View Full Version : Weapons Insurance
HighSpeedDreams
07-26-08, 23:18
Has anyone insured their collection? If so, who with, how much did you/do you pay, etc.....
You can add a ridder to your home owners insurance. I higly recommend this because most home owners policies have a cap on firearms and jewelry. I do not remember how much extra I pay per year, but it covers full replacement value on all items.
There are a couple of other options besides a rider on your home-owners. Depending on who your home/renters insurance is through, you may not want to use them or it may cost too much (some are known to not be very firearms friendly).
NRA members can use a service that is available for insuring firearms. I don't remember the details but you can look it up at the NRA member's benefits website.
Also, Google "firearms insurance" or similar terms. There are a few companies that specialize in firearms insurance.
Chad
I believe that the NRA has a list of recommended insurers and there was a company that advertised in the Shotgun News. A friend of mine contacted them and they seemed to have good rates and protection.
I did mine though a policy with USAA, and it was very easy and more comprehensive than I thought it would be. Highly recommended!
billpete,
I am also a USAA member and will be using them in the near future for my firearms insurance as well. I didn't recommend them though because of the requirements for being a USAA member.
BTW- I am jealous of you because your PX is better than mine. :D
Yeah I figured mentioning USAA because many of the forum members are likely military related, as well as to show that many of the large insurance companies do offer that kind of insurance.
Bigger PX? You can have it! :) Being on this FOB is killing me! Plus I only get there about once a month anyways.
Stay safe up there
BP
HAMMERDROP
07-27-08, 22:48
I remember my wife shopping relentlessly for homeowners insurance when we bought this house but she couldn't find a company that would insure
'Guns and Dobermans' ... I bought a safe but am aware of my fragile situation in the event of fire etc knock on wood.
Michael
I went this route, but while researching it i talked with others and found the main weakness is the book value of the firearms you are insuring. Without adequate documentation, the insurance company will use book values for your firearms, if you ever have to make a claim.
Best way around this; find a reputable gun store that buys used guns (these people will also be able to determine a very fair street market value for your firearms). It's a long process but take your firearms in and have them appraise them, with a written report. Take pic/video of your firearms, and give copies of pics/videos along with written appraisal, to insurance company. Depending on the gun shop, you may or may not be charged for this service; I was one of the alternate gun buyers so the primary guy did it for free.
This way if you ever have to file a claim, the insurance company already has the info and have had their chance to review and possibly contest it. The actual insurance rider didn't cost much at all.
I did mine though a policy with USAA, and it was very easy and more comprehensive than I thought it would be. Highly recommended!
Me too.
I sent them a comprehensive list of all my guns with prices set by me with web links to back up the prices I set, and I included all the accessories and attachments for each gun. In other words, the $1k 6520 that has $2k worth of crap bolted to it is, in fact, insured for $3k.
It's also a total loss policy that covers loss, theft, damage, etc. and extends outside the home to anywhere you take the gun. Fly out to Gunsite with your $4k 1911 and the airline loses it on the way home? They gotcha covered. Drive away from the range with your AR sitting on the trunk and lose it on the highway? That's covered too. Crackheads sneak in while you're away and drag your safe out of the house? Yep, that's also covered.
I haven't asked, or tested it, but I would bet that even a kaboom would be covered.
rob,
USAA is top notch. When I was in Guam back in 2002-03 and we got hit by a "super typhoon" USAA took care of everyone. I save my receipts and will be compiling a "book" so to speak of all the weapons and gadgets so when I get back I can submit everything. If anyone is eligible for joining I highly recommend them.
Me too.
I sent them a comprehensive list of all my guns with prices set by me with web links to back up the prices I set, and I included all the accessories and attachments for each gun. In other words, the $1k 6520 that has $2k worth of crap bolted to it is, in fact, insured for $3k.
It's also a total loss policy that covers loss, theft, damage, etc. and extends outside the home to anywhere you take the gun. Fly out to Gunsite with your $4k 1911 and the airline loses it on the way home? They gotcha covered. Drive away from the range with your AR sitting on the trunk and lose it on the highway? That's covered too. Crackheads sneak in while you're away and drag your safe out of the house? Yep, that's also covered.
I haven't asked, or tested it, but I would bet that even a kaboom would be covered.
twodollarbill
07-28-08, 10:33
When I realized my collection's value exceeded what I could afford to pay to totally insure all weapons.
I broke the weapons down and put the NFA lowers in bank safety deposit boxes and the uppers are........insured by Fort Knox.
I haven't asked, or tested it, but I would bet that even a kaboom would be covered.
I believe that it is--in the process of them explaining the policy to me, they gave me the impression that if I, or someone else, was hurt while using the firearm(s), I was covered.
I assume that "hurt" means by accident, and not intentional, as such with self-defense, etc.
I also have them covering all the accessories, scopes, etc. Very user-friendly.
Has anyone insured their collection? If so, who with, how much did you/do you pay, etc.....
About $200 rider (maybe less, don't remember exactly) with State Farm covers about $10K worth of firearms. Just like rob_s, I've included accessories, even gun cases.
The only one thing that I have left unresolved is (admittedly rare) issue of firearm appreciation. I have a custom 1911 that I paid X amount for. The base model is now discontinued; the replacement would have to be put together from raw parts. Price of gunsmithing went up too. I contacted the builder and his estimate for potential replacement was about $1K over the amount I paid for that pistol originally. I am not even mentioning that his waiting list is closed now...
Anyway, I put it all in writing, including gunsmith's contact info, and asked State Farm to insure this piece for a projected replacement price. When I got a policy back, I found that they insured it for the actual value I paid for it. I meant to bring it up with them, but forgot until I saw this post...
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