Firearms & Equipment Insurance

[Argonaut]

I have already lost all my firearms to theft once, About a $90,000 loss. I didn't have insurance. They caught the guy and he did 5 years of a 15 year sentence. I got a 10/22 and a couple other meaningless things back and a few hundred dollars in restitution before the guy went back to prison.

Sounds like you are a really bad risk.....your insurance rates must be really expensive. Million dollar losses and 90K in guns lost. You need to find a better neighborhood.

 

[MasterChief]

I have already lost all my firearms to theft once, About a $90,000 loss. I didn't have insurance. They caught the guy and he did 5 years of a 15 year sentence. I got a 10/22 and a couple other meaningless things back and a few hundred dollars in restitution before the guy went back to prison.

Theft is very real and I agree, $50-100K of gun stuff ....disappearing would break my heart..... I trust that God will never lead me into something I cant handle but I cant be one guard 24/7 for my hobbies

 

[IronMonster]

Sounds like you are a really bad risk.....your insurance rates must be really expensive. Million dollar losses and 90K in guns lost. You need to find a better neighborhood.

They happened 25 years and 700 miles apart... Pretty sure its not about the neighborhood.

 

[notazombie]

...Anymore

 

[Argonaut]

They happened 25 years and 700 miles apart... Pretty sure its not about the neighborhood.

So.....you are the common denominator..........we have put a lot of insurance fraud guys in prison in my salvage company. One scuttled a 2,000,000 Commercial fishing boat in 300 feet of water off Catalina. My divers did a saturation dive, videod all the open valves and missing electronic gear. He did 20 years.....we made 20K.

 

[IronMonster]

So.....you are the common denominator..........we have put a lot of insurance fraud guys in prison in my salvage company. One scuttled a 2,000,000 Commercial fishing boat in 300 feet of water off Catalina. My divers did a saturation dive, videos all the open valves and missing electronic gear. He did 20 years.....we made 20K.

If you would have actually read my post you would have read I did not have insurance on the firearms

 

[notazombie]

Theft is very real and I agree, $50-100K of gun stuff ....disappearing would break my heart..... I trust that God will never lead me into something I cant handle but I cant be one guard 24/7 for my hobbies

I know a guy who claims 100k worth of firearms disappeared in the course of his divorce. I can imagine theft is worse when you know who stole from you and no one will do anything about it. No insurance for that. Maybe life insurance.

 

[Argonaut]

If you would have actually read my post you would have read I did not have insurance on the firearms

I read it.........what do you suppose the actuarials would say about someone so unlucky?

 

[Koda]

I have already lost all my firearms to theft once, About a $90,000 loss. I didn't have insurance. They caught the guy and he did 5 years of a 15 year sentence. I got a 10/22 and a couple other meaningless things back and a few hundred dollars in restitution before the guy went back to prison.

I'm sorry to hear this IronMonster. And certainly a $90K collection is worth the cost of insuring.

 

[notazombie]

You did notice he came up way short on both deals, right?

 

[Argonaut]

I have been in business for a long time.......you just claim it as a loss and average it over 5 years. If they are legitimate.

 

[IronMonster]

I read it.........what do you suppose the actuarials would say about someone so unlucky?

And I said they put the guy who did it in prison... So not sure how we got from there to you accusing me of insurance fraud.

I don't think I am all that unlucky. Considering I would actually consider myself quite lucky. I'm upright and sucking air, driving a new truck that's paid for that I am not too worried about where the money will come from to fill it with fuel. I ate good today, got leftovers for tomorrow. I'm healthy, my boys turned into fine young men, I still love my wife and she at least acts like she loves me...

No, I am quite sure I am pretty damn lucky.

 

[MasterChief]

Back to the topic........ironmonster gave his opinion.....anyone else

 

[L84Cabo]

I am not a believer in insurance in general.......without extenuating circumstances........You are always betting against yourself. I had a friend that owned a large insurance company that did a lot of work in Hollywood around the studios and that sort of thing. He started selling door to door when he was very young and eventually owned an entire hundred million dollar company that he started from scratch. He NEVER owned any insurance that wasn't mandated by some law. When you would get a few drinks in him.....he would always explain it was a bad bet. Like betting against the house in a casino. If it was called anything other than insurance, the companies would be sharing space with Bernie Maidhof. He would tell you to get a good safe and rely on your home insurance to cover in the case of a fire. That insurance is required by your mortgage company anyway, adding your most valueable assets to it isn't that expensive.

Aside from situations where insurance is legally required, you buy insurance for one reason and one reason only...because you couldn't afford to replace the item if it was lost, stolen, burned down, etc.

Got $50K worth of firearms? Do you have another $50K lying around so you could replace the guns if you were robbed? If you don't, then buy insurance. It's as simple as that. And I'm pretty sure your friend had the opinion he did because he owned a $100 Million company. Odds are he could easily cover most losses if he had to. Most people don't own a $100M company.

And do be careful giving people the advice to, "rely on your home insurance to cover in the case of a fire." Most home owners policies cap firearms losses at some point...usually around $2K.

I have a coworker buddy who learned that lesson the hard way. He and his wife went out for Thanksgiving dinner about 5 years ago. Thieves were watching the house waiting for them to leave. They broke in and stole $40K worth of his guns. He mistakenly assumed his home owners policy would cover it. He never checked. He had a $2500 limit for firearms.

 

[Dan Adams]

I think there's some confusion between firearm theft/damage insurance and liability insurance. My homeowners policy limits loss to $2500; NRA membership doubles that. My problem is getting accurate appraisals for a few of my rifles. One is a set-trigger Anschutz that I know is an antique, or semi-antique, because I bought it when I was 10 years old. Anyone know of someone who can appraise Anschutz rifles? One problem is that Anschutz didn't keep very good records....

 

[aikikenjitsu]

I have been looking at different firearm and equipment (magazines/ammo/optics/etc) insurance and wanted to ask the group what they use and why. I would like to find a company that blankets (I know it will be more expensive) the amount over everything and does not require serial numbers. If it had some FA/equipment coverage as well as liability (on the range, on a trip, at home, in a shooting defensive or accidental [God forbid]) coverage, that would be great.

Thoughts? Thanks guys and gals!

There's plenty of gun protective companies out there, just search. After checking out five of them, my head spun and I went back to the first one and decided to get that one. It's called "Second Call Defense." I'm an old black belt that still teaches and I also carry. I'm not rich, but if I shot someone or brock someone's neck, I don't want to lose my house, money and used car. It makes me feel better to have something that will protect me and provide money for defense.
You guys have to remember one thing: when I was young, we were innocent until proven guilty. Now a days, you're guilty until proven innocent. Even if you're in the right, proving it could cost you and about the dead jerk's family bring a legal suit against you? If you carry a gun, you should also carry self defense insurance.
Sifu