Gun Insurance help :)

[Champagne-N-Beer]

Hi All,

Working on the details of insurance and with CA being what it is, had a question for y'all.

Anyone have tips on what to watch out for, what to get/look into?

My questions pertain to insurance rider and types of coverage (ACV, replacement etc).

If you had off roster guns, that you could likely never replace because you live in CA or older firearms that due to age and condition, just don't exist anymore - how is "value" calculated and is ACV better or replacement coverage?

Thanks in advance!

CnB

[that one guy]

I spoke with my insurance agent. She suggested opening a article because of the value. Home owners insurance only covers 2,500 if lost or stolen etc. An article covers all the guns plus accessories and ammo. I needed to have serial numbers and the price I paid. Around 15K to 18K is covered for 9 bucks a month.

[Chakachaka]

Most homeowners insurance carry special limits on firearms for $2500/$5000

If you have firearms that total more than the limits, I highly suggest you carry a rider or endorsement to increase your limits. Most replacement cost value policies still pay you out on actual cash value up front. Once you have used the money to replace with same firearm of Like kind and quality the insurance company will release the recoverable depreciation to you.

If your gun is off roster, you are SOL insurance company will pay you our based on like kind and quality of what you have not considering the California roster.

[Broncobeast]

I have a policy though USAA for renters and valuable property. It is designed for guns, art and jewelry. I have all of my firearms including my 80%'s. They required serial numbers where applicable and descriptions. They are vary pro gun. My agent is an avid gun enthusiast.

[L84CABO]

My thoughts. I'm not a professional. Just a guy on the internet...

Pick a reputable company that you trust.

You want a policy that will cover full replacement value. "Actual Cash Value" usually means they've depreciated the item.

If you have a home owners policy make sure you read it. Most cap coverage around $2000 for firearms.

Off Roster Guns - For the modern ones, most of these guns likely still exist but we just can't have them here. But this means they can assign a value pretty easily. You'll get the cash but I doubt they can be replaced. It's an interesting question. You could always call DOJ and ask them if guns that are stolen can be replaced. I doubt the answer will be yes.

If you have old guns that are rare and/or no longer in production, they can likely still come up with a value for them. This is a question to talk over with the company/agent you choose. Pictures, documentation and appraisals help. If you truly have old, rare, one of kind pieces, you should absolutely get them appraised to document the value.

NRA offers firearms insurance. So does CollectInsur. Both companies had much better rates than the standard insurance companies like Allstate, AAA, etc. YMMV

You want to update your coverage annually or as appropriate depending on how many guns you buy each year.

Make sure you have photos, receipts, serial numbers...as with anything of value that you have insurance on.

[hoss_hk]

+1 for appraisals

[Champagne-N-Beer]

L84CABO, yeah - am thinking to add rider to cover but the roster issue has me befuddled.

Last thing I could think of needing is to, knock on wood, need to use the insurance only to find out my off roster collection only cashes out at "free market" values where that cash allows me to find one (or two) stinkin replacement(s) here in CA - man that would suck.

[L84CABO]

L84CABO, yeah - am thinking to add rider to cover but the roster issue has me befuddled.

Last thing I could think of needing is to, knock on wood, need to use the insurance only to find out my off roster collection only cashes out at "free market" values where that cash allows me to find one (or two) stinkin replacement(s) here in CA - man that would suck.

I think you're looking for a solution that probably doesn't exist. The best you can probably get is full replacement value based on free state prices. Nobody is likely going to pay you $1600 for a Sig 320 so you can go onto the Calguns marketplace and buy a used gun to replace the one you lost. But that's no reason not to buy the insurance. And anyway, it's not like you paid $1600 for the gun in the first place. You will be made whole from a financial perspective, not necessarily from a replacing the object perspective.

Anyway, it's not worth losing sleep over something that will probably never happen. Find a good policy. Have a good safe, good lighting, a good dog, strong locks, video surveillance, alarm system, etc. And live your life. That's all you can do.

[duckman1]

L84CABO, yeah - am thinking to add rider to cover but the roster issue has me befuddled.

Last thing I could think of needing is to, knock on wood, need to use the insurance only to find out my off roster collection only cashes out at "free market" values where that cash allows me to find one (or two) stinkin replacement(s) here in CA - man that would suck.

They are accessories if they are not firearms or you schedule them as described as many old firearms did not have serial numbers. (I do this for a living).

[afteractionreport]

NRA offers free insurance for collections under $2000....and added insurance at a cost for collections over$2000