Firearm insurance

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Originally Posted by 20X11

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

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

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....

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Originally Posted by JohnnyEgo

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.

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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.

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Originally Posted by Irving

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

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

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

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Originally Posted by 20X11

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

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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.

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Originally Posted by Dave_L

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.

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

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Originally Posted by 20X11

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

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