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Do you insure your firearms through your primary insurer?

Discussion in 'General Firearm Discussion' started by Joe Link, Oct 30, 2014.

  1. Joe Link

    Joe Link Portland, OR Well-Known Member Staff Member Lifetime Supporter 2015 Volunteer 2016 Volunteer

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    I'm shopping for insurance at the moment, and considering my options. I've always increased the firearm coverage on my renters/homeowners policy through my primary insurer. While they've never asked me for details or serial numbers, the company I switch to might request them, and I don't like the idea of giving that information out. I've heard there are multiple offerings from the NRA and others, which don't request a list.

    How do you insure your firearms?
     
  2. IronMonster

    IronMonster Washington Opinionated Member Diamond Supporter

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    I do have a rider on my home owners policy for $10,000 for firearms. That is the max allowable for my policy. If I remember right that costs me about $100/year. I really need to supplement that. I also theoretically have the $2500 NRA coverage as well but that seems like a questionable thing to rely on. If you turn up any good leads for a supplemental policy let us know. I am sure there are lots of us who would like to investigate farther

    I spend a lot of money in Insurance and have never claimed a thing. My business insurance is close to a grand a month, which I have been paying for over a decade. If you think about that it kind of makes you ill. $120K in premiums in 10 years and my guess is if I had a $10,000 claim they would drop me like a hot rock.
     
  3. The Heretic

    The Heretic Oregon Well-Known Member

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    When I had Pemco they would insure me for $10K for firearms, more if I paid more (IIRC). I don't recall what my current insurance is - I need to look at the policy.
     
  4. clearconscience

    clearconscience Vancouver, WA Well-Known Member

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    I have a friend that's an insurance broker, saved me quite a bit of money and with better coverage for car and homeowners.

    If you want his info or are interested let me know.
    He is giving some of his commissions to help a friend of mine who broke his neck in a freak accident.
    Now he's a quad. Life can change fast.
     
    mrblond and Sgt Nambu like this.
  5. Mbeef61

    Mbeef61 SW PDX Active Member

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    I have increased coverage on my renters insurance through state farm. Allows $5k in coverage. Only costs me $17 a month along with everything else it covers. They didn't require me to give models or serial #s but recommended having the usual pics and info somewhere or mutiple safe places.
     
  6. TapRackNGo

    TapRackNGo PNW Well-Known Member

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  7. Joe Link

    Joe Link Portland, OR Well-Known Member Staff Member Lifetime Supporter 2015 Volunteer 2016 Volunteer

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    Thanks for the replies guys.

    @IronMonster I'll definitely let everyone know what I end up with.

    @clearconscience Sounds like a good guy. Can he sell insurance in Oregon?

    @Mbeef61 I'm pretty sure that's what I have now. I inherited a few firearms, which puts me over that coverage limit, and I believe they want serials for a rider policy.

    @TapRackNGo I'll add him to the list, thanks.
     
  8. MountainBear

    MountainBear Sweet Home, OR Well-Known Member

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    I have as much coverage as American National will provide (I think $10K sounds about right) without having me provide them with an itemized list and serial numbers. It covers what little I keep at the house. The rest I keep at the shop under the LLC ownership (which I am the sole member of, so it works out). That is covered by a much larger policy through the NRA Business Alliance.
     
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  9. Haysuse

    Haysuse Headin' to Hell Member

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    Good question, often asked and mis-understood. This is definitely a subject you want to go over with your agent. With most policies, there is something called "sub-limits". This means you only have a certain amount of coverage for certain types of property, I.E. jewelry, silverware, artwork, guns. The "sublimits" typically apply only to theft, not the other perils such as fire. So, if you have your house burns down and you have $100,000 in personal property coverage let's say, up to $100,000 is covered pretty much no matter what it is, guns, dolls, Obama posters, whatever. It's when they're stolen that the sub-limits usually kick in, for guns it's usually $1500 to $2500. In Montana here, ( where nobody has guns!) Safeco is the only company that has no sub-limits on guns, so that's where I recommend most people go for their homeowners policies, were they to have guns of course. If your company does have a sub-limit, you have to get a personal articles endorsement, sometimes called a floater. It not only adds the amount of coverage you select, it tends to increase the perils that your guns are covered for, most noticeably "mysterious disappearance". This means if you lose your guns, they walk away, Orca Winfrey keisters them, it won't matter as the coverage is all risk. I've looked into the rates at most of the companies and they're all pretty similar, even the coverage the NRA offers, typically it runs about $1.25 to $1.40 per hundred of value. You have $10 k in guns, it runs about $125 to $140 a year. As far as giving the serial numbers to the company, that's not an issue I would be concerned with. You usually have two ways to cover them. Either you have a blanket limit, or you "schedule" each one individually. Maybe half of the companies require the make, model and serial number, that's done so at claim time it's a lot easier to adjust the claim accurately. I'm not sweating the companies having the numbers, I'm pretty sure if the current administration couldn't take them away as he'd like to have than the insurance companies aren't going to be involved in any mass confiscation either. Now, if the Republicans can't find someone to beat Team Clinton next time it may be a different story. It would be nice if they could offer someone up who's pro-gun, moderate enough to win without being owned by the imaginary sky fairy crowd then we'd be in great shape, but I digress. So, bottom line, talk to your agent, which is something you should do every couple of years or so anyway. I know it's not the most fun, but it's a good idea.
     
  10. Cheesemaker

    Cheesemaker Tillamook Active Member

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    I just talked to my agent about this recently. My home owners policy is thru State Farm. And under my policy I can have a max of $5,000 coverage. But I have more than that. So, they also have a personal policy that for a $15,000 limit, is $213 a year. Some people are saying Safeco has a $20,000 limit under their regular policy. But I left Safeco years ago, because after 20 years of being a client, they decided to rape my bubblegum, and with zero claims.
     
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  11. Joe Link

    Joe Link Portland, OR Well-Known Member Staff Member Lifetime Supporter 2015 Volunteer 2016 Volunteer

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    Do they require you to provide serial numbers for the extra policy?
     
  12. DieselScout

    DieselScout S Clackamas County Well-Known Member

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    Don't know about Cheesemaker, but my State Farm agent just asked me for a value and wrote it into the policy. It's something I need to revisit with them.
     
  13. misplacedtexan

    misplacedtexan Beaverton, OR Active Member

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    I have mine as a 'valuable property' policy through USAA. They don't care if you give them info or not, just have picture of the firearms in question available if you ever file a claim.
     
  14. Liberty97045

    Liberty97045 Oregon City Well-Known Member

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    Been with State Farm for quite a while. No list or serial #s. Limited coverage if memory serves $2,000 base and $2,000 add on is the maximum. NRA takes over from there.
     
  15. mrblond

    mrblond Salem OR Well-Known Member

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    What sucks is 1 high end firearm takes all of that coverage. I was thinking of what I had into my SCAR and it was over 5 grand.
    There must be something better out there.
     
  16. Liberty97045

    Liberty97045 Oregon City Well-Known Member

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    A good fire safe with an alarm system is the best insurance
     
  17. del_and_bones

    del_and_bones Anchorage, AK Physics Pirate

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    This. Historic firearms is $125/yr with serial numbers only required on scheduled property (firearms valued at $10,000 or more).