Firearm insurance options?

[Tonyt915]

Hopefully this is right section, if not Mods please move. A friend recently had his pistol stolen and it reminded me about trying to get insurance. Looked several years ago and none of the options seemed that great. Putting them on homeowners policy was terrible and at the time I looked there wasn’t many firearms only places. I know the NRA has insurance, but with them going bankrupt I wouldn’t want to use that service. My collection has finally crested the 6 figure mark, so I need to stop dicking around and get serious about protecting them.

 

[Texas42]

First I’d talk to your current homeowners policy and see what you have (if any). But six figures in guns means you need to have some professional appraisal and likely a dedicated policy or policy rider. I have a rider for some jewelry. It probably isn’t going to be as cheap as other forms of insurance.

Not a bad idea to re-shop homeowners, car policies At the same time to see if you can get a better deal.

 

[oldag]

Collectibles Insurance.

For me was cheaper than rider.

 

[Charlie]

What have you considered so far? Safe(s), off premise lock-up, etc. Do they all need to be where they can be accessed quickly? Personal protection guns obviously should stay close to you.

 

[Tonyt915]

First I’d talk to your current homeowners policy and see what you have (if any). But six figures in guns means you need to have some professional appraisal and likely a dedicated policy or policy rider. I have a rider for some jewelry. It probably isn’t going to be as cheap as other forms of insurance.

Not a bad idea to re-shop homeowners, car policies At the same time to see if you can get a better deal.

Guess I can try getting a quote through homeowners again. Last time we did some rough estimates and it almost doubled our homeowners. We have changed insurance since then though.

 

[Tonyt915]

What have you considered so far? Safe(s), off premise lock-up, etc. Do they all need to be where they can be accessed quickly? Personal protection guns obviously should stay close to you.

So far they are in a dedicated room in a safe, with solid core door and security monitoring. Not as worried as much about theft as say a house fire. I keep a pistol and shotgun handy for HD, then rest are always stored in the safe

 

[toddnjoyce]

.,. Putting them on homeowners policy was terrible

Look into a Valuable Personal Property (VPP) policy with your broker or current company. An off the shelf VPP may suffice or it may need some modified terms/coverage limits depending on what your covering. You need to be willing to discuss how many firearms, the general value each and combined, and whether or not you want coverage on accessories like an optic. A custom McWhorter with a $4K NightForce on it may need its own policy.

The good news is VPPs are usually pretty affordable because they seldom get used.


If you have truly collectible firearms, a collector policy may be appropriate for all or some of your firearms.

 

[ZX9RCAM]

Well, he does say it's over $100k.

 

[JDD]

6-figure collection. Life goals. Please update when you figure out your insurance. My collection isn’t quite half that and I’m in the same boat.

 

[Tonyt915]

Going to make some calls tomorrow and see what kind of quotes and coverage I can get

 

[davidindallas]

Hopefully this is right section, if not Mods please move. A friend recently had his pistol stolen and it reminded me about trying to get insurance. Looked several years ago and none of the options seemed that great. Putting them on homeowners policy was terrible and at the time I looked there wasn’t many firearms only places. I know the NRA has insurance, but with them going bankrupt I wouldn’t want to use that service. My collection has finally crested the 6 figure mark, so I need to stop dicking around and get serious about protecting them.

If you have a big collection then check out Eastern Insurance.
I shopped for about a month and they hands down blow away the competition.
If you have other collectables other than jewelry, coins, and art you can also tie them into the policy.

 

[Txhillbilly]

Collectibles Insurance had the best coverage for me, plus they insure my Reloading equipment & supplies, as well as my knife collection, hunting gear, etc..
Unless a firearm is valued at $7500+, they don't require an appraisal.

I just have several copies of all my stuff on DVD's and stashed in different locations in case anything gets stolen of destroyed in a fire or storm.

 

[JuanGrande]

I’ve been looking into this as well. The best out there is Core-Vens Insurance. Highly recommended. Give them a call, you won’t be disappointed.


Sent from my iPad using Tapatalk

 

[BBL]

Well, I like hearing the good news that such collectible items are insurable.
However, will anyone insure them against boating accidents?

 

[toddnjoyce]

Well, he does say it's over $100k.

Yes, but $100K in 1000 everyday firearms is a way different insurance problem than $100K in 2 firearms that are not replaceable...that gets into concepts like agreed to values that usually need an appraisal or two to support and a way different risk assessment based on the desirability and potential security requirements that may be required to make the policy whole.

 

[toddnjoyce]

Well, I like hearing the good news that such collectible items are insurable.
However, will anyone insure them against boating accidents?

Insurers will want details and once they pay the claim, the loss is their property and they don’t have a problem with salvaging their property back and reselling to recoup losses. Or just charge you with insurance fraud.

 

[Tex1961]

Firearm Insurance | Lockton Affinity Outdoor

Firearm Insurance from Lockton Affinity Outdoor protects firearms from damage, theft and more and covers gaps in homeowners' insurance.

locktonaffinityoutdoor.com

 

[wbblazer90]

Collectibles and Eastern are the two biggest ones I know of.

Collectibles offers Replacement cost over actual cash value policies. Also automatically increases the value of the policy 10% per year.

 

[Glenn B]

I have had a policy with Sportsman's Insurance Agency. My guns are insured by them, without a deductible, for losses such as fire, theft, damage (they will pay for repairs or replacement if I break them). I have no clue how good they are but will say, in the long run, I believe they were less expensive that Collectibles Insurance and are much less expensive than would be an insurance rider under my homeowners insurance. The reason I say I have no clue how good they are is because I have not had to make a claim. How good they are depends on how much they pay out and how soon they do it as far as I am concerned. I hope never to arrive at the point where I find out.

Yes, but $100K in 1000 everyday firearms is a way different insurance problem than $100K in 2 firearms that are not replaceable...

I respectfully disagree with that part of what you said no matter what followed. It is not a "different insurance problem". If you suffer a total loss - it is 100K lost either way in the particular context of this thread. That much of a loss without insurance would certainly be a major problem irrelevant of the amount of guns insured. Getting two highly valuable guns insured, as opposed to 100 guns of lessor value each, but overall same value, is not a problem at all. Sure, it usually requires a bit more paperwork but if someone has two guns worth 50K each or 100K total and thinks that is an "...insurance problem...", maybe that someone should not be collecting or at least not bothering to insure them. It is not a problem at all but rather a financial responsibility, as I see it, to get it done and insure them. I just added10 guns to my policy today because, shame on me, I had not updated my policy over the past few months during which I acquired the new ones. Anyway, finally sent them the list of new ones to be added to the policy. Hope no one burglarizes my place before they add them onto the policy.

 

[toddnjoyce]

[…I respectfully disagree with that part of what you said no matter what followed….

Ok. Are you familiar with sublimits?