Firearm insurance

[Tom S.]

The recent posts about safes got me to wondering about firearm insurance. I know about riders on home owners, and stand alone policies, but any of these I've seen make no distinction between guns setting in a night stand drawer and those locked securely in a safe. From an underwriter's point of view, it would have to be cheaper to insure guns stored in a secure location as opposed to those not. I'd even wager that firearms stolen from outside safes outnumber those stolen from safes by several hundred to one - or even higher. Any one know of a company that offers a discount for a situation like this? Closest I can find is house insurance that gives a small discount for burglar alarms. If I could get coverage that would only cover firearms in a safe, I'd be very interested.

 

[jsfricks]

I talked to State Farm the other about a rider on my guns. This way if something is stolen it doesn't affect or go against your homeowners. Ballpark figure put $10000 coverage around $125-$200 per year depending on what category she put it under. But she didn't mention if it would be cheaper if kept in a safe. I'm not sure I would want the cheaper safe coverage since I keep a couple of guns out for protection and for carry in my vehicle too. So if stolen out of my vehicle it probably wouldn't be covered if they're all suppose to be in the safe to be covered.

 

[Tom S.]

Jeff, my homeowner's already covers me for $2,000 so my personal protection arms are pretty much covered. It's the rest of my collection I'm concerned about. I'm looking for substantially more than $10k.

 

[MC57]

The conundrum with insurance - if you have a large collection - is that there is now a record of it that may be accessed - treasure trove for criminals!

 

[jsfricks]

Jeff, my homeowner's already covers me for $2,000 so my personal protection arms are pretty much covered. It's the rest of my collection I'm concerned about. I'm looking for substantially more than $10k.

Same here on my homeowners, but it's best to not use homeowners unless it's a large amount since they will raise your rates if you do. I would go the rider route.

The conundrum with insurance - if you have a large collection - is that there is now a record of it that may be accessed - treasure trove for criminals!

I would hope the only one that would have access to the records is my insurance agent. I already have a record on Dropbox on my computer so my family will know values of each firearm and I'll have serial numbers incase of theft.

 

[mbliss57]

You can get firearm insurance through the an NRA endorsed private insurer.

Gun Collector Insurance Endorsed by the NRA

 

[TTSH]

I'm looking for substantially more than $10k.

Then you should be talking with these people:

https://www.easterninsurance.com/insurance-quotes/personal-insurance/historic-firearms

 

[Colokeb]

I hate these constant questions because they have been answered probably 200 times here alone.

Nothing from State Farm or the NRA Endorsed, or Collect-Insure will beat the rate you can get here:

https://www.easterninsurance.com/insurance-quotes/personal-insurance/historic-firearms

I cover a ____ guns for $140/year.

And I save a bunch by having a dollar deductible of what amounts to one gun.

In addition you might look into a large bank safe deposit box. The 12 x 10 by 24 boxes hold over 24 S&W's.

 

[Lee in Quartzsite]

When my insurance company wanted a complete inventory, complete with Serial numbers and receipts, that's when I changed my mind. What I have in my safe isn't like a Chevy or Ford in the garage. It's my personal business not to be shared with the world.

 

[Tom S.]

I hate these constant questions because they have been answered probably 200 times here alone.

Nothing from State Farm or the NRA Endorsed, or Collect-Insure will beat the rate you can get here:

https://www.easterninsurance.com/insurance-quotes/personal-insurance/historic-firearms

I cover a ____ guns for $140/year.

And I save a bunch by having a dollar deductible of what amounts to one gun.

In addition you might look into a large bank safe deposit box. The 12 x 10 by 24 boxes hold over 24 S&W's.

Sorry, but I can't find the mention of discounts for keeping firearms locked up in safes in any of the 200 other times this question was asked - hence my post. I will look into eastern insurance though.

 

[TTSH]

Sorry, but I can't find the mention of discounts for keeping firearms locked up in safes in any of the 200 other times this question was asked - hence my post. I will look into eastern insurance though.

Eastern gives you a small NRA member discount... but I think the assumption is that you're going to be diligent in terms of securing your highly-prized collection. I believe they do ask some general home security type questions including whether or not you have an alarm system and what kind it is.

Bottom line is that if they don't think you're going to be a good risk, they likely won't agree to insure you. They have the best rates in the business for larger collections. If all you have is a relatively modest collection, other sources of insurance coverage may be more appropriate.

 

[SmithNut]

The conundrum with insurance - if you have a large collection - is that there is now a record of it that may be accessed - treasure trove for criminals!

Yes and no....
Depends on the insurance company...

We have had several insurance plans over the years, all with limits, and mostly you are talking to an 800# robot who just tells you what their issues and requirements are. So when we moved last (10 years back) I elected to get a broker, so I could look across the desk at a real individual, and define/discuss my requirements so they could match them to an insurance company/plan.

We now have an umbrella plan that covers everything we have, including liabilities/losses, etc. , no firearms limitations, the umbrella covers everything... We may have a limit on jewerly but that is OK, my crackerjack box ring isn't worth much.

The broker matched us up with Safeco Insurance, they do not limit $$ on firearms, and they do NOT require an inventory, you should look into them.

Talking to a broker is the key, otherwise you talk to several insurance companies, their call centers and robots, and they all have their issues.

Just an FYI

 

[brigham33]

The problem with the original question was that it does not address the most important element. What insurance company pays a realistic loss amount when you make a claim. Really needs to be answered by someone who has made claims against their policy.

If someone above mentioned that, I missed it...

 

[Watchdog]

The conundrum with insurance - if you have a large collection - is that there is now a record of it that may be accessed - treasure trove for criminals!

Not sure how they'd access the record. There's no requirement that I know of that says you have to furnish your insurance company/agent with a list/record of your firearms. Mine are insured with State Farm...no one's asked for any sort of documentation.

I do keep my own record, of course. On disc and a hard copy on paper...both kept in a secure location away from the house.

I'm looking for substantially more than $10k.

Far as I know, the amount of coverage is your decision to make. You'll simply pay accordingly, based on the value you set on your collection. You could have your collection professionally appraised, and the appraisal notarized, I suppose, just to err on the side of caution.

As I said above, I'm with State Farm, but I'd imagine most companies are about the same. Even with increasing insurance rates, firearms insurance is amazingly inexpensive. Relatively speaking, of course.

 

[Huskerguy]

I am in the process of going through this right now. Both Safeco and State Farm are in the running. Both attach to but are separate from my home owners. There is no deductible to cover whatever you want to cover. I include my firearms and a nice camera. The idea is they are covered wherever and whenever - so if I were to be out hunting and someone breaks into my truck and takes a few firearms they are covered or if they get destroyed in a flood or whatever. No deductible as well. Cost is around $145 for $10,000. Yes they both asked for an inventory. They are insuring it. I can't expect for them to pay for something that they may or may not know I have. Think about it. I don't think I can say, hey you need to pay me $800 for that 28 that was just stolen from the front seat of my truck. Why would they be obligated to do that? Now if I have kept an inventory and it was listed, then yes. I don't worry about the information getting out somewhere, there is lots of other info more important that my insurance agent having my firearm inventory.

 

[Muss Muggins]

My homeowners rider is $17 per thousand. It's difficult to compare rates here due to multi policy discounts, FICO scores (if you don't think yours matters here, you're wrong) and claim history. I have to provide a list and estimated value. I get a discount for having a safe, but there's no requirement that the guns permanently reside in the safe. Money well spent, in my opinion . . .

 

[Jim R]

I have been buying firearms insurance for over 30 years. Basically you get what you pay for. My policy has no deductible and is all peril insurance. I'm covered covered for everything but intentional damage or destruction. If I mail or UPS a firearm to a gunsmith it is covered completely.

I had a forearm latch that malfunctioned and the forearm fell off the shotgun and hit the concrete. It cracked the wood on the side. Because there was no way to match the new forearm wood to the butt stock my insurance paid to have everything replaced.

I get ads or see them on these good deal insurance policies and most replace firearms for Blue Book less 15 to 20 % . All my firearms are insured for a written value and I pay about $13.00 per $1000.00 per year.

 

[TTSH]

There is some funky information going down in this thread. What it tells me is that different people can have very different perceptions and ideas about how best to properly insure their firearms. Different approaches clearly must work for different people in different situations and locations. Different companies too... some of which I couldn't even buy firearms insurance from here in MA when I initially tried to. Mama Mia!

Variety is the spice of life... apparently even when it comes to firearms insurance!

 

[ko41]

I hate these constant questions because they have been answered probably 200 times here alone.

Nothing from State Farm or the NRA Endorsed, or Collect-Insure will beat the rate you can get here:

https://www.easterninsurance.com/insurance-quotes/personal-insurance/historic-firearms

I cover a ____ guns for $140/year.

Would that $140 be less than $5 per $1000 insured or more than $5 per $1000?

KO

 

[TTSH]

Would that $140 be less than $5 per $1000 insured or more than $5 per $1000?

KO

Less.