Firearm insurance

[Spdu4ia]

How many of you carry supplemental insurance just on firearms? I am looking into getting a policy for around $10000 of coverage. I need it to cover the firearm, scopes, and other accesories. I'd prefer not to have to give serial numbers.

Do you recommend using the same company that covers your house (progressive, State Farm, etc) or a specific firearm ins company like the ones endorsed by the NRA?

discuss...

[Bailey Guns]

Off the top of my head, for $10k coverage I'd say just get a rider on your homeowner's policy.

[jerrymrc]

With USAA it comes as a separate policy and gives you another 10% discount on your homeowners.

[Dave_L]

Talk to your insurance agent.

[BladesNBarrels]

Collectibles Insurance Service, www.CollectInsure.com (http://www.CollectInsure.com)
In the past, had to list each firearm. Now, they only schedule individual firearms over $5,000.
It is a blanket policy for the amount you require.

[mutt]

I use Eastern Insurance. Blanket coverage, no serial numbers or itemization so long as a single item doesn't exceed $10k in value. They cover firearms and the accessories/optics. $10k of coverage should be pretty cheap.

[BlasterBob]

I had my firearms covered by State Farm about ten or twelve years ago, and I had to furnish a description and serial number of each. Then I let it expire and for some more $'s, I bought a nice safe. Worked for me (so far).[blaster]

[20X11]

With Safeco, all mine are covered with no need to list them separately, nor a separate rider.

[KestrelBike]

The real test is finding good testimonies of insurance companies that made good on these policies, and fairly reimbursed on actual losses without hassling the policy holders.

[JohnnyEgo]

You've got three options, each with their good and bad points.
Cheapest option will be the rider to your homeowner's insurance. The things to watch out for are the maximum limits they offer, and the specific terms of coverage. I have a firearms rider on my policy for the maximum amount my company will write in my area, which is $5000. Within this rider, there are limits to the maximum amount payable for any one type of firearm, and the specific causes of loss covered. My regular contents coverage takes care of things like house fires, up to the content limits, but for theft, the rider coverage limitations kick in. This is pretty common for most carriers who write riders based on the ISO forms already approved in this state. So know what you are getting when you get the rider.

Next option up is some flavor of personal articles policy. Coverage terms are usually much more generous, but items often have to be specifically scheduled. This is good for high value items you are likely to keep for a while. Not so flexible for newly acquired items. Most major carriers don't care much if the personal articles policy is on cameras, fine art, or guns. They care about the risk amount. They handle the claim like any other, and pay per terms of the policy contract. Unless you are particularly paranoid, it's not that big of a deal to provide them a serial number. I'd suggest you research your insurer carefully to see if they have a history of making things hard for gun owners, then make your choice.

Last option is a specialty insurer who provides a market-specific product. The one I am most familiar with is Eastern, which does brokerage and some claim servicing for Chubb and Hanover. Their big thing is historic firearms, although I believe they also offer blanket firearm collection policies. Collect Insure is another broker specializing in placement of policies for firearms. The advantages are that you get an insurer who knows the firearms markets, and policies that are a little more amenable to acquisition and sale within your collection.

For either of the last two, the pricing is pretty close. Firearms are serialized, and the legal markets do a pretty good job of identifying stolen guns that are reported. This usually pushes them towards the lower middle end of the ratings scale. Rates vary from $0.50-$1.50 for every $100 of coverage, depending on the item classification. Your $10K in coverage would probably be in the neighborhood of $75 to $100 per year. Much more expensive than a homeowners rider for similar amounts, but possibly with more expansive coverage.

[Irving]

With Safeco, all mine are covered with no need to list them separately, nor a separate rider.

There is likely a firearms limit. I would inquire with your agent.

[Goodburbon]

I have liberty Mutual ins. They automatically cover 5k. When my collection exceeded that I inquired about additional coverage. I asked for 20k of coverage the quoted cost was astronomical, plus they couldn't take my word for value and required that I get the collection appraised. They could not provide a recommendation for someone to do it because conflict of interest....

[mutt]

Rates vary from $0.50-$1.50 for every $100 of coverage, depending on the item classification. Your $10K in coverage would probably be in the neighborhood of $75 to $100 per year. Much more expensive than a homeowners rider for similar amounts, but possibly with more expansive coverage.

At least with Eastern, it's a lot less than that. My rate is less than $0.50 per $100 of coverage. I don't know if they are giving discounts for buying more coverage, but using my rate as a guide, the yearly premium for $10K of coverage should be well below $75 (assuming there isn't some base premium). That's cheap piece of mind IMHO. Home security system + secure storage + opsec + insurance is about all one can do.

[20X11]

There is likely a firearms limit. I would inquire with your agent.
I verify with my agent every year on renewal. Limited only by my personal property limit, which I review and determine every year.

[Irving]

That's unique. Good thing you think to review it.

[Dave_L]

I verify with my agent every year on renewal. Limited only by my personal property limit, which I review and determine every year.

Have him put it in writing. If a claim comes up and he's wrong, it'll be his word vs your word. Not all agents are willing to take a hit for you. If you trust that he will stand by his word, then dont worry about it being in writing.

[20X11]

Have him put it in writing. If a claim comes up and he's wrong, it'll be his word vs your word. Not all agents are willing to take a hit for you. If you trust that he will stand by his word, then dont worry about it being in writing.
Yep. .. he's been a close friend and my agent for 30 years.

[Dave_L]

Yep. .. he's been a close friend and my agent for 30 years.

Good stuff. Ive just heard too many stories of "Buy my agent TOLD me this..." and the agent denied it come claim time.