policy.

EDIT Hello State Farm will write you a rider for 2% of declared value IF you have them for the most part in a secure place. However they will also cover if lost or stolen while you have them at a Match out of your motel room or out of your car they also cover if you are hunting and fall and break stock bend barrel etc.They also will cover for storm 'WATER DAMAGE " and FIRE I do not workfor STATE FARM but I do have a long time friend that has gone to BAT for me many times IMHO a good Agent is just like a good service manager at a car dealer both can either accept a claim and have your car fixed where you want it to be fixed or fix a out of normal warranty service problem or play HARD BALL.

Juggernaut

Alright, just want to make sure.
Thanks.

givette

When you apply for firearms insurance, be specific (on the make/model/caliber, etc). And ask them how much it would cost for a replacement guarantee on the same make, model, and caliber.

I asked for a replacement guarantee, and they wanted a professional appraisal before they would insure.

They also checked to see that I had adequate gunsafe storage for the items to be insured..otherwise, no deal!

Expect to pay up to five pct. of the appraised value as a premium per year!! Joe

Juggernaut

Hmm, just dont feel real comfortable giving out such detailed information to an insurance company is all, I am just different I guess as I believe that if there is a loss you should simply be able to produce enough evidence such as receipts and or records to prove what you had; seems a little strange that some insurance companies would want so much detail, but maybe I am being a little paranoid.
So concerning which insurance companies to use;
the NRA's insurance only allows a $1500 limit per gun, you should be able to raise that if you have some particular firearms that are more valuable, are they expensive?
What is a good overall insurance company that will include guns and dogs in there policy and isnt considered a bad faith insurance company or too expensive; who do you guys like?

nmyers

I decided to "self insure" after finding, like Givette, that it would cost me 5% annually.

I bought a gun safe & had a professional alarm system installed; never experienced a loss, even when burglars broke in. Over the years, I figure it worked out well for me. But, your risks may vary, so you have to decide what works best for you, especially if your collection is high value.

Neal

azroaddust

Regardless of how or if you insure your arms, I suggest you keep a detailed list of make, model, S/N, NRA condition, and current value based on Bleubook of Gun Values or some other recognized authoritive publication as well as digital pictures of both sides at least.

Even if NOT insured, this may help in police recovery and if it's an uninsured loss there is an IRS tax deduction for that.

tsr1965

My insurance agent says my current policy covers up to $1000.00 for all guns, total. If I want to insure my collection, it would cost about 5% per thousand dollars, and each piece would need to be itemized. Some of the older ones that can not be replaced, might not get insured.

Then in case of a claim, it might be subjected to pro-rata.

Best

Juggernaut

So concerning which insurance companies to use;

the NRA's insurance only allows a $1500 limit per gun, you should be able to raise that if you have some particular firearms that are more valuable, are they expensive?

What is a good overall insurance company that will include guns and dogs in there policy and isnt considered a bad faith insurance company or too expensive; who do you guys like?