Gun Collection Insurance

[Morpheus]

So, I would like to know how many people carry insurance on collections?

I'm trying to compare rates from various companies.

I'm finding that a lot of them either won't talk or don't have exact rates.

I'm finding that 2% of value seems about right annually.
Which means $10000 value of firearms would cost $200 a year.

Thoughts? Suggestions?

Morpheus

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[Abiqua]

I've never shopped rates, but had Core-Vens recommended on another forum.

Core-Vens Insurance

Never done any business with them or have any other relationship with them.

 

[Searcher451]

To me, insurance is the same as having a gun safe: mandatory stuff.

Historic Firearms & Collectibles Insurance Program | Eastern Insurance

I've used Eastern Insurance and highly recommend the service and their prices.

 

[pokerace]

Yep I am carrying a rider for extra insurance

 

[DERGLOCKINMEISTER]

Be aware that some large carriers don't insure firearms , and I've been told that some will use the fact that there are firearms on the premises to cancel or refuse to renew your homeowners policy . best to cold call an agent and ask about their company's policy on guns before you contact your personal agent . That being said , your standard home coverage will only cover a small percentage of the value of your collection if you have a problem .

 

[Seabee Patriot]

This was very informative. I didn't know my standard home owners would cover little to none of my firearms. I'm currently looking for alternatives. thanks.

 

[Morpheus]

Seabee Patriot: Yes, most policies (if they cover firearms at all) have caps on them. Usually in the 5K range. Unless you get a separate rider on them.

This I know, I'm just trying to find out what is reasonable for the cost of that rider.

Thanks to everyone for suggestions,
Morpheus

 

[RallySoob]

i got a seperate rider on my guns with our renters ins. its like $16/mo or something, worth it to me...

 

[Looking for knowledge]

I added the extra rider to our homeowners, but had to list some specifics when I told them how much I wanted covered. :/

 

[huntpotter]

Join the NRA, and buy into their group plan.

http://www.locktonrisk.com/nrains/ArmsCarePlus.htm

 

[ch139]

Join the NRA, and buy into their group plan.

NRA Endorsed Insurance Program - ArmsCare Plus Firearms Coverage

How much is their insurance... say per $100 or $1000 of value?

 

[gnarl]

Our agent is an gun owner...Farmers Insurance.
He helped us get a rider for...hmmm...about $10.00 a month that covers both guns AND reloaded ammo.
I can check on the details if anyone is interested; Pt. Angeles area of WA.

 

[NWARMORY]

Safeco cover's firearms and cameras as part of their home owners coverage, without a rider, ask my wife, Jeani for details.

-Karl

 

[deadeye]

Just be sure that your insurance is enough to cover all of them. Some insurance companies only cover up to $1,000 and you need another policy for what is above that.

 

[NWARMORY]

Since I'm not an agent and my wife is, I checked with her on the details with Safeco Insurance. Here is what she said:
Most insurance companies have limits on gun coverage from $1000-$5000 (not per gun, total for all guns). No matter how much coverage you have for personal property, the limit applies. Safeco Insurance, however, does not have that limitation on guns. They will pay out up to your full personal property limit for guns (after deductible). The best part is there is no extra charge for this! They are the only insurance company that I know of that does this.

 

[DoubleTapDrew]

How much is their insurance... say per $100 or $1000 of value?

$125 per year for $10,000 of coverage. Plus as a NRA member you automatically get $2500 of coverage through them. Probably about the best deal going.

 

[DoubleTapDrew]

Since I'm not an agent and my wife is, I checked with her on the details with Safeco Insurance. Here is what she said:
Most insurance companies have limits on gun coverage from $1000-$5000 (not per gun, total for all guns). No matter how much coverage you have for personal property, the limit applies. Safeco Insurance, however, does not have that limitation on guns. They will pay out up to your full personal property limit for guns (after deductible). The best part is there is no extra charge for this! They are the only insurance company that I know of that does this.

That's good to know since I already use them. Is there a form you have to fill out or is it just automatic?

 

[caillean]

We have ours scheduled (rider) on our homeowner's insurance. Country will cover up to $1000/firearm unscheduled, but then there's the deductible, which applies to each. Instead, we scheduled them, the deductible on scheduled items is $100 and they'll replace exactly what is listed for the value listed. I did need to give the insurance co a list of make/model/value. And the one that's had a bunch of custom-smith-work needed an appraisal to validate the value I gave it.

Without scheduling, many are worth less than the regular deductible, but now that they're scheduled, only one is worth less than $100.

 

[DieselScout]

I've got a renters policy with State Farm. When I was getting it, I asked specifically about firearms, because at the time it was the only thing I owned with any substantial worth. When I talked to my agent, we agreed upon a value they were to be insured for and he presented me with a premium. Which I still pay to this day. He didn't even bat an eye when I asked, didn't have to look anything up and according to him it's pretty common.

 

[RMD]

This thread is very helpful. I never knew that it was not just cover in my home owners plan. I will have to call and find out. Thanks for the heads up.