Ain't this a fine kettle of fish...

[JustSomeGuy]

Updated the inventory list of firearms to determine their replacement value at the request of my insurance company. Took the list in and handed it to my agent. He flipped through it and handed it back to me and said "The most the company will cover on itemized firearms is $25,000. Obviously that isn't going to be enough, so you may want shop around to see if you can get separate coverage for them." Needless to say, I'm shopping for someone who will underwrite the entire policy, not just the firearms.

Has anyone else heard of or HAD this issue?

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[Joe13]

Not yet but I look forward too it

 

[Joe13]

I think the NRA has policy's you can take out.

 

[L84Cabo]

It would be unusual (but not impossible) that your normal homeowners insurance policy would cover $25K in firearms as most USUALLY only cover $2K (give or take). If your policy does actually cover $25K, I would count my blessings. That is VERY generous for a standard homeowners policy.

But I would absolutely read through your policy and check the limits/exclusions section to try and confirm this. It certainly wouldn't be the first time that an insurance agent gave incorrect information. And personally, I would want something in writing that backs up the $25K claim. If there is a $25K limit on firearms in your policy, it should say so somewhere.

As for the purchase of additional insurance, Collect Insur, NRA, and Eastern Insurance would be the three places I would check first. Collect Insurance and NRA are usually miles ahead of other companies in terms of rates. I've also heard good things about Eastern but don't have any direct experience with them.

 

[PDXSparky]

Gun, Knives, and Accessories Insurance | Collect Insure

I don't have this insurance, but I probably should. It was recommended by some NFA gun owners. You know what those values are like these days.

 

[IronMonster]

It would be unusual (but not impossible) that your normal homeowners insurance policy would cover $25K in firearms as most USUALLY only cover $2K (give or take). If your policy does actually cover $25K, I would count my blessings. That is VERY generous for a standard homeowners policy.

But I would absolutely read through your policy and check the limits/exclusions section to try and confirm this. It certainly wouldn't be the first time that an insurance agent gave incorrect information. And personally, I would want something in writing that backs up the $25K claim. If there is a $25K limit on firearms in your policy, it should say so somewhere.

As for the purchase of additional insurance, Collect Insur, NRA, and Eastern Insurance would be the three places I would check first. Collect Insurance and NRA are usually miles ahead of other companies in terms of rates. I've also heard good things about Eastern but don't have any direct experience with them.

I think he is saying max coverage on an additional rider. My home owners will only do up to $10K but its at an additional cost (roughly added $100 a year to the premium)

There are companies around that will insure firearms. I got a quote from a place back east that I think was around $500 a year for a $80K policy

 

[JustSomeGuy]

I had (and was paying dearly for) the additional coverage for the firearms. When I initially took out the coverage the maximum coverage was $150,000, which was within spitting distance of the total on my itemized list. Apparently they reduced their maximum.

 

[L84Cabo]

I had (and was paying dearly for) the additional coverage for the firearms. When I initially took out the coverage the maximum coverage was $150,000, which was within spitting distance of the total on my itemized list. Apparently they reduced their maximum.

Got it. Most standard home owners insurance companies charge a boatload for gun riders. It's insane how much some of them want. CollectInsur and NRA are miles cheaper. Keep in mind that everyone gets $2K worth of insurance with their regular NRA membership...and you have to be a member to purchase their insurance. I went with CollectInsur as they were lower than NRA...but this was six years ago when I bought the policy and haven't compared them since. Collect Insur also doesn't require serial numbers on most guns which is nice. They've been great to deal with but I've never had to file a claim...so far (knock on wood).

 

[JustSomeGuy]

Thank you all for the advice on this, I really appreciate it.

 

[notazombie]

Tell the truth. Was this post really about insurance or did you just want us to know your collection is the biggest?

 

[L84Cabo]

Tell the truth. Was this post really about insurance or did you just want us to know your collection is the biggest?

Size matters! Don't let her tell you any different!

 

[JustSomeGuy]

Tell the truth. Was this post really about insurance or did you just want us to know your collection is the biggest?

Nope, just about insurance and what I perceive to be the growing anti-firearm sentiment I seem to be bumping into from businesses. Besides, I'm quite certain that there are a good number of folks on here that have collections that make mine seem tiny.

 

[Slobray]

I took out a Valuable Personal Property policy from USAA for my guns, the cost was very reasonable (then again, I don't have > $25,000 worth of guns). Being a company that deals primarily with military and veterans, they don't seem to have a problem with insuring firearms.


Ray

 

[JustSomeGuy]

I took out a Valuable Personal Property policy from USAA for my guns, the cost was very reasonable (then again, I don't have > $25,000 worth of guns). Being a company that deals primarily with military and veterans, they don't seem to have a problem with insuring firearms.


Ray

Thanks for the tip, I'll make it a point to look into them as well.

 

[Certaindeaf]

I had (and was paying dearly for) the additional coverage for the firearms. When I initially took out the coverage the maximum coverage was $150,000, which was within spitting distance of the total on my itemized list. Apparently they reduced their maximum.

One thing I heard on like the Clark Howard radio program about 2o years ago is that insurance companies are really odd about their insured/customers calling and querying about hypothetical things.. often treating them as an actual claim. code for you got dropped or your rates increased

 

[JustSomeGuy]

I got a very apologetic email from my agent indicating that the carrier had reduced their maximum benefit for firearms coverage last year and that he would prorate the premium and refund my overpayment. I responded that while I appreciate his willingness to step up and accommodate the premium difference, I was still under insured without notice for the entire time since they lowered their maximum coverage. I then thanked him for his time and went back to researching replacement carriers for all of the insurance policies he was handling.

 

[No_Regerts]

I took out a Valuable Personal Property policy from USAA for my guns, the cost was very reasonable (then again, I don't have > $25,000 worth of guns). Being a company that deals primarily with military and veterans, they don't seem to have a problem with insuring firearms.


Ray

I have this too. They replace at current market value. Guns and the wife's jewelry.

 

[PDXSparky]

I have this too. They replace at current market value. Guns and the wife's jewelry.

That is especially attractive for people who might own full auto firearms. Those transferables just keep going up in value.