Does anyone know of a good Insurance on firearms and knife collections? If so how much is it per year? My homeowners Ins has a rider you can add for guns but it is expensive.

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Tom
NRA Pistol Inst

The majority of Homeowners policies treat guns as simply Personal Property except for theft or mysterious disappearance. Any cause of loss except theft will be covered at full value subject to your deductible. You also will have coverage for theft ranging from ca. $1,500 to $5,000 included as one of the "Special Limit"s. The policy may be endorsed to add full value for theft of firearms, but it is not inexpensive as you note. Even the coverage provided by the NRA is expensive if you have more than a few thousand dollars in guns you need coverage for. Knives are not an issue at all, they have full coverage under your homeowners policy for any cause if loss except earthquake or food, and if you are in more areas east of the Rockies wind is excluded too, unless you buy the coverage back.

Additions to Property and Casualty policies are called endorsements. "Rider" is strictly a life insurance term.

I have a rider on my home owners. It is a all perils policy. I only had to use it one time and I had a check within 10 days. To get the insurance you have to prove value when you buy the coverage. Proving the values can be done by using the blue book of gun values, dealer pricing or by getting an appraisal. Sounds a little complicated but it isn't. Cost the first couple of years is about $14.00 per $1,000 of value and mine now is down to about $11.00 per $1,000.

There are a number of companies that insure collectibles and I talked to them but they could not guarantee the value on some of my old Smith's, They wanted to use current prices for replacement value on my pre 29's and my pre 27's.

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NRA Range Safety Officer

I dont have near the collection many here do, but still didn't want it to be under my regular homeowner policy due to deductibles, limitations, etc.
I added optional coverage that was roughly $2 per $100 in value. So for me and what i own, its less than $100 a year which was fine for full replacement and no deductible. I cant say though if a policy add-on like that works for those with a high value of guns owned or perhaps collectibles.

A life member of the NRA? Check out their firearm insurance!

I don't need insurance on my firearms. Most of what I have and buy, no respectable thief would bother to steal them.

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Just a shooter

I am in the process of going through this very same thing. The current company we have has an extra rider but frankly I don't remember what it costs. It is renewal time and we are looking at State Farm and they have a 0 Deductible policy that you can put most anything you want - guns, camera, jewelry, etc on it in case it is lost or stolen. Say I have my guns in my truck and someone steals them, if it is under my homeowners, there is a deductible and then a limit to the amount. With this policy, just under $10,000 of coverage for guns and camera equipment is around $145 a year. I have to put the inventory together, which I always keep, with description, serial numbers, and pictures are good as well. I then say what I paid for it and what it is worth which is always a guess. The good thing about a policy like this is no deductible, you have coverage for a lot more circumstances, and if you have a claim it doesn't go against your homeowners.

Collectors Insurance. I believe their rate is around $5 per $1000.

I talked three times to Collectors insurance. They never would give me a written statement of what they would pay on certain guns, they always came back with, "We pay market Value", but would not tell me who determined market value.

I have my rider through State Farm with zero deductible.

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NRA Range Safety Officer

I have the free insurance with the NRA which is $2500. But you can add on to that if you need it. For $7500 it will cost ne around $140 per year. I thought that was high so I am shopping around. I also need ins. on my knife collection.

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Tom
NRA Pistol Inst

Check out Eastern Insurance. $35,000 on guns and collectibles, ammo, reloading stuff etc for around $135 per year. If you need more coverage it is available. Talk to Jack. While I have never had a claim I have been very pleased.

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SWCA #2922

I use a service called U.S. LawShield, they don't advertise themselves very well, but you get great coverage for the money. I don't know about knife collections it doesn't mention anything about it I assume it's covered under their self defense insurance program.

The otehr guys is USCC, my neighbor uses them, the have a pretty slick website but they offer lower amounts for legal coverage and prices are tad higher.

Both are good IMO

what kind of knives do you have?

I started with Collectibles. I switched to Eastern six or eight years ago. Their rates are a little less than Collectibles, but their deductible is a little higher and I find them more pleasant to deal with. I think it's about or under $3.50 per thousand. I suppose they have a website but I found them to be quite helpful by phone.

Did you have to submit an itemized list of serial numbers and estimated values?

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Wisdom comes thru fear . . .

Apparently, insurance companies frown on paying out on firearms lost in boating accidents. I asked my agent.

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Live long and prosper

Instead of purchasing an insurance policy, I spent my money buying good gun safes and have a whole house monitored alarm system installed. Money wise I'm way further ahead than if I paid for an overpriced insurance policy for all those years.

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Bill

For anything besides a basic policy that covers a few thousand dollars loss on guns, I believe you will have to provide a list of guns, and serial numbers.

Not up to the $35,000 coverage. If you add more you may have to submit additional information. Same if you exceed the per item limit. I cannot recall off the top of my head the per item limit. The $35,000 covers reloading equipment, ammunition etc.

Jack recently passed away but whomever you reach there is very good.

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SWCA #2922

I have about $35,000 in coverage as a rider on my home owners insurance with State Farm. Cost is $237 per year.

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Infected by Smith&Wesson

I thought firearms and knives were insurance

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Buy American
Vote Responsibly

Try these guys:

Collector's Insurance Co.
Scottsdale, AZ
888 837-9537

I was able to just add and pay more for an additional $30k worth of contents insurance on my homeowners policy. Good enough for me. I have a list with serial numbers of every gun in the house, and keep a running total on all my ammo. Dont forget about your ammo stash! Thats worth thousands!