Firearm insurance

[ldsnet]

My base policy was $1000 max per gun $5000 max pay out. If I wanted more a rider was required with inventory info. I think it added $50 a year for full replacement value including accessories and the safe.

[RandyRhoads]

My base policy was $1000 max per gun $5000 max pay out. If I wanted more a rider was required with inventory info. I think it added $50 a year for full replacement value including accessories and the safe.

Not bad at all. I'll look at my policy and call tomorrow.


Surprised, must have got lucky. Last insurance paid out for I think 20-30 firearms. Then again it was a total loss, no question, so they probably just figured they were paying the max for contents regardless.

[RandyRhoads]

Are you legally required to report firearms destroyed? I lost a bunch of guns in a fire, so if they came looking for them now what? Is it like theft, you must report them destroyed? What's to stop someone from saying a firearm was destroyed somehow if a gun grabber came looking for them?

[Sizzlechest]

Are you a private adjuster?



Unless my rifle spontaneously combusts by itself in the corner, the deductible probably wont be much compared to the total loss. Well maybe. I own like 4 things now, so the deductible might be a good percentage. But I don't think I have to worry about the max contents payout any time soon. But I don't know, i'll go pull out my policy again tomorrow and give it a look.

Im actually an Insurance Broker. Most Home owners policy are what they call an HO-3 form. That said they usually ( it varies a bit) include a max of $1500 of gun coverage on an actual cash basis. So you might want to add the rider on a Scheduled basis. If item are not too expensive you can also do a blanket form. Once you add it as an endorsement most companies dont have a deductible. With your standard home insurance this could possibly happen:
coverage $1500 ACV
Your gun was worth $1500 new. It is used so its depreciated and now worth $1200. Your deductible is $1000 on the HO insurance. So you get a check for $200 if your gun is stolen or house catches fire.

[postal]

Im actually an Insurance Broker. Most Home owners policy are what they call an HO-3 form.
---------
Your gun was worth $1500 new. It is used so its depreciated and now worth $1200. Your deductible is $1000 on the HO insurance. So you get a check for $200 if your gun is stolen or house catches fire.

----And, with a personal valuables policy, it covers replacement value. Even if the prices go down, they will give you the money to replace the item at current market rate. If you paid $1k, and now the same item is available for $800, they'll tell you where they found that price, and send you a check for that price to purchase it.

[209Sanger]

I concur with what sizzlechest said. I just switched to State Farm and from what I recall they only covered approximately $1500 total towards the loss of firearms. I had to add a personal items policy(rider I guess) and itemize the guns and wife's jewelery. What sucks is since most of my guns are off roster they are irreplaceable to me even if they pay me top dollar.


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[B Strong]

Reading through the insurance policy on my new home it appears they only cover up to $1,000.00 per firearm.

I only have one over $1,000.00 (over $3,000.00, and rising)


Is there any sort of cheap firearm insurance? If it even exists would it even be worth it to protect one firearm, or would the costs quickly outweigh the benefit?

I've found out the hard way things not covered under insurance reaaaally sting when lost. Although it's just one thing, i'd rather have it covered, unless it's going to cost more.

Suggestions?

Go to whoever is handling your homeowners policy and request a blanket coverage rider for your collection, covered either for appraised value or a stipulated value.

In either case be prepared to prove you've got it, and what the value is -I have a musical instrument collection, a firearms collection and a knife collection and have been through the process. You'll pay a upcharge, but unless you're insuring w/ a lowball company they've seen it before and know how to deal with the issue.

Funny thing is that my insurance guy is a friend and handles my stuff, but every time I'd go in to see him, most times just to bull**** or go to lunch, one of his girls looks at me as if I'm Dracula out in daylight or something - freaks right out.

I mentioned it to Steve on time and he said that she had handled my paperwork one time and couldn't imagine a "normal" person owning more than 100 guns...I told Steve she must have stopped counting before the end of the list, and we both had a laugh out of it.

Seriously, it's no big problem and the insurance companies usually treat the issue no differently than any other personal item.

Thing to think about though - friend of mine in another state was the victim of a break-in that not only attempted to breach his vault w/ NFA and other goodies (unsuccessful) they stole all the ammo he had stored above ground. He had a hell of a time collecting due to the then current panic pricing, and they had a particularly hard time w/ the 24,000 rounds of /06 in Browning belts - he had receipts, they eventually paid, but always remember to keep a good inventory of not just your firearms, but all the other stuff that goes with, along with receipts.

[RandyRhoads]

Im actually an Insurance Broker. Most Home owners policy are what they call an HO-3 form. That said they usually ( it varies a bit) include a max of $1500 of gun coverage on an actual cash basis. So you might want to add the rider on a Scheduled basis. If item are not too expensive you can also do a blanket form. Once you add it as an endorsement most companies dont have a deductible. With your standard home insurance this could possibly happen:
coverage $1500 ACV
Your gun was worth $1500 new. It is used so its depreciated and now worth $1200. Your deductible is $1000 on the HO insurance. So you get a check for $200 if your gun is stolen or house catches fire.

Right, but that's a one time deductible for the whole loss, not just every item correct? So if I had 80,000 worth of stuff I lost, a 1,000 deductible for 80,000 really isn't that big of a deal.

That being said, as I mentioned I own like 5 thing so it would be a big deal now. But for the future I don't see that being an issue, unless just my rifle catches on fire lol...



Still concerned about needing to report a destroyed firearm. Anyone have an answer to that?

[edfardos]

Document what you own, but never disclose ownership prior to a claim. Insurance companies have no ethical center, so the less they know, the better. Dysinformation? Even better.

[Cyberion]

I went with Collectable Insurance

+1 on this. There was another thread on this subject a few months ago and many others recommended this too. I bought a policy after that. Very easy. No Serials required. They cover "Weapons including guns, knives, swords and their accessories." Ammo is also covered because it's part of the collection. http://www.collectinsure.com/covered.aspx

Plus NRA provided insurance should be activated.

[2meterB]

I have USAA, but that Collectibles insurance sounds great if it covers ammo... Does it cover ammo destroyed by firing pins?

I think USAA covers guns damaged by bad ammo. I wonder if Collectinusre does?

[postal]

-I have a musical instrument collection, a firearms collection and a knife collection and have been through the process. You'll pay a upcharge, but unless you're insuring w/ a lowball company they've seen it before and know how to deal with the issue.

That's an issue I'm having right there..... I have quite a number of electric guitars.... but the problem is... I made them. Trying to get enough interest for a part time business making custom guitars... But not a business yet. No business ins yet.

No one can appraise these things since they're very unusual one off customs....

Even sent my ins pics of some of them, and while they're impressed.... they dont know what they're worth either, and refuse to insure.....

Do you have a line on a professional musical instrument appraiser in socal?

[postal]

I have USAA, but that Collectibles insurance sounds great if it covers ammo... Does it cover ammo destroyed by firing pins?

USAA and their personal valuables policy do not cover ammo. I have usaa.

[RandyRhoads]

Wow. Surprising how many clauses are in a lot of insurance policies. We seemed to have everything covered. But maybe that's just because we had nearly twice the contents max, so they didn't care about some stuff. They were paying max regardless.

[postal]

Yeah.... seriously.... I need to find a pic of my Randy Rhoads with custom paint for you....

That's gotta be at least about a $5k-6k guitar....

Which is nothing compared to my double neck king V with custom paint.... Even low balling it, would be like 8k.....

Those were made famous by Dave Mustaine of mega death.... The jackson doubles start at about 10k.

Here's the back of my home made RR... the pic was airbrushed from a real photo. (I have a friend thats a really good airbrush artist....)


This is the only pic I find in photobucket that shows the front.... with 7 other guitars in my guest bed room including my other RR that is a full hand carve job with japanese style waves on the body far top right....... (yes I made all of those at home in my garage.)