Do you or should you insure your firearms

[anomad]

I have an additional coverage on my homeowners (Allstate) for "sporting goods". Its for $15k and really cheap. Not pushing allstate, just saying its common. Some guys have a set of golf clubs worth more than all my guns put together. It is up to me to document what I have though.

My agent has one dude that insures each gun/scope etc individually, all itemized out. That's pretty extreme.

 

[ElToro]

In one of the incidents, one of the guns in question was a Redhawk with a single-digit serial number, a 1980 gift from Tom Ruger.

wow. sorry for your loss

 

[oldman45]

That information is just wrong.

The maximum limit is $1,000,000.
Serial number are never required.
The first $2,500 coverage is free with NRA membership, anything over that you pay for.

Read the current information:
NRA Endorsed Insurance Program - ArmsCare Plus Firearms Coverage

I have the insurance.

I understand what you are saying but have difficulty thinking anyone insures without assurance the item ever existed. Someone can just obtain the insurance, file a police report of a theft where they lost a dozen pricey guns and collect for guns they never owned.

A couple times a year I investigate auto accidents that were staged. It would be more profitable to file claims for non existent guns.

My guns have been insured for about 25 years and every insurance company I have been with asks for serial numbers just as auto insurance companies wants VIN numbers and home insurers make photos of the home at the address shown on the policy.

 

[scout]

Regular homeowner's policies with no gun exclusion, replacement cost contents, all risks.

This might be the way to go for the rest of us, if you can find a policy that is price competitive and makes sense for the rest of your risks (total home value, etc.). I am not sure how hard it is to find/qualify for such a policy, but I think it bears looking into.

 

[John Ross]

This might be the way to go for the rest of us, if you can find a policy that is price competitive and makes sense for the rest of your risks (total home value, etc.). I am not sure how hard it is to find/qualify for such a policy, but I think it bears looking into.

If you compare policies, one with a gun exclusion, and one without, you'll see the difference. Say you have a policy with $400,000 on the home, and $200,000 on the contents (replacement cost contents, all risks, no gun exclusion) and it costs $4500/year. (This is a real number. I helped a former brokerage client in the St. Louis area find such a policy on his home, before I left that business.)

Compare a similar policy that HAS a gun exclusion and then add a $100,000 ArmsCare Plus gun policy. The ArmsCare policy will cost you $1,740 a year for half the coverage on just the guns. You won't find a $400,000 home, $200,000 contents policy WITH a gun exclusion for anywhere near as low as $2760 a year, for the same house.