Gun insurance

Narragansett

Narragansett

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If you insure your guns, how do you go about it? Do you have a separate rider and a list for your homeowners policy, or do you insure with a separate policy and different company?

If different company, who do you like?
 
I tried my homeowner's group and they weren't really what I was looking for. My dad and I both landed with Eastern Collectibles. Their rates are reasonable and they cover a lot of go-withs (original boxes, papers, holsters, stocks, ect).

If you need the agent's info I can send it by PM.

Good luck Pete

Scott
 
In my nearly 60 years of collecting, I have never bought any insurance. I used to money which would have been spent on policies buying gun safes and house alarm systems. Also never telling the neighbors the extent of my collection (over 350 guns). They knew I had just a few which I'd occasionally take to the range.
 
Tagged for interest. My homeowners makes the rider process tedious. (Pictures, appraisals, etc.). I’m interested in what folks are using and also (I hate how this sounds) what the experience was when you had to use it.
 
I don't have a large or valuable collection. About a dozen guns. I have a rider on my homeowners insurance for a specific, maximum amount. I have not had to provide them with a list, pictures, or anything else. If I suffer a loss, though, I will have to justify the amount that I claim, so THAT is when I would have to provide details.
 
Your NRA Life membership has a minor Coverage along with separate riders available.

In the early 80's, I looked into my State Farm Hoe Owners. The basic of about $500 to $1000 was standard, a rider o $2500 total was the only available. For 100% coverage (covered theft, loss, scratches, and anything else possible) was 5% of total value per year, no deductible. Every 20 years you would have paid 100% of current (insured) Value, at the 40 years sice then I would have paid for the guns and the inflation twice!

I went with my homeowners with the rider and use Remington 870 and Mossberg 500 insurance! The deductible is a killer!

Ivan
 
First, the term "rider" is a Life Insurance term, has nothing to do with Property & Casualty Insurance!

All Homeowners insurance provides some coverage for guns, just like any other Personal Property, unless specifically excluded by the policy.

Guns are insured by "Declared Value", just the same as jewelry. Rates vary greatly between carriers. Additional coverage is done by Endorsement, not a rider! Talk with your current agent and they can advise you of specifics and cost.

Settlement at loss will be paid by either "cost to replace" or declared value. Just like jewelry, guns are very expensive to insure. I have never worried about insuring mine as the cost involved will cover their value after several years because of this. The biggest problem with guns is in the event of a loss, with the exception of current production guns, many will be impossible to replace! Especially antiques.

The last half of my working life, until 5 years ago, I sold and rated P&C insurance of all types.
 
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I also have Eastern. My policy went up when I moved to Florida. Currently a little over $400 per year for $80k coverage. They only require info on any particular piece valued over $10k..

Robert
 
Has anyone had claim settlement experience with the companies recommended (ie, Collectibles Insurance Services, Eastern Collectibles, Gun and Trophy ... or any others) ?

Before I retired I was in the insurance industry; on the corporate side in underwriting and marketing and as an independent broker.
It has been my experience that one does not really know how good a company or your policy is until you've dealt with them on a claim settlement. A company can have great rates/prices and what you think is wonderful coverage.....but that means nothing until you find out if they will work with you honestly during a claim settlement. The company that has a good reputation for their claim handling is who I would want, even if it cost a bit more.

Don
 
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I have a Rider on my Homeowners with Auto owners I did have to supply them with a A list and serial numbers. they used my estimated value on my little collection.
 
I have coverage with state farm. For my firearms coverage above the basic amount ($2500.00 IIRC) I just had to provide a list (make, model, serial # and caliber)and approximate values. For my wife's jewelry we had to provide an appraisal.
 
45Smashemflat said:
Tagged for interest. My homeowners makes the rider process tedious. (Pictures, appraisals, etc.). I’m interested in what folks are using and also (I hate how this sounds) what the experience was when you had to use it.
Click to expand...

I did all that. Safe and all........They(my HO insurance) still turned me down.
 
woodsltc said:
Has anyone had claim settlement experience with the companies recommended (ie, Collectibles Insurance Services, Eastern Collectibles, Gun and Trophy ... or any others) ?

Before I retired I was in the insurance industry; on the corporate side in underwriting and marketing and as an independent broker.
It has been my experience that one does not really know how good a company or your policy is until you've dealt with them on a claim settlement. A company can have great rates/prices and what you think is wonderful coverage.....but that means nothing until you find out if they will work with you honestly during a claim settlement. The company that has a good reputation for their claim handling is who I would want, even if it cost a bit more.

Don
Click to expand...

That is my question as well. After you have paid those great rates, when you had a loss how did it shake out?
 
I found this after a brief search.
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Robert
 
With USAA, my coverage, they wanted an inventory, seriel numbers and pictures to cover them on a rider to go beyond my home owner's policy limits.
No e'ffn way.
Can't steal what can't be found.
 
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