Gun insurance

[RangerRider]

Hello Ingo, new member here, and I cant seem to find the thread that I'm sure is on here someplace. Long story short, I have a new insurance agent, I have for the most part have all ( I,m finishing up today) of the serial numbers, make/model, price I paid for them and two pics of each gun loaded on a flash drive along with a paper copy put in safe deposit box at bank. The question is will new agent need to see/verify each gun? I really dont like the idea of a stranger seeing my stuff. My homeowners is with Farm Bureau if that makes a differance. Thanks

 

[Tim Enyeart]

I didn't have to verify anything with my agent. I established the gun price and he established the insurance cost.

 

[Tim Enyeart]

I forgot, I have farm bureau as well.

 

[ryknoll3]

I just submitted a spreadsheet with make/model/cal/serial/value to my insurance agent and they added it to my policy.

 

[SERparacord]

I always pay MSRP for my guns. *cough, cough*

 

[JMoses]

I just submitted a spreadsheet with make/model/cal/serial/value to my insurance agent and they added it to my policy.

This is what I do.

 

[rockhopper46038]

I chose to use a separate insurance company that doesn't require me to provide any information about my firearms. I pay "X" dollars per year for "Y" amount of coverage. Any single item worth over $5K needs to be scheduled, but nothing else does.

 

[Expatriated]

Guns ARE my insurance

 

[excursion12]

I chose to use a separate insurance company that doesn't require me to provide any information about my firearms. I pay "X" dollars per year for "Y" amount of coverage. Any single item worth over $5K needs to be scheduled, but nothing else does.

Which insurance company do you use that operates that way?

 

[Jmak]

I use the NRA insurance program. Most homeowners policies may have limited coverage for guns, $2500, I believe.

 

[RyanGSams]

I have renters insurance through State Farm. I recently requested information on how to change the amount for firearm coverage and am waiting for an answer. My limit is $2500 but that covers me for now.

 

[DKY197]

NRA members have available $2500 of free firearms insurance simply by signing up for it and they do not require any serial numbers or other information. They offer larger policies that you pay for but again, they require no identifying info. The only exception is firearms valued over $2500 by themselves, and I still don't think they require a serial number.

This covers theft, damage, destruction, and direct loss.

 

[Bunnykid68]

Guns ARE my insurance

You can put fires out with them

 

[rockhopper46038]

I chose to use a separate insurance company that doesn't require me to provide any information about my firearms. I pay "X" dollars per year for "Y" amount of coverage. Any single item worth over $5K needs to be scheduled, but nothing else does.

Which insurance company do you use that operates that way?

I use CollectInsure. There are others.

 

[worddoer]

I wish to add input on this one. I am an insurance agent and I was formerly a Farm Bureau agent prior to opening my own agency. I however will throw in this disclaimer. Each company treats firearms and their coverage similarly, but not exactly the same. The best resource is to contact your company or agent and confirm exactly how they handle firearms and other valuable items. Any agent worth his salt should know this off the top of their head. If not, be leery of that agent and their knowledge of the insurance industry.

Most insurance companies have limitations on the amount they will pay for stolen firearms. This has happened over the last couple of decades and was caused by the substantial amount of insurance fraud with high value items disappearing. This is also true of other high value items like jewelry, collectibles, antiques, etc. Usually the limit on firearms is somewhere between $1,500 and $2,500. There are several important things to note about home insurance and firearms...

1. When a company has a limitation, it is usually for the "peril" or circumstance of theft and "mysterious disappearance". If you have a fire or a tornado blows away your home...most companies don't have limitations on firearms.

2. When you list a firearm on a policy, that firearm is now covered for those extra "perils" or circumstances they were limited by before...i.e..theft and mysterious disappearance. And for most companies, they will include all sorts of extra "perils" on that firearm that nothing else is covered for. An example would be when I had a client who dropped their custom rifle off a mountain out west. Not much left after bouncing off rocks for hundreds and hundreds of feet. It was covered since it was listed.

3. Most of the time when you list items on your policy, you can do it with zero deductible. The cost involved to list your firearm with either a large deductible and no deductible is usually at very little difference cost wise. So it usually makes since to have no deductible at all.

4. Not all companies cover this through the same method. Many companies simply add an "endorsement" or an extra piece to your home insurance. However, for some companies it is its own separate policy.

5. Some companies only will cover firearms when they are individually listed on a policy. This is called "scheduling". When a company requires scheduling, they normally only need the make, model, serial number and the value of each firearm. Normally they do not need photos unless you have some custom or extremely rare super high value firearm that may be difficult to value. Then the company may require photos, but most do not.

6. Other companies only cover firearms with what they call "blanket" coverage. This does not require a list as it is just a block of money and not attached to any one firearm. The thing to watch with blanket coverage is going back to those "perils" or all the different types of situations that the firearms are covered for. Some companies do not cover the firearms for as many things when using the blanket style coverage. And some do cover things the better way. Keep in mind that when you are covered is just as important as how much you are covered for. If your not covered for the type of situation that just happened to you, then the insurance just became worthless.

7. Some companies offer both. The company I use for my home insurance does. I choose to insure my own firearms under the "scheduled" method in #5 above.

8. Keep in mind that insurance companies don't write blank checks anymore these days. Either of these methods means you are insuring your firearms for "replacement cost" coverage. If you dramatically over insure your firearms, you are just waisting money. The companies will only pay the amount necessary to find a new gun of "like kind and quality". So if you insure your AK made from a shovel for $100,000...you not going to get the cash nor would you receive a solid gold AK (to tacky any way). Remember the key phrased used in the insurance contract for all companies now days is "like kind and quality". And equally important, don't dramatically under insure your firearms. You may have cheaper insurance now, but when a claim happens you will not have enough insurance to replace the firearm.

When it is all said and done...PLEASE DON'T MAKE ASSUMPTIONS OR JUST HOPE IT'S COVERED!!! I can't tell you how many people I have seen in all my years in the industry that just "thought" things were covered and never asked. ASK, ASK, ASK... That way you can find out what you need or should have prior to anything bad happening. If you have an agent, they should be able to confirm this. If you don't have an agent, then you will need to contact the company directly. Either way, if you don't check with someone, then any bad results are completely on you.

 

[Snizz1911]

NRA members have available $2500 of free firearms insurance simply by signing up for it and they do not require any serial numbers or other information. They offer larger policies that you pay for but again, they require no identifying info. The only exception is firearms valued over $2500 by themselves, and I still don't think they require a serial number.

This covers theft, damage, destruction, and direct loss.

I use the nRA Armscare insurance on top of the free $2500 the NRA gives you. I was not confident in what homeowners covered, ie theft is iffy on some homeowners policies, and the Armscare seemed to cover everything. I want to say its around $10 cost per $1,000 in firearms value. Supposedly in covers the cost to replace the firearm and serial numbers are not given. But they do say to document all serial numbers (which you should anyway) in the case you have to file a claim.

I hope I never have to file a claim, but I feel a lot better having it as a "just in case."

Edit: and yes, when individual firearms are valued over $2500 I believe they send a rep to confirm.

 

[RangerRider]

Great info everyone, i was sure my home owners covered to a certain amount.
Wooddoer, I liked the idea of scheduling. As well I think I will rejoin NRA,and see how that goes this time.
With a little luck my agent will be a gun guy as well. thanks again everyone

 

[dyerwatcher]

Thank OP
just updated mine.....

 

[zippy23]

Guns ARE my insurance

^^^ This

 

[Leadeye]

Evaluate your premiums against the cost of a good safe.