Home Insurance for gun owner

[OmegaTrader]

If you own guns, should you notify your home insurance agent to update the policy? Is there a downside of this, since the company can cancel your policy? I'm a total newbie on this thing. And if you tell them, do you have to tell them the number of guns you own? What's the downside for not telling them?

[Squirly]

I spoke to aaa and state farm on about this previously. Seems there is a separate policy that covers that type of item. And they need to know make and serial numbers of what is covered!

[OmegaTrader]

I spoke to aaa and state farm on about this previously. Seems there is a separate policy that covers that type of item. And they need to know make and serial numbers of what is covered!

So I assume that if you don't tell them and that yours get stolen, they won't cover that? My worry isn't so much about the covering of the firearms. It's more about the houses themselves. Given the current sentiment regarding firearms, especially AR15 which I happen to own quite a few, they may just cancel the whole policy altogether.

[duckman1]

You need to read your policy, many contain a sublimit for firearm theft.

[AKSOG]

...

[003]

Most home owner insurance policies only cover a relatively small fixed amount for all personal property, which will include firearms. To cover the full amount of a gun collection will require a secondary or “rider” policy. Doing that will require you to list all firearms with detailed description and serial number, similar to insuring expensive jewelry or any other expensive item/s.

[9M62]

This thread is full of correct answers, so I'll repeat it:

Your insurance likely covers up to a given amount for any and all "incidentals." My insurance covered like $3000 worth of jewelry, like $1500 worth of firearms, etc. etc.

I increased my coverage to cover all of my rifles and our jewelry.

There's two things you need to consider: Most insurance is around $100/yr per $10,000 of coverage (as a very rough estimate). Most insurance will give you two figures:

1) Total coverage, I.E., $30,000 total for guns (as an example).
2) Coverage per item, I.E., no more than $3000 per item.

In my case, and I use Farmers, they requested make/model/serial for the firearms as well as a value associated with. I did not need to provide receipts. They review it, underwrite it, and come back with a quote and a coverage listing the two things I said above - a per item coverage limit and a total value coverage limit. I specifically asked my good friend (who is also my insurance agent) what they do with the make/model/serial, and who it's transferred to. It stays in the office of the agent, and is only pulled out when a claim is made to ensure the particular firearm is on the "list." They will also cross reference it with any police report you file when you report it stolen. It does not get sent anywhere, and no one else see's it.

In the end, we pay a few hundred bucks extra per year for coverage and my per-item cost is set to cover even my most expensive rifle, and the overall cost covers more than the current lot of firearms I own are worth. This gives me room to grow.

Do not simply buy based on total value -- you'll be pissed if you get $1000 for a $3000 rifle, when it was the only one stolen or whatever.

[XDJYo]

In the process of doing this with Farmers. My agent is supposed to call me back today with info.


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[coryhenry]

USAA had me take out a personal property rider, which I also had to do with my wifes engagement ring to cover the items.

[whipkiller]

My State Farm policy covered up to $2,500 and I added a rider to increase it to $5K which is their limit.

They didn't ask me for serial numbers.

[ldsnet]

USAA had me take out a personal property rider, which I also had to do with my wifes engagement ring to cover the items.

I had to do the same with USAA - a bit time consuming but was not expensive (in the big picture) and now have coverage for everything (including the safe) and accessories. When you stop to add it all up (magazines, holsters and other gear) it would very quickly hit the $5,000 cap without a separate rider.

[-hanko]

If you own guns, should you notify your home insurance agent to update the policy? Is there a downside of this, since the company can cancel your policy? I'm a total newbie on this thing. And if you tell them, do you have to tell them the number of guns you own? What's the downside for not telling them?

Why would the company cancel your policy??

As has been posted a "few" times here, with several in the last week, CALL YOUR AGENT AND ASK.

You agent can advise you of costs to cover the weapons above and beyond what the policy usually covers, around $2500 or so.

You can also seek insurance on the weapons from a company that specializes in that kind of coverage.

If you don't tell them how many you own, how the hell do you expect them to quote you??

Get on the google. Report back what you find.

[jerhyn]

I hate the NRA for sending me so many damn insurance spam letters. However, you NRA membership includes free insurance for your guns if stolen. Forget the covered amount though.

Most home owner's insurance policies have a very small cap for the amount of stolen items that they cover regardless of how much is stolen.

[billped]

I think the NRA coverage is $1000 which is similar to many home insurance standard limits. Neither makes much of a dent in even small collections, but it helps a bit.

[G-forceJunkie]

My State Farm policy covered up to $2,500 and I added a rider to increase it to $5K which is their limit.

They didn't ask me for serial numbers.

Same here.