Gun Appraisals

[Pingo Ringo]

Does anyone know where I can get written appraisals of my guns. I live in north/central Orange County. I need them to be in writing in order to add them to my homeowners insurance. Thanks for any help you guys/gals can provide me.

[glockman19]

Use the Blue Book of Guns to determine your gun's value

[hermosabeach]

Two options
1) set the value as you do for other expensive items covered by a rider: classic car, Diamond, 1950's Rolex. The Blue Book of Guns will give you a baseline

2) go onto Gunbroker to see what they are actually selling for so you get a real example of current and completed auctions.
Print the completed auctions to provide as supporting proof in case of a claim....

Most insurance companies have a low limit as to what firearms are covered by a normal Homeowners or Renters insurance policy.

Above that amount the policy calls for a rider where you pay a percentage of the declared value

[The Gleam]

If they are of higher value, or their value has not been validated by a previous receipt, a CERTIFIED appraiser may be why it's necessary. And this is typically because they are being scheduled rather than just falling under a blanket limit as a "rider" (endorsement) would entail. And standard agents/brokers/companies that don't know firearms will request appraisals on items at lower valuations, because they haven't a clue; most not being gun enthusiasts, balk at the thought of any gun being worth more than $5000. So you being the only gun person they know, the insured, they can't just take your word for it; they want that "professional" opinion.

Sure, Gunbroker and Blue Book works for many modern guns (meaning after WWII) and is a cinch for a Glock, Colt Python, or Smith Model 629, etc., it's not so easy when talking about a 1900 American Eagle Luger, 1st Gen Colt Single Action Army, Borchardt C-93, or any number of Winchester Lever guns or Pre-64 Model 70s (among so many other guns, not even talking about early rare or factory-engraved Colts, Smiths, Sharps, Henrys, Springfields, or Brownings, etc.)

Even a Mateba Unica is now not in line with what most values indicate in Blue Book, and they are so scarce on Gunbroker it's a tough one to gauge. But I saw one recently sell for $8,500 when these revolvers originally sold just over a decade ago for about $1000 even.

Most policy endorsements to your HO or Renters Policy are for the low-end stuff with "sporting equipment" classification rates. If you are talking about stuff that the insurance company wants appraisals reports, you are usually talking about higher dollar items like I mention above, on a separate schedule or Personal Articles Floater, it's often AGREED VALUE due to the corroboration of price, and the rate will be higher with varying deductibles for "in vault" and "out of vault" designations.

I look at "riders" on standing coverage as bargain-basement tack-ons for low-end coverage with a good deal of exclusions, higher deductibles, and lower limit caps. Fine for your Glocks, SIGs, HKs, modern 1911s, AKs/ARs, and other current production guns. These types of add-ons to the property coverage typically do not require appraisals from a certified appraiser BECAUSE pricing is current and REPLACEMENT COST valuation is achieved quite easily. Your Glock 22 got stolen? Just Google "Glock 22" on Gunbroker or call any retail store, go to Glock's website for MSRP, among dozens of other sources.

Not so easy with a 1935 Registered Magnum or 1918 North American Arms Co. Ltd. 1911. One part of the appraiser's job is to validate authenticity, but also to establish or corroborate insurable value, where on a gun like the latter, could be anyone's guess at any give time.

[jbooker9]

I found better rates through a company other than my home insurance provider and no appraisals needed. Also much better coverage.

http://www.historicfirearms.com/

[The Gleam]

I found better rates through a company other than my home insurance provider and no appraisals needed. Also much better coverage.

http://www.historicfirearms.com/

Good source and they DO have great rates. I'm willing to bet your HO was charging you a $0.75 to $1.60 per $100 in values, and basing that on whether "antique" or "modern".

Those guys look to be one of the best I've seen!! Wow, and the paper is CHUBB!! which is one of the highest rated companies right now (Check AM Best if you don't believe me). I say to anyone, that's a really good link and you should be thanking jbooker9 for that one.

As an aside, note in their FAQ below, a perfect example as to what I'm describing above in the difference being that most insurance companies would require an appraisal on firearms at $7,500 and up - no joke: BECAUSE it's not what they regularly do, they have no experience, they don't know guns. But with experience and a knowledge of the risk, comes better rates and premiums, which goes for any kind of insurance. Mention "Broomhandle" to most State Farm agents, they'll say "What?" - These guys would probably say, "Cool! Ring hammer, or Cone hammer?"

Question: Do I need an Appraisal on my firearms or any other collectible items own?

Answer: An appraisal is required for any one item that exceeds $50,000 in value. If you need a name of a qualified appraiser in your area, please contact us.

Not requiring an appraisal for an item under $50,000 is better than even the required value for most classic/antique auto coverage, where typically anything over $15,000 requires an appraisal or review for lack of a purchase value documentation.

[Pingo Ringo]

Thanks jbooker9, I think I am going to go that route. Seems a lot easier than using my current homeowner's insurance. I was also thinking about going through the NRA's insurance program. Anyone here have any experience with that?

[BumBum]

I use the Lockton insurance through the NRA. I had previously looked at adding a rider to my homeowner policy through State Farm -- the premium was similar per $100 insured, maybe slightly higher, but it was clear that they had no idea what they were doing with firearms. For similar reasoning echoed by The Gleam, I went with Lockton because I figured that in the unfortunate event that I had to make a claim that they would be a lot easier to deal with than State Farm. Lockton only requires you to schedule firearms that have a value of over $2,500 (which includes accessories). Lockton is underwritten by Lloyd's of London, which I understand is one of the best in the business.

I haven't ever seen or heard of Historic Firearms before. I might at least give them a look for comparison purposes when it comes time to re-up with Lockton.

[The Gleam]

I haven't ever seen or heard of Historic Firearms before. I might at least give them a look for comparison purposes when it comes time to re-up with Lockton.

Keep in mind that "Historic Firearms" is just the broker/agent but the actual insurance company is Chubb Group, similar to say Lockton acting as broker/agent for Lloyd's (the oldest name in insurance, started in a coffee shop in 1680's literally by a bunch of caffeine addicted Lordsmen taking part in putting up their share of a bet and legal "gambling" on ships making it to the new land or bringing back goods from the Orient and doing so successfully with their cargo or not).

Chubb and its subs are about as big or bigger than Lloyd's now days and has a better overall rating. Not that it matters, but Chubb is US based and Lloyd's is UK based, if you are truly a "buy 'Merican" die-hard. All that aside, that coverage with Chubb through "Historic Firearms" looks to be a LOT better a deal than what I know of that coverage with Lloyds.