gun collection insurance. what are you paying and with who?

[drewp]

We are shopping for a new insurance company. We have farmers and havnt been happy.
we have a house, property, several vehicles, r.v., offroad toys, shop, tools, life ins. and guns.

looking at USAA or allstate.
they are wanting $400 extra per year for my guns...roughly $40,000 coverage (guns, ammo, accessories, safes etc)
does that sound right to you guys.

I know NRA offers a couple grand...I'm a member till 2024...but wont be continuing it after that

I'd like to have 1 company do everything.

thanx

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[Medic!]

Good question?




whats-the-best-way-to-insure-a-gun-collection

 

[Aero Denezol]

$400 sounds about right if you went the traditional route and put everything on your homeowners/renters insurance.

I broke my firearms collection into two camps: 1. I can easily afford to replace, and 2. it would really hurt to replace.

I enumerated anything expensive on an insurance rider (tacked on to our homeowners).The rest I put on a Lockton blanket policy.

Gun Insurance and More | Lockton Affinity Outdoor

Lockton Affinity Outdoor provides insurance for outdoor enthusiasts, from individual firearms insurance to coverage for rod and gun clubs and more.

locktonaffinityoutdoor.com

Putting cheap-o guns on a Lockton blanket policy saved me a few bucks on insurance.

 

[joshkk]

I added a rider to my Farmer's renter's policy, I don't remember the numbers, but it sounds proportionately similar to the $400/$40K price you were quoted. They did make me provide a list of makes and models and values, though did not ask for serial numbers or pictures.

 

[SpongeRock]

I have had for years with USAA a rider for valuable personal property that lists items specifically. I'm a bit uncomfortable that I had to provide serial numbers, and have updated once a year or so to account for additions or subtractions of items in my safe. I don't list ammo, though after seeing on this thread mention of ammo I now think I should.

I selected high coverage limits on my auto insurance with USAA to cover my a$$ and I have had great experiences with them. Recommend USAA.

 

[CountryGent]

We added a rider to our home owner's insurance via State Farm as base amount for firearms wasn't enough.

 

[drewp]

what do you all mean by "rider"

 

[joshkk]

DrewP: "A rider is an insurance policy provision that adds benefits to or amends the terms of a basic insurance policy. Riders provide insured parties with options such as additional coverage, or they may even restrict or limit coverage. There is an additional cost if a party decides to purchase a rider. Most are low because they involve very little underwriting. A rider is also referred to as an insurance endorsement. It can be added to policies that cover life, homes, autos, and rental units."

My renter's insurance policy only covered $2,500 worth of firearms, which was not enough in my case, so I paid extra to add an additional "rider" to the policy that adequately covered my total value.

It's well worth reading through the fine prints of your home owners or renter's policy to check those limits of coverage. It would suck if you thought your stuff, including your guns, was well covered only to lose them and learn the hard way that only the first $2,500 of guns was going to be covered.

 

[GWS]

Your basic coverage does NOT cover big ticket things like jewelry or guns beyond IIRC $2000, so you attach a "rider", an extra policy to cover those items.
i have one with AllState. They only want serial numbers if a gun is valued over $3000
I pay around $400 or more/ year for my collection etc

 

[Ruger Rich]

Have any of you who responded to this post been asked how your guns were secured?

 

[CountryGent]

what do you all mean by "rider"

Definition here. If you already have a home owners policy, email or call your agent and ask about extra coverage.

Have any of you who responded to this post been asked how your guns were secured?

We weren't, to the best of my recollection.

 

[joshkk]

" Have any of you who responded to this post been asked how your guns were secured? "

I was asked if I kept them secured in a safe and said yes.

 

[jbett98]

Tagged for future enlightenment.

 

[User 1234]

Someone named Kamala told me that next year she would send some people to take my guns for "safety" and I could pay for the safeguarding service using some kind of payment app called "the 1040."

 

[aasbra]

I've used Collectibles Insurance for the last 5 years or so. Initial premium was quite a bit lower than a rider with my insurance co (State Farm). It has gone up every year since, but still less than the rider for the level of coverage I desired. Haven't ever filed a claim, so I'm not sure what their service would be like in the event of a claim.

 

[Camelfilter]

I've used Collectibles Insurance for the last 5 years or so. Initial premium was quite a bit lower than a rider with my insurance co (State Farm). It has gone up every year since, but still less than the rider for the level of coverage I desired. Haven't ever filed a claim, so I'm not sure what their service would be like in the event of a claim.

Looked at collectibles rite after the Alameda fire, exactly the opposite in our case.

However our insurer, Amica, wants serial #'s. Not sure I want to do that, haven't followed up with them as of yet either tho.

$100K - $174 annual premium Amica (as a rider to existing policies).

$100K - $519 annual premium collectibles.

 

[CountryGent]

Though my recollection on the storage question isn't solid, I can say State Farm did not ask about serial numbers, because that would have been a no-go as far as I am concerned. The only serial numbers anyone knows about beyond us are on NFA items to comply with that stupid law. Though I am not particularly paranoid, that information isn't for anyone else.

 

[L84Cabo]

Most of your traditional home owners insurance companies (Allstate, State Farm, AAA, etc.) only cover $2K (give or take) for firearms under their regular home owners policies. And the cost for an additional "rider" is usually a lot more expensive than specific gun insurance companies.

To that end, Eastern Ins, and Collect Insure are two of the best gun insurance companies that I am familiar with. As an example, I have a "personal articles" policy with State Farm for $7500 worth of camera equipment. It costs me $120/year. My $30K policy with Collect Insure costs me about $220. They also do not require serial numbers for firearms...but make sure you have them because you will need them if you ever need to file a claim.

You also want to make sure your company covers replacement value vs the depreciated cost of what you paid. And you want to make sure your policy is enough to cover all the various accessories...holsters, magazines, mag pouches, optics, ammo, cases, bipods, etc. That stuff REALLY adds up.

Collect Insur has been great to work with. But I also haven't had to file a claim (knock on wood). They do, however, have a very good reputation. YMMV.

 

[gmerkt]

I went for decades without insurance on firearms. But I've had it for years now. The peace of mind alone is well worth the premium paid. I haven't yet had to file a claim, thankfully. First, I took out an personal articles rider on my home owner's policy. Which required furnishing serial numbers and valuations but not an appraisal under, I think it was, $75K. Historically, there has been a certain turn-over of my firearms holdings, and updating the insurance policy was a nuisance. I don't remember how much it cost because it was folded into a monthly bill I paid for car insurance (with same carrier as HO policy). But I'm gonna say it was probably $500 or better per year.

Somewhere or another, I heard about Eastern Insurance out of Marshfield, Mass. So I dropped the rider on my HO policy and got my firearms insured through Eastern. Which included reloading supplies and equipment for a small add-on premium. Which my "regular" insurance company wouldn't cover. They said that reloading stuff was "consumable." I said, "It isn't consumed until it's fired off." There was no victory to be had in pursuing that minor dispute. My annual premium with Eastern is somewhere around $250 per year, no serial numbers required, no deductible. I have no idea what the experience is with them in filing a claim.

As it turned out shortly thereafter, I had a ruction with the firm that furnished my HO insurance. I won't say what company, just that it starts with the word "state" and ends with the word "farm." After over 30 years, they declined to renew my policy. During that 30 years, I had no claim of any kind or value against the company. Then I had two claims within a little over a year, bang, you're gone. You are only as good as your latest bad deed. I found another company to insure me, but I have a higher deductible for three years until I'm "rehabilitated" (word used right on my policy documents). Reminds me of what happened to some old Communists during the Soviet era. The ones who could be useful a second time around after their original errors were ignored.

If you have any serious amount of money tied up in firearms, it's highly advisable to have insurance. "Serious" is a relative term on a sliding scale.

 

[GWS]

Have any of you who responded to this post been asked how your guns were secured?

I volunteered that they were in a safe. They did not ask what type/make or size of safe.