Firearm Insurance Questions

[kro77]

I was tallying up how much i have invested in the safe, and I was startled by the replacement cost if something were to happen. I was wondering if folks here use their home owners insurance or purchase specific plans for replacement.

Any suggestions or feedback would be appreciated.

K

 

[liketorace]

Homeowners' policies have limitations on valuable items that limit coverage amounts (including a specific limitation for firearms) which are very low. You can list your firearms on a personal items endorsement, archaically referred to as a "floater" to get coverage for each. Advantage is that you get the amount you insure for at the time of a loss and usually no deductible. Disadvantage is that it costs. Also, covered cause of loss doesn't include government seizure.

Insure them if they're valuable.

 

[92G]

most policies will only cover small $ per firearm. for example, a $50k policy typically won't specificy how much can be covered per unit (or firearm)....if look at fine print it's often very small.

so if it's an expensive gun, usually any over $1k, it's worth getting it scheduled into the policy. at least this has been my experience.

 

[Rob Boudrie]

Most homeowners have a $$ limit (generally a couple of $k) for loss of firearms by theft or mysterious disappearance. Loss by fire is often covered up to your personal property limit.

Something to think about when evaluating "fire" vs "theft" resistance on a safe you are looking to buy.

 

[milktree]

what kind of rates can one expect for such a floater policy? 1% of the value? 5%?

This seems like a good idea, or I need to be extra super sure that my safe is secure and fireproof, or probably both.

 

[icyclefar]

I have coverage through The Historic Firearms, Collectibles and Sporting Arms Insurance Program

Minimum premium is $125 and buys you $35,000 worth of coverage. No need to schedule items unless they are worth 10k or more. Their coverage is all risk regardless of where the item is at the time of loss. Deductible is $100

 

[Len-2A Training]

There are a number of threads on this topic. I suggest using the advanced search mechanism for "insurance" in the subject line.

Bottom line is that http://www.historicfirearms.com/ cost 1/2 as much as NRA insurance and Homeowners "floater" is 2x as much as NRA insurance.

 

[kro77]

Thanks for the tips I will do a search and see what it comes up with and take a look at historic. Is that 10k per item?

Sent from my A0001 using Tapatalk

 

[icyclefar]

Thanks for the tips I will do a search and see what it comes up with and take a look at historic. Is that 10k per item?

Sent from my A0001 using Tapatalk

Individual items worth more than $10k must be scheduled, individual items over $50k must be appraised, and scheduled.

 

[mdesc]

Just purchased insurance from Historic Firearms Insurance, $125 for 35k in insurance. Spoke with Jack he was a pleasure to do business with. Thanks for the information.

 

[chopper_man]

Historic's website redirected me to Eastern Insurance, is that correct?

 

[Len-2A Training]

Historic's website redirected me to Eastern Insurance, is that correct?

Yes, Eastern Insurance owns the operation but Jack places the gun insurance with whatever company provides the best package. Over the years the company covering me has changed even though I've been with Eastern Insurance/Jack during all of that time.

 

[Ben Cartwright SASS]

There are a number of threads on this topic. I suggest using the advanced search mechanism for "insurance" in the subject line.

Bottom line is that http://www.historicfirearms.com/ cost 1/2 as much as NRA insurance and Homeowners "floater" is 2x as much as NRA insurance.

I second Len on Eastern Insurance. I have been with them for several years.

 

[Cuz]

Is it possible to get a copy of their policy to review without actually requesting a quote? I tried to get it from their website with no luck.

Thanks,
Cuz

 

[Ben Cartwright SASS]

to give you a quote without you getting a quote.

Last years rates

.314 p;er $100 of value

so for $50,000 of insurance it is $157

Don't ask me how I know that.

 

[chopper_man]

They didn't send a copy of the policy with the quote request, just a welcome packet. I've already emailed him back asking for a copy as well as a few other questions.

 

[kro77]

Thanks for the link, seems like their costs could be less than the NRA guys. Just did an advanced search and did not find much. What is this insurance called anyway since I must be searching wrong.

 

[Len-2A Training]

Thanks for the link, seems like their costs could be less than the NRA guys. Just did an advanced search and did not find much. What is this insurance called anyway since I must be searching wrong.

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

Each year Jack searches for the best deal for the same basic insurance so policy could change and company underwriting it does change sometimes. Probably why policy isn't posted on the website.

Call Jack and he'll explain whatever you ask about.

When I price-shopped insurance NRA was 2x the premium of Historic Firearms/Eastern Insurance and I'm not sure that the coverage was as good thru NRA.

 

[DW357]

I second Len on Eastern Insurance. I have been with them for several years.

I'll have to check this out. I'm starting to realize I have a good chunk of change sitting in my basement...

 

[Len-2A Training]

Note: The policy will cover your reloading equipment, scopes, accessories and even covers you when you ship something back to a mfr, gun dealer/gunsmith for work, etc.

 

[DW357]

Note: The policy will cover your reloading equipment, scopes, accessories and even covers you when you ship something back to a mfr, gun dealer/gunsmith for work, etc.

what about reloading supplies and ammo etc?

 

[Len-2A Training]

what about reloading supplies and ammo etc?

Very unsure about "consumables" such as powder, primers, ammo.

You can certainly ask.