Gun insurance......opinions?

[ABNAK]

I have an extra rider on my homeowner's insurance but it's only $4K. Wouldn't even begin to cover my stuff.

[GH41]

True that. From the recent camp fire, a number of safes (well known brands) were found to have the contents destroyed.

All safes are rated. Some better than others but I doubt many are rated to endure something like that. Saw a picture of a car with the aluminum wheels melted completely off of the hubs.

[Alex V]

Since I am using State Farm for my condo and cars, I used them for my firearms. I get a discount for combining them.

They did ask for information on the guns, like list of parts and accessories but everything is listed in the policy, scopes, weapons lights, RDSs, everything. Everything is covered. It's funny when reading the policy what it won't cover, like damage due to nuclear war.

[gunnerblue]

I have an additional $20k through my homeowners policy (Farmers) specifically covering firearms. I don't recall the cost off the top of my head but it wasn't very much.

[Sam]

This is what we use:

Eastern Insurance Group , LLC

The Historic Firearms and Collectibles Insurance Program

933 Webster Street, Marshfield, MA 02050

I said "we" because lots of my local friends and people from the hometown firearms enthusiast forum recommended them. Good service and reasonable price. Don't bother with getting a rider on the home insurance policy, too high, too much hassle.

https://www.easterninsurance.com/ins...toric-firearms

[SomeOtherGuy]

It's funny when reading the policy what it won't cover, like damage due to nuclear war.

Written and put into all commercial policies probably back in the mid-1950's when warheads were few, ICBMs not yet invented, and the view of nuclear war very different. Commercial policy forms accumulate this kind of stuff as debris and it rarely goes away. 30 years from now people will be saying the same thing about "terrorism" exclusions.

[ABNAK]

Okay, I decided to go with Collectibles Insurance. I read the policy and it states that they won't pay if another insurance has paid already (i.e. it's already been paid for by another policy).

Couple of questions, if any of you know the answers please chime in:



1) Let's say I had $35K between the NRA's basic benefit, my homeowners policy, and Collectibles (total of $35K between the 3 of them). Would homeowners pay the first $4K, NRA the next $5K, and Collectibles the next $26K to reach my total of $35K?

2) What is the percent of depreciation applied? Like if I had a weapon I paid, all told, $2000 for. Cost includes rifle with rail/trigger/BCG/Aimpoint T-2/whatever. What could I reasonably expect to recoup? 1800, 1500, 1200, what? Collectibles Insurance covers optics and ammo too, FWIW. Essentially what percent is "market value"? Obviously ballpark your answer.

3) How would they estimate market value on a Franken-AR, but built with top-notch components? The lower would be the only brand name involved with the serial number, the rest would be an XXX upper, Geissele trigger, LMT EBCG, Colt SOCOM barrel, etc. How do they calculate the reimbursement of a non-factory build?

[GH41]

Okay, I decided to go with Collectibles Insurance. I read the policy and it states that they won't pay if another insurance has paid already (i.e. it's already been paid for by another policy).

Couple of questions, if any of you know the answers please chime in:



1) Let's say I had $35K between the NRA's basic benefit, my homeowners policy, and Collectibles (total of $35K between the 3 of them). Would homeowners pay the first $4K, NRA the next $5K, and Collectibles the next $26K to reach my total of $35K?

2) What is the percent of depreciation applied? Like if I had a weapon I paid, all told, $2000 for. Cost includes rifle with rail/trigger/BCG/Aimpoint T-2/whatever. What could I reasonably expect to recoup? 1800, 1500, 1200, what? Collectibles Insurance covers optics and ammo too, FWIW. Essentially what percent is "market value"? Obviously ballpark your answer.

3) How would they estimate market value on a Franken-AR, but built with top-notch components? The lower would be the only brand name involved with the serial number, the rest would be an XXX upper, Geissele trigger, LMT EBCG, Colt SOCOM barrel, etc. How do they calculate the reimbursement of a non-factory build?

I would guess that in the event of a total loss you would get but hurt by the insurance company if you didn't base your coverage on declared value. That is when you start paying out the ass for insurance. I self insure but I live within 300 yards of a fire station in a well developed residential setting. My safe is only 30 minute rated but it is in a room that is 30 minute rated. While possible it is not likely a fire would burn long enough to damage my safes contents. If I lived at the end of a dirt road 5 miles from town my thoughts would change.

[seb5]

I went through my homeowners. It's easy and pain free. Basically a 1% of the value annually. I tell them what they're worth and pay on that. I believe there is a deductible so I plan for that in my estimated value. That includes all accessories and add ons, It's worth it to me. There are a few that don't get insured because of value or not wanting them on any lists. Every year I get the policy 60 days out and add or remove anything needed.

On the fire safe idea. I've been a cop since 1990 and was a volunteer fireman dor 17 years and have never seen one that really worked. I understand that they are out there but most people go to Atwoods and buy the $700.00 fire safe, and it just doesn't work like they thoughtthey would. It's similar to home alarm systems. I've answered 100's of alarm calls and never a legitimate one that ended up with an on site arrest. 99% false trips. When we moved two years ago the house I we bought has a good system but I've never turned it on or paid the $40.00 a month to have it monitored.

[hotrodder636]

I have a writer (rider?) on my homeowners but am interested in a stand alone policy.