Insurance on firearms

[hunter46spring]

I was filling out the log sheet that GOAL provides for firearms that you own (so you have a record of what you own, serial numbers, and what they are worth). This got me thinking, I never realized how much money I have invested in firearms. Being a realitively new home owner I was wondering how insurance works with firearms. Are they covered under your homeowners policy in the event of fire or theft or do you need a seperate rider? If you need a rider is one available for all of your firearms or do yo buy one for each individual gun depending on value?

 

[DickWanner]

I have USAA renters insurance and I have a seperate policy that works with the renter's for my firearms. Thanks for reminding me that I need to add my new G20 and Mossy 835 to the policy.

 

[caillean]

It depends on you homeowner's insurance policy. When I was talking to my insurance company they said they'd cover up to $1000 total for firearms claims, but I could take out a rider for the specific appraised value of each firearm I wanted covered. Basically it looks like they're treated the same as jewelry or other high-ticket items.

 

[pdm]

My homeowner's covers firearms up to $3500. No special rider or anything.

 

[EddieCoyle]

It depends on you homeowner's insurance policy. When I was talking to my insurance company they said they'd cover up to $1000 total for firearms claims, but I could take out a rider for the specific appraised value of each firearm I wanted covered. Basically it looks like they're treated the same as jewelry or other high-ticket items.

Good information (as usual). My company said the same thing. Here's my question:

Who can you get to appraise your guns to the satisfaction of the insurance company?

 

[CrossFrire]

My homeowners policy required a seperate rider with an appraisal for each gun listed. The same deal applied to the wife's jewelry.
I had to get a local dealer to give me a sheet listing the current values. We went of the most recent Trader's Guide or recent Gun Broker auction, which ever was higher.
You are right about how much we reallly have invested in firearms and what a loss they would be.
The wife was not happy.
There is more tied up in my 'precious metals' than in hers!

 

[GP89]

Depends on your insurance company. I have Travelers, and the agent told me firearms were covered under and up to the limits of your standard policy coverage. Jewelry above a certain value needed separate coverage, but firearms did not.

Call your insurance agent and ask.

 

[Patriot]

I get the NRA insurance. I bit pricey (not bad) but you do not have to list your guns. Not
that I have more than a few pieces, or any rare pieces, so your mileage may vary.

 

[terraformer]

Last time I got a quote for the separate rider, the premiums worked out to 10% of the value of the firearms, per annum. So that means in less than 10 years, you would have repurchased that collection over again and had nothing to show for it. For comparison, the homeowners policy is 0.25% per year of the value of the home and it comes with liability insurance.

No f'n way am I buying that rider. If I can find a separate policy, then fine. If not, it isn't worth the money. I will definitely be looking for another ins co next year, and maybe I will find another with better rates, but anything that is bundled is going to be expensive. Maybe I will look into this NRA ins but anything over 1% of the value of the firearms I own per annum is a rip off.

 

[Len-2A Training]

Interested parties should use Advanced Search here for "insurance" as lots of info has been discussed before and is still pertinent.

- I've been warned by others that my current insurance company doesn't like gun owners, also they only cover $1-2K (haven't bothered to look) on firearms w/o a rider (that is 1% of value).

- I've had NRA insurance. Too expensive for what it is.

- I've had Collectibles Insurance http://www.collectinsure.com for a number of years. They are NOT licensed to do business in MA, so you have to pay a
"sales tax" and some other $25 fee that makes them expensive as well (but cheaper than NRA). Don't know if this "sales tax" and "Fee" apply in other states as well, best ask before committing to the insurance. Hook here is that they do NOT cover guns that are carried or brought to the range more than "occasionally" (not defined any further). You must list every gun (S/N not required).

- I just switched to Eastern Insurance, Jack Richardson (agent who is a competitive shooter) in Pembroke, MA, (781) 826-0123, http://historicfirearms.com underwritten by the Chubb Group. No list required (unless value of single item is >$5K) and cost was ~75% of Collectibles. No restrictions on carry guns/range guns/etc. [Thanks to whoever posted his info here on NES ~1 year ago.]

 

[caillean]

Good information (as usual). My company said the same thing. Here's my question:

Who can you get to appraise your guns to the satisfaction of the insurance company?

I'm not entirely sure who to use, haven't gotten ours appraised yet.

First thing I'd do is ask the insurance agent/company who's appraisal they'd accept. If they've got no idea, or say 'anyone qualified', then I'm a bit more at a loss...


I've found one guy in Tewksbury who is an auctioneer and appraiser but not specifically for firearms, though he does say he has an FFL suitable for liquidating estates, etc.

I've found another company who has a partners on each coast, and in the midwest. They'll either take shipment, meet where the partners are, or travel to you (though you pay for it). Hmm.. NES group-buy on appraisals, anyone?

I'll bet at least a couple of the local gun shops actually do do appraisals specifically for insurance purposes, but I'm not sure who. (Collectors?)

 

[Patriot]

Last time I got a quote for the separate rider, the premiums worked out to 10% of the value of the firearms, per annum. So that means in less than 10 years, you would have repurchased that collection over again and had nothing to show for it. For comparison, the homeowners policy is 0.25% per year of the value of the home and it comes with liability insurance.

No f'n way am I buying that rider. If I can find a separate policy, then fine. If not, it isn't worth the money. I will definitely be looking for another ins co next year, and maybe I will find another with better rates, but anything that is bundled is going to be expensive. Maybe I will look into this NRA ins but anything over 1% of the value of the firearms I own per annum is a rip off.

NRA Insurance, if I remember right is about 1.5-2.0%. As i said a little pricey, but not too bad.

 

[Len-2A Training]

Good information (as usual). My company said the same thing. Here's my question:

Who can you get to appraise your guns to the satisfaction of the insurance company?

Appraisals for those in MA can be tricky.

An appraisal on a gun in NH vs. the same gun in MA SHOULD be vastly different, as most handguns are "limited supply" in MA and prices need to reflect that. [e.g. the $8-900 H&K USP (used) in MA can be had for ~$550 new in places like NH!]

Unless a company is demanding a "written appraisal" on every gun, normally (MA folks don't qualify) I'd use Gun Broker, Guns America, etc. as proof of value. Very difficult to do that for MA folks and I don't have a good answer.

Recommendation is your best guesstimate of value based on NES sales, gun shop listings, etc. in your state AND use a company that does NOT require written appraisals. Written appraisals can also be quite costly if you have a number of guns and go to a true gun appraiser (as opposed to "Joe's Gun Shop").

 

[Len-2A Training]

NRA Insurance, if I remember right is about 1.5-2.0%. As i said a little pricey, but not too bad.

I consider that pretty bad!

Eastern Insurance was <0.45% by my calculation.

Collectibles Insurance was ~0.61% by my calculation (and won't cover carry/range guns).

 

[Reptile]

If you have NIB Glocks you are screwed. The insurance company won't give you squat compared to what they cost in Mass.

Would you really trust your insurance company with your serial numbers? They will just pass that along to the govt when confiscation time comes.

 

[Bob P]

I was filling out the log sheet that GOAL provides for firearms that you own (so you have a record of what you own, serial numbers, and what they are worth). This got me thinking, I never realized how much money I have invested in firearms. Being a realitively new home owner I was wondering how insurance works with firearms. Are they covered under your homeowners policy in the event of fire or theft or do you need a seperate rider? If you need a rider is one available for all of your firearms or do yo buy one for each individual gun depending on value?

Hunter,

I work in the P&C Insurance industry.

Your homeowner's police places a sublimt on loss by theft of firearms. The amount varies from anywhere between $500 to $5000 depending on what type of coverage you've purchased.

This sublimit is for theft only - but theft is the number 1 reason for firearms claims

The limit includes ANYTHING firearms related - your ammo, reloading stuff, gear, safe etc.

Additionally, some policies place a limit on loss to personal property 'away from the residence premisis'. Many of the newer policies have done away with this language.

If you've got an extensive collection, ask your agent about a 'firearms floater'. It's a rider on your policy covering your guns & related accessories. You and the agent pick the limit and the addt'l premium is based on that. The coverage is very broad - meaning that it covers a lot - and if your guns are stolen the policy provides for replacement.

 

[feltonfitz]

More info on www.collectinsure.com

I have my guns insured with www.collectinsure.com and just received a change to my policy clarifying their "guns carried for personal protection" exclusion:

"As a private citizen who legally carries a firearm periodically but not as a daily job/professional requirement the firearm which is being personally transported away from the your scheduled premise will be covered under the policy up to the "Away from Scheduled Premise & Personal Travel Sublimit" as stated on the Declaration Page of your policy. Furthermore said firearm is covered property while at the scheduled premises."

 

[wahsben]

I get the NRA insurance. I bit pricey (not bad) but you do not have to list your guns. Not
that I have more than a few pieces, or any rare pieces, so your mileage may vary.

I get this also but they have me list any guns valued over $1,000.00.

 

[wahsben]

Good information (as usual). My company said the same thing. Here's my question:

Who can you get to appraise your guns to the satisfaction of the insurance company?

I think Peter Dowd of the Village Gun Shop does.

 

[DickWanner]

Good information (as usual). My company said the same thing. Here's my question:

Who can you get to appraise your guns to the satisfaction of the insurance company?

USAA insurance allowed me to give a description, serial, and estimated price on the firearms I own and I gave a reasonable market price with a slight increase for MA prices (3rd gen Glock frames). I liked this as I have a bunch of aftermarket parts and accessories (IE complete 3rd gen G22 w/ G24 upper w/ 9mm and .357sig 6" barrels). I think I pay <$30/mo for the complete coverage. Though it'll prolly go up when I add in the new G20 and Mossy 835 w/ accessories.

 

[jim/boston]

[Thanks to whoever posted his info here on NES ~1 year ago.]

You're welcome! Additionally Historic covers your guns while being transported; a big plus. When I fly to Knob Creek it is common to bring along 50k in firearms; the airlines only cover you up to 4k. They also cover theft from a car but theres no way I'm leaving anything unattended in my car.

 

[Snapshot]

I just switched to Eastern Insurance, Jack Richardson (agent who is a competitive shooter) in Pembroke, MA, (781) 826-0123, http://historicfirearms.com underwritten by the Chubb Group. No list required (unless value of single item is >$5K) and cost was ~75% of Collectibles. No restrictions on carry guns/range guns/etc. [Thanks to whoever posted his info here on NES ~1 year ago.]

Anybody using these guys should be very careful

I purchased insurance through them several weeks ago. I waited a few weeks and hadn't received a bill from them. I was about to call when I received a package in the mail. I figured the bill would follow shortly.

A few more weeks went by and I decided that something was up. I called them only to find that the bill was sent to the wrong address. The person at the wrong address obviously didn't pay it. Therefore, my insurance was "in cancellation"



Never got a call.... wouldn't have gotten a letter since they had the wrong address. Supposedly got an email the day before but I never saw it and frankly when it comes to canceling somebodies insurance, I believe they should get an actual person on the phone instead of relying on emails that may bounce or get filtered as spam or whatnot.

To their credit, I don't know if it was their screw up or Chubbs but either way, it would have been nice if somebody called me!!

And now on top of all that, I have to wonder what kind of information the people at the wrong address now have about me

 

[clerk.mvgc]

Here's food for thought. Your homeowners policy also includes your liability insurance. Many dog owners (mostly owners of the "bad breeds") have had their policies cancelled or non-renewed because of the dog(s) they own. Once you have been cancelled finding replacement coverage can be a nightmare and usually costs substantially more $$$.

Given the current political climate it is conciveable gun owners will be seen in the same light. If you have insured your guns with your homeowners insurance they not only will know you have guns but also what "type" of guns you own. Will EBR's (the pit bulls of firearms) come first for cancellation, then handgun owners, and so on because of the "liability" issue?? Knowing insurance companies as well as I do, I could see this coming about.

If I were looking for firearms insurance I would look for a seperate policy with a different carrier than for my homeowners insurance. Just my two pennies for what it's worth.

 

[Jesse]

Here's food for thought. Your homeowners policy also includes your liability insurance. Many dog owners (mostly owners of the "bad breeds") have had their policies cancelled or non-renewed because of the dog(s) they own. Once you have been cancelled finding replacement coverage can be a nightmare and usually costs substantially more $$$.

Given the current political climate it is conciveable gun owners will be seen in the same light. If you have insured your guns with your homeowners insurance they not only will know you have guns but also what "type" of guns you own. Will EBR's (the pit bulls of firearms) come first for cancellation, then handgun owners, and so on because of the "liability" issue?? Knowing insurance companies as well as I do, I could see this coming about.

If I were looking for firearms insurance I would look for a seperate policy with a different carrier than for my homeowners insurance. Just my two pennies for what it's worth.

Absolutely correct.