Valueing collection for insurance

[Dennis]

I've recently revisited the stated value of my small humble collection. I want to keep my insurance up to date. I was shocked when I looked up a few things I purchased over 30 years ago. I realize, I can't just go by what people are asking on Gun Broker. Some are not even listed. How do I go about getting a realistic value to state? I'm currently just stating the value on my homeowners and paying an added premium. I know there have to be better alternatives. What are you doing to insure your collection?

[SoCal326]

They were willing to insure you? I asked about it and was told they didn't insure firearms.

[Dennis]

They were willing to insure you? I asked about it and was told they didn't insure firearms.

USAA...There was a general maximum. I was able to increase that with documentation and a stated value, at a premium. This was written many years ago. I haven't even check into my options today. I'm just trying to keep things current and updated. I did the same thing with my camera equipment.

[floogy]

They were willing to insure you? I asked about it and was told they didn't insure firearms.

Well "they" is pretty vague. A lot of homeowners policies do. Sometimes only to a certain amount or other restrictions. Sometimes you need to add it to the policy or increase the amount of coverage if you have a lot of guns. NRA has $5 or 10 thousand of insurance included. So that's a helpful addition.

If you're talking about very valuable guns, the correct answer is to get them appraised. If you're talking about pretty standard guns that are all a couple thousand or less, you can more or less estimate market value. If the insurance company has an issue with the valuation, they might challenge it. I'd make sure to document all the guns with pictures for condition and serial number. Then insure for slightly more than the estimated value.

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[sigstroker]

Sign up for an account on gunbroker (free) so you can search on completed auctions. Then you see sold prices, not just asking.

[therealnickb]

Don’t know where you are op. But Duncan’s in San Marcos did an appraisal for my dad a few years ago.

[yacko]

They were willing to insure you? I asked about it and was told they didn't insure firearms.

You need to ask about a 'valuable personal property' policy.

This is what covers guns/jewelry/art/collectibles.

I have a regular policy and valuables policy.

[Spaffo]

Easterninsurance.com

[Milsurp Collector]

I realize, I can't just go by what people are asking on Gun Broker. Some are not even listed.

If you can't find any other values and the collection isn't valuable enough to pay for an appraisal you could get a copy of the Blue Book of Gun Values https://www.bluebookofgunvalues.com/#/Index

[norcalAF]

You need to ask about a 'valuable personal property' policy.

This is what covers guns/jewelry/art/collectibles.

I have a regular policy and valuables policy.

Yep, I have both through USAA, pretty cheap peace of mind, and when my wife lost some jewelry, they were easy to deal with.

[Bull Elk]

Insurance

They were willing to insure you? I asked about it and was told they didn't insure firearms.

[AregularGuy]

Eastern insurance. Up to $50k blanket coverage and they do not need serial numbers or makes/models.

Do any of these carriers offer coverage for renters who also own firearms? Asking for a friend.

Yes insurance for renters. You can add an earthquake provision for a bit more.

[duckman1]

Do any of these carriers offer coverage for renters who also own firearms? Asking for a friend.

Most do, be sure and read the limitations if any. If you don't understand ask the agent to explain it.

[Ora Serrata]

I look at Gun Broker and take that as being the high price limit. Then a compare asking prices on CG. Particularly the ones that sell quickly not the ones that take months to sell. Value is somewhere in the middle.

[beerman]

Sign up for an account on gunbroker (free) so you can search on completed auctions. Then you see sold prices, not just asking.

This! Real recent selling prices.. a valuable tool for real time gun pricing, but if your in Calif.. you need to factor that in for non roster handguns.