Insurance for your firearms.

[Texas Armadillo]

So, I'm talking to my insurance agent about getting renters insurance on my apartment.

"Does it have sprinklers?"

"Yes"

"Does it have security gates?

"Yes"

"Do you have any guns, if so how many?"

Now what the heck does she need to know that for?

[workingman1976]

you should write down all your serial numbers for each gun and if you got any of the sales reciepts take them to your insurance agent. The reason most insurance companies only cover a certain about on firearms. Lets say you got 10,000 in guns, but the max the insurance covers is 3000. So by having them list the serial numbers of your firearms in your file, will cover you if they get stolen and or a fire or natural disaster. Its better for the insurance company to give you more insurance rather than argueing with them after the fact when you are under insured

[ick]

Another little update since I had to do some work on it for other reasons:

The standard homeowners policy language is designed for the average joe with one handgun or one hunting rifle. If you are one of those guys with more of a collection than that.... this thread is for you. The way I see it, you have 4 options. They are listed below along with some other notes.

Option 1, let your standard homeowners policy cover the guns
Problems:
--Your base homewners policy only covers your guns for fire and other limited perils, PLUS there is generally a limit on "theft" of anywhere from $2,000 to $3,000 depending on your company.
--There may be problems collecting a fair value for collectible price, antique value, sentimental value, rarity value, etc.
--Most insurance companies have these limitations on guns AND accessories, not just guns. So keep in mind that your $3,000 Zeiss scope may be INCLUDED in these limitations.
Advantage:
Already included in your premium so no cost.
Ick's notes:
If you have a lot of value this is a very poor way to protect your firearms and related equipment.

Option 2, purchase a higher theft amount on your homeowners
Problems:
--Your base homewners policy will STILL only cover your guns for fire and other limited perils, SUBJECT to a limit on "theft" based on what you purchased.
--There STILL will be problems collecting a fair value for collectible price, antique value, sentimental value, rarity value, etc.
--Accessories may also be included within this limitatoin, so don't forget to consider the value of accessories that could also be stolen or damaged in some way.
Advantage:
Simple and cheap.
Cost:
Generally nominal cost, A buddy of mine said said a $5,000 limit cost $5 a year on his State Farm policy.
Ick's notes:
If you have a lot of value this is a very poor way to protect your firearms and related equipment.


Option 3, purchase separate insurance from NRA "collector not shooter" program
Problems:
--The policy language that I have read from this program is limiting and possibly would result in no coverage for most guys guns, so read the fine print. It doesn't sound like a clean transaction to me. Sounds like you are paying for something and not getting much coverage.
Advantage:
--Can you insure the items for a true fair value a collectible price, antique value, sentimental value, rarity value, etc. under this program? I would assume so, but check the fine print.
Cost:
--Cost is $6.70 per $1,000 of value which is good, but I have serious concerns about policy language though.
Ick's notes:
If you have a lot of value this is a very poor way to protect your firearms and related equipment especially when there is a very broad option available for only a few dollars more.

Option 4, purchase separate scheduled insurance from your homeowner program or the NRA's broader program.
Problems:
--You likely need to get some kind of written appraisal from a local gun broker. This is generally NOT a big deal.
Advantage:
--The coverage is very broad and covers all sorts of things like flood, dropping the firearm down a cliff, realizing 3 hours later you left it by a tree after field dressing an animal and it is not there when you return, etc.
--You CAN insure the items for a true fair value a collectible price, antique value, sentimental value, rarity value, etc. under this program.
Cost:
--Ick's homeowners in PA with local agent and Pennsylvania company is $11 per $1,000 of value, I have three other companies at about the same cost.
--NRA's program is $17.40 per $1,000 of value Cha-CHING!
--A buddy of mine has State Farm in Texas with local agent at $17 to $22 per $1,000 of value (This is a VERY high price, not sure why State Farm is so high).
Ick's notes:
Most of my customers choose NOT to list every firearm and accessory they own. Generally they list the most expensive and valuable firearms, optics, lasers, etc. this way.


Ick's Other Notes
Caution: Some company people are LIBERAL ANTI-GUN so don't be surprised if you have follow-up questions about "Why does the insured have a howitzer?" Personally I have yet to have a company make a big deal out of anything my customers buy, but I have heard of someone having trouble at some point in the past. Case in point:


Keep in mind, I have found this ---^ to be the EXCEPTION, not the rule.

You SHOULD keep a book on all your firearms including photos, invoices, serial numbers, NFA tax stamps, etc. in a SEPARATE location. It is also a good idea to keep any firearms history in here for things like "added new trigger" or history like "This weapon used in so-and-so conflict by my grandfather William Schmortz" or whatever.



OK, so I am a little anal about documentation. Fortunately there are some huge long-term benefits of that kind of record keeping.



[Ick sits back and waits for the huge KUDOS rewards]

[ShipWreck]

All the receipts, and also bill of sales for guns I have sold, are in my safe deposit box.

I have statefarm. On a homeowners policy in Texas - you get $2500 by default. I pay like $5 buck a year extra to up that coverage to $5k. If U want more than that, then you have to cover each gun seperately - and that gets expensive.

I think the NRA offers theft insurance too - and while Statefarm is cheaper up to $5000 - past that, the NRA option may be cheaper.

[Texas Armadillo]

Thanx for all the great info. All I have at the moment is an Excel speadsheet listing the guns and ammo. Each gun cell has a memo attached with serial numbers and purchase price. The ammo cells have maunfacturer, weight, and bullet type. I have the file on DVD and in different places. My pics are on DVD as well. I like your binder idea, I may build one this winter.

[ShipWreck]

When I get that custom 1911 next year, I may insure that gun seperately. I checked, and Statefarm stated that it is $68 per year. Kinda high....

[ick]

When I get that custom 1911 next year, I may insure that gun seperately. I checked, and Statefarm stated that it is $68 per year. Kinda high....

What is the value you asked for on that Shipwreck?

By the way.... .guns are not covered by your home or tenants policy for FLOOD losses. When you schedule a firearm you get flood coverage included for that item.

[B52U]

This thread is a great source of info. Ship you might want to consider making this one a sticky when the conversation is done.

I also do an excel spreadsheet for ammo count and ammo on hand. I might consider expanding it to a serial # roster as well. Gotta have sensitive item accountability.

[ick]

Cost for my home policy for guns is a little under $11 per $1,000 of value.


So for coverage for almost anything that can happen to it... with no deductible.... and a pre-determined value via appraisal.... My PS90 costs me something like $16 a year.

[ShipWreck]

When I get that custom 1911 next year, I may insure that gun seperately. I checked, and Statefarm stated that it is $68 per year. Kinda high....

What is the value you asked for on that Shipwreck?

By the way.... .guns are not covered by your home or tenants policy for FLOOD losses. When you schedule a firearm you get flood coverage included for that item.

I sent U a PM.