Firearm Insurance...

[380Mike]

I just found out, my homeowners insurance only covers up to $2500 on firearms, and, well, I don't feel that is sufficient. Who do other IndyGO's doe for insurance? Take out an extra rider on their homeowners policy or an alternative insurance company?

 

[380Mike]

On a side note, where is the best place to get accurate replacement costs of firearms. Some are fairly old. Even older than me.

 

[DoggyDaddy]

I have State Farm with a separate Personal Property policy for my firearms. As for the values, I probably need to adjust mine since most have gone up. I've got a lot of older stuff too (that's my main focus). You could probably look at completed auctions on Gunbroker to get you in the ball park. When I add one, I typically take my purchase price and add 10% or so. Sometimes they value them higher than I do when I compare my documentation to the declarations page.

 

[maxwelhse]

I just found out, my homeowners insurance only covers up to $2500 on firearms, and, well, I don't feel that is sufficient. Who do other IndyGO's doe for insurance? Take out an extra rider on their homeowners policy or an alternative insurance company?

This comes up from time to time and it seems to depend on your particular home owner's policy. You're going to have to dig in to find out what is considered personal property and what is not and what the scheduling rate is for firearms. Speaking in broad generalities and without letting specifics fly freely, I and another member determined that we're paying roughly comparable rates through Lockton (NRA gun insurance: ME) and State Farm (anonymous member). I think I was paying just a touch more once everything was ironed out.

Lockton doesn't require any serials, proof of purchased, etc for any individual firearm under $2500. As I recall, my home owners (and other member's State Farm) did. That was worth it to me to continue with Lockton.

My home owner's insurance company (was Grange, then someone I can't remember) were extremely unhelpful with firearms insurance. It all had to be scheduled and documented and there was a gray area a mile wide between firearms and accessories as "personal property". As you know, one good scope can cost more than several cheap firearms. If you have to schedule that scope, it gets expensive. Lockton covers everything except ammo. So, scopes, mags, etc. Covers it in a locked vehicle too.

As for values, if you have a large collection I'd probably try to seek a professional appraisal. If you have "a few" firearms, I'd imagine a handful of listings from armslist or similar maybe every 6 months would be enough to stay on top of values. I pretty much just go by gut feeling of what it would take for me to buy it all again and then aim for the high end of my gut. More than anything, and this goes for all of your stuff, you just need to know what you have. Bust out your phone and take a video of all of your stuff and offload that video somewhere trusted in case you ever need it.

 

[380Mike]

I have State Farm with a separate Personal Property policy for my firearms. As for the values, I probably need to adjust mine since most have gone up. I've got a lot of older stuff too (that's my main focus). You could probably look at completed auctions on Gunbroker to get you in the ball park. When I add one, I typically take my purchase price and add 10% or so. Sometimes they value them higher than I do when I compare my documentation to the declarations page.

I'm also with State Farm. I'm happy with them, I just want to see what others are using. I've never really gave it much thought. I knew I had insurance and actually thought my firearms would be covered under personal property, but I found out otherwise today.

 

[Hkindiana]

A GOOD, well hidden safe, bolted to the floor, would stop 99.9% of Indiana burglers from stealing your guns. AND, it is a one time expense.

 

[maxwelhse]

A GOOD, well hidden safe, bolted to the floor, would stop 99.9% of Indiana burgers from stealing your guns. AND, it is a one time expense.

Excellent advice. I personally fear fire more than anything and even a good fire safe will destroy your guns. Both is how I go, though I admit my safe is just for kids and crackheads. Anyone serious is getting into it.

 

[DoggyDaddy]

Excellent advice. I personally fear fire more than anything and even a good fire safe will destroy your guns. Both is how I go, though I admit my safe is just for kids and crackheads. Anyone serious is getting into it.

How many kids and crackheads can you fit in yours? Guessing you can fit more kids the younger they are...

 

[maxwelhse]

How many kids and crackheads can you fit in yours? Guessing you can fit more kids the younger they are...

Lots.

 

[DRob]

State Farm personal articles policy, here. You can put just about anything you want on the policy, jewelry, tools, you name it, but we use it for guns only. They accept the values I placed on the guns and add an annual inflation factor. I do provide them a list with all info on each gun. Some less expensive policies only cover a loss occurring in your home like fire or theft. The SF policy covers any loss, anywhere.

 

[DoggyDaddy]

Lots.

View attachment 154880

Mmm... crackhead smoothies!

 

[maxwelhse]

Mmm... crackhead smoothies!

Soylent Meth.

 

[SAILORGOLF46]

I added my guns to my Farm Bureau Home owners policy. They accepted the value I put on them, no deductible and it is about 1% per year per Item. Even listed my hearing aids per my agents suggestion.
Not that I have a huge collection but my policy has only $2000 coverage for firearms. Cheap peace of mind.

 

[bgcatty]

Anyone have real experience with the Lockton insurance? Claims? Customer service experience? Etc.???

 

[manifest destiny]

My agent always referred to "scheduled items" with regard to personal property. If it had a value greater than $2500 it needed to be declared or "scheduled". Tools, tractors, etc. were easy. Album collections and gun collections, he recommended video recording the items.

 

[IsThatLegal?]

Collectibles Insurance Services is worth a look IMO depending on how much coverage you need. My HO policy would not provide what I needed at a competitive rate so I went elsewhere.

 

[fullmetaljesus]

I just found out, my homeowners insurance only covers up to $2500 on firearms, and, well, I don't feel that is sufficient. Who do other IndyGO's doe for insurance? Take out an extra rider on their homeowners policy or an alternative insurance company?

You can add each fire arm as a line item, and increase your coverage.

 

[DadSmith]

I just found out, my homeowners insurance only covers up to $2500 on firearms, and, well, I don't feel that is sufficient. Who do other IndyGO's doe for insurance? Take out an extra rider on their homeowners policy or an alternative insurance company?

That also includes jewelry so beware. My son found the best and economical way is to join the evil NRA and buy the firearm insurance through them. You can get $20,000 much cheaper through them than regular insurance companies.

 

[bwframe]

I do ArmscarePlus (Lockton) through the NRA. No experience, other than paying them every year for the last 10 or so.

I do feel comfortable, having the coverage though. Be it at home or on the road, there are certainly times where a large chunk of dollars are a pane of glass or sheet of metal away from being stolen.

If (hypothetically) a guy thought it might be good to have a long gun in the truck to fight their way home, well...

Similarly, shooting a steel match in a few different divisions, then pizza with the boys after...

 

[tsilveus]

I switched from State Farm personal articles policy to Collectibles Insurance Services this year. It was a bit cheaper, but more importantly, no serial numbers given. I did not feel comfortable with a company knowing everything I had (they asked for numbers with every new firearm I wanted insured).