Insurance for Firearms

[JoshuaW]

I have a rider on my policy that brings my coverage up from the standard $3,000 per catagory ($3,000 electronics, $3,000 jewlery, $3,000 firearms, etc) to $10k for a couple categories (jewlery and firearms). The total amount of my riders is just a touch over $25/year. I have USAA. If your agency doesnt offer something similar, or it is crazy expensive, find someone else. If you qualify for USAA (current/retired military, some connection to the military) I would start there. They have always been very fair, and have no problems covering all of the obscure stuff I am into.

 

[rockhopper46038]

I have been happy with this company, low rates.

Collectibles Insurance - Protecting Books, Stamps, Antiques and other Rare and Vintage collections in Baltimore, Maryland

Beware of collectables policies. Some only cover guns you do not fire, but just collect.

I also use Collect Insure, and have been quite happy with them. Of course the proof is in the pudding, and I have not had to make a claim, so all I can recommend them on is price and customer service. SERparacord raises an excellent point I had not considered, so I just checked my policy and there are no prohibitions against actually using the firearms in the Collect Insure policy, but it was certainly worth checking.

 

[Kart29]

Here's something I wrote on another forum a long time ago. Rates for the NRA insurance may be outdated. Hope it helps. Some claims adjusters have disputed the need for proof of ownership. I've never read anything in a property insurance policy which required an insured to provide an insurance company with proof of ownership before collecting on a claim. But it wouldn't be the first time an insurance company's actual actions violated the terms of a contract.

Finally, Here is a topic where I really believe I can offer some reliable and
authoritative information. I'm a Chartered Property Casualty Underwriter and
Certified Insurance Counselor - that means I've had
the best training available in the industry. I've been selling personal lines
insurance for over 18 years. I hold myself out to
be an expert in this field.

First, to determine what insurance you have on your guns, you MUST READ YOUR
POLICY. Don't be intimidated by it. It can be a little bit tricky, the way
things are organized but it is NOT written in "legalese". Insurance policies, by regulation, are written at the
eighth grade level or below. All policies can be slightly different and vary
from company to company or state to state. YOU MUST READ YOUR POLICY to
determine what YOUR SPECIFIC POLICY covers and doesn't cover.

Having
stated my disclaimer, every insurance policy I have
ever sold for any of about 25 insurance companies
ranging from large national carriers to small regional carriers has been
virtually identical on the coverage provided for firearms. A "renters insurance" policy is a type of "homeowners" policy and
there is no difference between the two as far as coverage for firearms.


Here's some facts about the coverage provided by a standard
homeowners/renters policy. This is a nationwide standard but state specific or
company specific exceptions are always possible.

1. Your guns ARE covered
right along with all your other personal property up the coverage limit of your
policy. If your policy says you have $100,000 of coverage on your personal
property - that includes guns and you could submit a claim for and receive a
settlement for the full $100,000 for strictly damage to or loss of
firearms.

2. The ONLY limitation for coverage on guns is a THEFT
limitation. Industry standard is that guns are only covered for up to $2,500
total if they are lost due to THEFT. This $2,500 limit does NOT apply if the
guns are lost in a fire, tornado, or any other covered cause. But, if your guns
are stolen, the insurance company's settlement will
max out at $2,500 AFTER the application of your policy deductible.

3. MOST policies only cover personal property (guns included) for specified
perils, or "causes of loss". If your guns are lost or damaged by some cause not
specifically described as covered, then you don't have any coverage. The typical
covered perils under a good homeowners policy include: fire, smoke, explosion,
hail, windstorm, THEFT, vehicles, some water damage and few other things that
are not likely to ever damage a gun. NOTE: FLOOD is NOT a covered cause of loss
under a basic homeowners insurance
policy.

So, the above is what you get if you just have a run of the mill,
plane-jane, homeowners policy. Now, what do you do if you want MORE coverage on
your guns (especially for theft where you have the $2500 limitation), or if you
want BETTER coverage on your guns (to cover things like flood, dropping them in
the river, termites, or whatever).

1. For MORE coverage as far as dollar
value, you have two options. First, you can pay an extra premium to increase the
blanket limitation for theft of firearms. That is, you can increase the $2.500
theft limitation to $5,000 or $10,000 and up. $10,000 is probably the max the
insurance company will be willing to offer in this
manner. This is a very little used option because it's relatively expensive and
doesn't improve your coverage that much. Generally the coverage costs about
$3.00 for every $100 in increase over the basic $2,500 that comes automatically.
Pretty pricey, but no schedule is required.

The second option is to
"SCHEDULE" the guns on an "endorsement" or a "floater". Scheduling the guns
avoids the $2,500 theft limitation and also gets broader coverage for things
like flood and dropping them in the lake. When your guns are "scheduled", you
actually provide the insurance company with an
inventory of each individual gun you wish to insure and provide information
about that gun including a description (preferrably with serial number) and a
dollar value. It is very rare that an insurance
company would require any formal appraisals whatsoever unless any single gun is
to be insured for more than $5,000 or so. Usually they just want a list
describing each gun and a dollar value - that's it. Cost of this scheduled
coverage varies but usually costs in the range of $1.50 to $2.50 per $100 of
coverage. If you schedule some of your guns, you still have the basic coverage
to apply to any of the other guns that you didn't schedule.

2. Now, what
if you want BETTER coverage on your guns so that they are covered for things
besides the fire, theft, and windstorm coverage you get on all your personal
property? Here again you have two options. First, you can buy what's called
"Special Personal Property" coverage. It expands the scope of the coverage on
all of your property, including guns, to cover any cause of damage unless
specifically excluded. However, you will still have the $2,500 theft limitation
so you won't have solved that problem.

The other option for better
coverage on your guns is again, to "SCHEDULE" the guns. By specifically insuring
individual guns, you not only have more coverage on them, but you will also pick
up coverage for flood, dropping them in the lake, mysterious disappearance, and
just about anything else that can happen to them.


WHAT ABOUT
CLAIMS?

So what do you need if your guns are lost or destroyed? Again,
you have to read your policy for the specific requirements, but without
exception, every policy I have ever seen has ONLY three basic requirements.
First, you must give the insurance company a
detailed list of the lost or damaged property. Second, you must save the damaged
property or its residue, if any, for inspection by the insurance company. Third, you must report to the police
if a crime may have been committed. That's it. I have NEVER seen a policy that
requires you to have receipts or proof of ownership to successfully collect an
insurance settlement. If anybody tells you that
they are either untrained, mistaken, or lying. If a claims adjuster tells you
the must have receipts or proof of ownership before they pay a claim CONTACT
YOUR STATE INSURANCE COMMISSIONER!

Having
said that, if you do have a claim, things are going to go MUCH EASIER for you if
you do have receipts, photographs, serial numbers, appraisals, or any other
documentation about the guns. Another benefit of buying scheduled coverage on
your guns is that the insurance company will
already have a list of your major firearms inventory and settling claims only
comes down to you signing a proof of loss form and them signing a bank draft. If
you have any collector's pieces in your inventory, it will be beneficial to have
an appraisal on those guns. Once the gun is stolen, how are you going to prove
it was in mint condition and worth top dollar? The insurance company may only want to pay for average
condition and how are you going to prove them wrong? Best to have any collectors
guns appraised before they are lost. Also, if you tell an insurance company you had thousands of dollars of guns
stolen but have no receipts or serial numbers or proof of ownership, they are
going to get suspicious real fast. That doesn't mean they won't pay up, just
that they may drag their feet, and question everything you tell them from there
on. Trust me, things will go much better for you if you have some kind of
records or evidence of what was lost, stolen, or destroyed.


Hope some
of this helps and isn't too long winded. There's alot more I could go into but I
don't want to make it too complicated.

The NRA has arranged for a plan
available to members that provides pretty good coverage. I think you can get
coverage there at a rate $1.66 per $100 and I think there is no need to provide
them a detailed schedule if you are wanting to keep that information private.
Sounds like a pretty good deal although I've had no personal experience or heard
any reports on how good it is when you've had a claim. But, if things go wrong I
would hope the NRA would negotiate on your behalf.

 

[ghitch75]

my home owners is $4.00 for ever $1000 on firearms and reloading equip.

 

[WyldeShot]

I just went through this. My homeowners will cover firearms up to $5000 but this is only for theft. I opted for to add a rider to my policy that covers anything that might happen to them and I can increase the amount anytime I want. I did have to provide a list of the weapons and an estimated replacement value.

 

[SteveM4A1]

I just went through this. My homeowners will cover firearms up to $5000 but this is only for theft. I opted for to add a rider to my policy that covers anything that might happen to them and I can increase the amount anytime I want. I did have to provide a list of the weapons and an estimated replacement value.

Careful now, they aren't covered for ANYTHING that may happen to them. There will still be some non-covered perils, like war or nuclear blasts

 

[rockhopper46038]

I just went through this. My homeowners will cover firearms up to $5000 but this is only for theft. I opted for to add a rider to my policy that covers anything that might happen to them and I can increase the amount anytime I want. I did have to provide a list of the weapons and an estimated replacement value.

Careful now, they aren't covered for ANYTHING that may happen to them. There will still be some non-covered perils, like war or nuclear blasts

Civil unrest seems to be a big disqualifier. Imagine that.

 

[jedi]

I have used this company since 2000 for my LEGO collection and since 2013 for my firearms as well (after reading reviews here on INGO).
Collectibles Insurance - Protecting Books, Stamps, Antiques and other Rare and Vintage collections in Baltimore, Maryland

You don't need to send them serial # of your guns but must have documentation on your end to prove you have xyz gun.

 

[rockhopper46038]

I have used this company since 2000 for my LEGO collection and since 2013 for my firearms as well (after reading reviews here on INGO).
Collectibles Insurance - Protecting Books, Stamps, Antiques and other Rare and Vintage collections in Baltimore, Maryland

You don't need to send them serial # of your guns but must have documentation on your end to prove you have xyz gun.

Jeez, we ought to try to negotiate an INGO discount!

 

[87iroc]

Thanks for all the suggestions guys. I signed up for the 2500 insurance from the NRA....thats a given. I'll research the others.

 

[DRob]

No matter who you end up buying insurance from, be sure you know what is covered. Some only cover fire or theft in/from your home. My policy covers any loss anywhere. The premium is based on the total of the values I provided for the guns. It is a separate policy because the total value exceeds the homeowner's policy maximum for guns.

 

[WyldeShot]

Careful now, they aren't covered for ANYTHING that may happen to them. There will still be some non-covered perils, like war or nuclear blasts

You are correct, no wars or nuclear blasts. I am covered for fire and theft. I think my policy covers a couple of other things too.

 

[SteveM4A1]

Just know your exclusions. A good (special) policy will only have a few perils that aren't covered. (I'm still pushing for nuclear apocalypse coverage, but nobody will give it to me)

 

[HollowPoint]

Check with your insurance agent to see if they have a special "rider" to your homeowners policy for specific coverage for firearms, jewelry, cameras, etc. in the coverage value for the items. You can always change the coverage up or down at a later time.

 

[Amishman44]

I had my semi-regular review with my insurance agent tonight on all of our policies. I asked about firearms insurance and he said firearms are only covered on my policy to 2500 bucks. So what does everyone do for insurance on their firearms? NRA(I am a life member maybe that helps with a policy?...)? Anyone else reputable? Where should I look. My agent said I'd have to get the individually valued and specifically written into a separate insurance policy...about midway through the conversation I had tuned him out as I think I would rather use someone who specializes in it rather than my regular agent...but can be talked out of it. What do you guys say?

As a Licensed Resident Insurance Adjuster (State of Indiana) I can tell you he is correct. Under Indiana law, privately owned guns are paid at a maximum of $2500 under your homeowners policy...unless you have specifically valued each gun and written them into a separate insurance policy...one set up specifically for those items! You will, of course, have to pay the difference...but you will have the coverage you desire. There's also a difference between 'cash value' and 'replacement coverage' so make sure you understand the difference...and select / pay for what you want!

The same thing goes for jewelry (just make sure it's listed specifically on your homeowner's policy) and other items of value in your home. Make a list, keep receipts, and definitely take photos if possible...all to aid in recovering losses if the unfortunate happens.

Good thing you found out before and not after something unfortunate happens! A lot of people find out the hard...and very disappointing way!

 

[actaeon277]

As a Licensed Resident Insurance Adjuster (State of Indiana) I can tell you he is correct. Under Indiana law, privately owned guns are paid at a maximum of $2500 under your homeowners policy...unless you have specifically valued each gun and written them into a separate insurance policy...one set up specifically for those items! You will, of course, have to pay the difference...but you will have the coverage you desire. There's also a difference between 'cash value' and 'replacement coverage' so make sure you understand the difference...and select / pay for what you want!

The same thing goes for jewelry (just make sure it's listed specifically on your homeowner's policy) and other items of value in your home. Make a list, keep receipts, and definitely take photos if possible...all to aid in recovering losses if the unfortunate happens.

Good thing you found out before and not after something unfortunate happens! A lot of people find out the hard...and very disappointing way!

Then State Farm must not know insurance.
Mine are not individually listed.
I do need to provide receipts, to prove I have what I claim.
I have a rider, not a separate plan.

 

[VERT]

Then State Farm must not know insurance.
Mine are not individually listed.
I do need to provide receipts, to prove I have what I claim.
I have a rider, not a separate plan.

My old State Farm agent told me $2500 unless I bought more insurance. I think it was $10 per $1000 additional coverage. He told me I could provide the MSRP from the internet. He was not very helpful.

I will ask my new agent. I know he is a gun guy because I asked him. Also pointed out how badly he was printing.

 

[SteveM4A1]

Then State Farm must not know insurance.
Mine are not individually listed.
I do need to provide receipts, to prove I have what I claim.
I have a rider, not a separate plan.

Lol you don't become the largest Property and Casualty company by not knowing insurance ...and they are my competition

 

[bwframe]

Lol you don't become the largest Property and Casualty company by not knowing insurance ...and they are my competition

Have you processed claims for firearm losses? How did it go for the client?
% of value paid back? Deductible?
Timeliness of claim to payment?
Your company vs others?

 

[Trigger Time]

I bought mine through the NRA, no list needed, unless valued at $2500.00, or higher.

Some, a lot, of folks have one gun worth that much.
I have some of mine insured specifically. I do not like having to provide insurance companies with specifics on every gun I own. It's a registry and the govt can use it any time they want to see where to start picking them up at, and how many boys in blue they will need to bring to get the job done.