Firearm Insurance

[slopoke]

I just got my NRA renewal and it came with the complimentary $2500.00 firearm insurance and I took advantage of it. Well I decided to see how the coverage was and found out that most homeowners insurance policies don't cover firearms. I always thought they did but never looked at the fine print to see. I looked at my policy from Safeco and it clearly states that firearms are on a different schedule and needed to be listed and an additonal premium is added.

I looked at the cost of the NRA endorsed policy and it came out to $313.20 for $18,000 of coverage. I searched the web and found Collectibles Insurance (www.collectinsure.com) and for the same coverage, my yearly premium is $126.00. I then called my insurance broker, who I've had for over 25 years and would like him to have first crack at my money and he told me "I can't beat that or even come close" and that the rate I was quoted was really good. Needless to say I filled out the application last night and faxed it off. Called them today and spoke to the underwriter and answerd a few of her questions, gave them my credit card info and now I am covered.

I am in no way affiliated with Collectibles Insurance Services, but wanted to put the word out to those who, like me , have a few hard earned dollars in firearms and were unaware of not being covered by most homeowners insurance policies automatically.

Update 11/3
On another forum, questions were asked who the carrier for insurance coverage was. I found out that it is United National Insurance Co, part of the Unitied National Group based in Penn, which is a unit of Global Indemnity PLC.

[thedonger]

Thanks.

[TakeFive]

I'll second slopoke's recommendation. I switched off NRA coverage to Collectibles this spring and saved serious money.

[hcbr]

Good to know slopoke, thanks for sharing that info, I was just about to research on the web for the insurance, but you made it easy for me!

[SocomM4]

So 2500 worth of insurance is free tho? I only have my Ar so that would be perfect...

[tileguy]

i have AAA home owners and firearms are covered at no extra cost. they will pay up to the total of your personal property amount. for example i have over 200k in just personal property coverage and my homeowners ins. total premiums is around 1100.00 a year.

[m1match]

Most homeowners policies have a specific limitation for things like jewelry, firearms, etc. The policy usually limits coverage for those things to a minimal amount.

[caldude]

Excellent recommendation. I've been meaning to get extra insurance, now I can, without breaking the bank.

[bsg]

thanks for sharing this information. i doubt anyone can beat that price.

[stitchnicklas]

i have 2 nra memberships(me and the son) i paid for $5500extra and allstate covers $2000
so my collection is covered for 63 bucks a year

[duckman1]

For those of you using coverage from both your Homeowners/Renters policy and any secondary coverage (NRA, Collectibles, etc.) Check your polices for "The Other Collectible Insurance Clause" In certain circumstances it may limit your coverage for non scheduled items. It allows the insurance policies to pay a pro rata portion of the loss.

For example your HO includes coverage for $2000 of Firearms and you buy an additional $5000 thru the NRA plan, you have a $7000 loss. Your HO carrier may only payout $1000 because you had other collectible insurance for the loss.

I suggest you buy all of your coverage from one company and deal with one adjuster and one deductible.

[RedFord150]

I have AAA homeowners. Standard policy limited to $2k for theft of firearms. I increased to $5k. Additional premium is $30 per year.

[bsg]

i appreciate reading about these very reasonably priced policies.

[Intimid8tor]

Great info to have.

[duckman1]

I have AAA homeowners. Standard policy limited to $2k for theft of firearms. I increased to $5k. Additional premium is $30 per year.

Check for a per item limit.