Insurance

[Racinready300ex]

Do any of you have a insurance policy on your firearms? I just started thinking about how much money(firearms) I take with me to a out of town major match and wondered if I should look into a policy. With a primary and back up open gun, plus my wife's 1911 that's a lot of money in the trunk of my car.

Any suggestions where to look? I talked to my Nationwide guy, he said they can't help because my guns are "customized".

Thoughts?

Edited April 20, 2016 by Racinready300ex

[ctay]

I have one through state farm. They are a little squeamish about it though and I'm pretty sure they only do it because I have several business lines through them as well.

[Sarge]

I kept it simple and went through the NRA. I hear folks talking about using their regular insurance companies but when I tried that they either don't offer it or wanted too much info and were not any cheaper. NRA literally took only a few minutes and I think it costs me ~$60 a year for plenty of coverage.

[Flatland Shooter]

I tried to get insurance through the NRA several years ago. I have no idea why but they could not find my membership number in their files. I even emailed them a copy of my membership card.

After several weeks I gave up trying.

[DukeEB]

I have one through state farm, and they are not squeamish at all for me. I put a value on my guns and optics, not them, and they insure for the stated amount.

[DWFAN]

I use the NRA insurance through Lockton. Stated value, with itemized items above $2500 value, no sending in serial numbers or pictures. (may be needed in the event of a claim though)

State Farm and American Family wanted full appraisals, photos, etc, etc for everything I wanted covered. No thanks.

[dkleskiw]

I have it as an additional schedule on my home owners. AAA needed serial numbers and verified replacement value. And I'm ok with that incase of theft or whatever.

It's expensive (I covered everything plus reloading stuff) but peace of mind is worth it to me.

[Alan550]

I use the NRA insurance through Lockton. Stated value, with itemized items above $2500 value, no sending in serial numbers or pictures. (may be needed in the event of a claim though)

State Farm and American Family wanted full appraisals, photos, etc, etc for everything I wanted covered. No thanks.

I had that NRA insurance during a break-in that cost me plenty! They "depreciate" the guns that you list with them, and don't take into consideration that the guns usually "appreciate" over time. Can't remember the exact numbers, but I really lost on those break-ins/burglaries even with their insurance. Go anywhere BUT NRA for supplemental coverage!

[Racinready300ex]

Now when they depreciated the guns. Did you get replacement? Meaning when you bought a new one to replace the old one and had to pay more, did they then reimburse you the difference?

I know that is how homeowners and renters ins. works. I had to go through that last year. Some stuff they didn't give me much for, but after purchasing and submitting a receipt they cut me a check for the difference.

[warpspeed]

NRA would be my first step - home owners second.

I have Allstate and they have a limit on firearms - $3500 IIRC. They are happy to increase it at a cost.

Your best insurance is a good safe at home and some means to lock them in your car and lock them to your car at the same time.

[DWFAN]

Now when they depreciated the guns. Did you get replacement? Meaning when you bought a new one to replace the old one and had to pay more, did they then reimburse you the difference?

I know that is how homeowners and renters ins. works. I had to go through that last year. Some stuff they didn't give me much for, but after purchasing and submitting a receipt they cut me a check for the difference.

That's how the policy reads. I've read good things about the NRA Ins, but I've also been seeing some other options. Might be worth investigating.

Edited April 20, 2016 by DWFAN

[davsco]

make sure you clearly understand their reimbursement policy. i had a brand spankin' new never fired ar-15 stolen during a break-in years ago and allstate wanted to depreciate the crap out of it. only after threatening my longstanding agent with cancelling my biz with them did they agree to reimburse me for the full purchase price. i didn't have any sort of separate policy or rider, just the pkg home and auto deal.

[ctay]

I have one through state farm, and they are not squeamish at all for me. I put a value on my guns and optics, not them, and they insure for the stated amount.

I guess I'm not as special as my mom says...

[Sarge]

I use the NRA insurance through Lockton. Stated value, with itemized items above $2500 value, no sending in serial numbers or pictures. (may be needed in the event of a claim though)

State Farm and American Family wanted full appraisals, photos, etc, etc for everything I wanted covered. No thanks.

same here. My insurance wanted all that crap as well

[DukeEB]

@ctay, I'll see what kind of policy it is. I'm not sure it's specific to guns.

[Alan550]

Now when they depreciated the guns. Did you get replacement? Meaning when you bought a new one to replace the old one and had to pay more, did they then reimburse you the difference?

I know that is how homeowners and renters ins. works. I had to go through that last year. Some stuff they didn't give me much for, but after purchasing and submitting a receipt they cut me a check for the difference.

I got a check for the depreciated amount they determined, and that was that. No negotiation or difference allowed between replacement and value.

[Sarge]

Now when they depreciated the guns. Did you get replacement? Meaning when you bought a new one to replace the old one and had to pay more, did they then reimburse you the difference?

I know that is how homeowners and renters ins. works. I had to go through that last year. Some stuff they didn't give me much for, but after purchasing and submitting a receipt they cut me a check for the difference.

I got a check for the depreciated amount they determined, and that was that. No negotiation or difference allowed between replacement and value.

I'll have to read mine again but I thought my NRA policy asked me what was expected replacement cost?

[Paul B]

A few caveats everyone should know about insuring firearms:

1. Most Homeowners policies have a top limit on firearms losses due to theft. This is usually $2,500 but some are as low as $1,000. This certainly would not cover an open gun. Then there is the deductible.

2. While most homeowners should be buying replacement cost coverage, it is very hard to get this on contents (guns) so you might be relegated to Actual Cash Value unless you can find a carrier who will provide replacement cost. There are a few but I will not name them because this is not a commercial and I do not sell insurance only consult. Even then you still have the limit above.

3. With firearms there is always an argument on value so you want to be sure that the policy you have is truly agreed value - most are not!

4. The time honored way to cover firearms is with an Inland Marine floater which overtly is designed to cover items of special valuation and which are very portable. Sometimes you have to present evidence of value but usually a paper invoice for the firearm will do and some insurance carriers do not require appraisals except for very expensive items such as that 1886 Winchester.

5. Even if you get IM floater coverage with "agreed value" you may not get what you schedule. Read the valuation clause in the policy if you do not read anything else. Usually, with a few exceptions, the valuation clause says it will pay the agreed value OR the cost to repair or replace with like kind and quality (which is often what a similar used firearm costs) and sometimes only ACV if the value cannot be documented WHICHEVER IS LESS! There are a few insurance companies which actually pay what you schedule but once again no commercials.

6. If your agent says you will get replacement cost or the scheduled amount get it in writing! You may need it when a loss occurs.

7. This coverage will not apply to wear and tear. If your trigger spring breaks there is no coverage.

Edited April 21, 2016 by Paul B

[Todd7446]

I added a rider to our homeowner's. Pretty sure it was through Farmer's. No problem at all. Supplied them description, serial numbers, pictures, and my stated value. Two Open guns in Patriot case plus full-size DAA backpack and all of it's contents, so you can guess at total insured value. Zero deductible policy, and it is <$100 per year.

[ROY NEAL]

Guys,

Maybe you might want to give me a call................we insure anything firearm related..........manufacturers, gunsmiths, ranges, stores, instructors (professional full time folks and part time/side job instructors as well) and we offer the only liability insurance policy (not a prepaid law association for example) for those who have CPL's while insuring your firearms for a rate that is so cheap, it should be criminal.........oh, did I mention that we also have no issues with Class III items like select fire and suppressor's?

Happy to talk to my gun people for insurance purposes........I think we know a thing or two about this topic.

Regards,

Roy

313-535-6660 is my office #..............

[mikeyjones]

Guys,

Maybe you might want to give me a call................we insure anything firearm related..........manufacturers, gunsmiths, ranges, stores, instructors (professional full time folks and part time/side job instructors as well) and we offer the only liability insurance policy (not a prepaid law association for example) for those who have CPL's while insuring your firearms for a rate that is so cheap, it should be criminal.........oh, did I mention that we also have no issues with Class III items like select fire and suppressor's?

Happy to talk to my gun people for insurance purposes........I think we know a thing or two about this topic.

Regards,

Roy

313-535-6660 is my office #..............

What states do you insure in?

Sent from my Z812 using Tapatalk

[darkvibe]

My renters insurance extra rider was stupid expensive. NRA has some reasonable insurance for firearms.

[Neomet]

A few caveats everyone should know about insuring firearms:

1. Most Homeowners policies have a top limit on firearms losses due to theft. This is usually $2,500 but some are as low as $1,000. This certainly would not cover an open gun. Then there is the deductible.

2. While most homeowners should be buying replacement cost coverage, it is very hard to get this on contents (guns) so you might be relegated to Actual Cash Value unless you can find a carrier who will provide replacement cost. There are a few but I will not name them because this is not a commercial and I do not sell insurance only consult. Even then you still have the limit above.

3. With firearms there is always an argument on value so you want to be sure that the policy you have is truly agreed value - most are not!

4. The time honored way to cover firearms is with an Inland Marine floater which overtly is designed to cover items of special valuation and which are very portable. Sometimes you have to present evidence of value but usually a paper invoice for the firearm will do and some insurance carriers do not require appraisals except for very expensive items such as that 1886 Winchester.

5. Even if you get IM floater coverage with "agreed value" you may not get what you schedule. Read the valuation clause in the policy if you do not read anything else. Usually, with a few exceptions, the valuation clause says it will pay the agreed value OR the cost to repair or replace with like kind and quality (which is often what a similar used firearm costs) and sometimes only ACV if the value cannot be documented WHICHEVER IS LESS! There are a few insurance companies which actually pay what you schedule but once again no commercials.

6. If your agent says you will get replacement cost or the scheduled amount get it in writing! You may need it when a loss occurs.

7. This coverage will not apply to wear and tear. If your trigger spring breaks there is no coverage.

Wise words here. Particularly about the valuation clause of the agreed value policy. It may feel like you are guaranteeing what the firearm is worth but actually the carrier is only stating the maximum they will pay.

My other contribution is to at a minimum photograph and catalogue all of your firearms. Get appraisals if you want to be uberpreparred. Making a claim for thousands and thousands of dollars in undocumentable contents claims is a red flag for fraud (nothing personal, it is just out of the norm and a common practice of less honest folks than yourselves). The main downside to SIU getting involved is that it will slow down the claim process.

[peterthefish]

Renters / Homeowners Rider is more expensive (3-4x) than the Lockton NRA Affinity Program. If your collection is over $5K the Lockton program is probably 2-3x more expensive than other alternatives. I have a policy through Eastern Insurance in Boston. Minimum premium is about $120 / year for coverage of $35K, and I believe only items > $10K have to be scheduled.

You should still be including the cost of your firearms in your contents limits for HO / Renters insurance.

Edited April 27, 2016 by peterthefish

[mreed911]

I bought a Valuable Personal Property from USAA alongside my homeowners. Thinking of that, I need to go back and update it.