Firearm Insurance

[Major Tom]

Other than home insurance, what company do you have for firearm insurance? I would like to be covered for theft, burglary, fire and natural disasters (like tornados). Being a NTR Endowment member, I do have their insurance provided by them at no cost.

[Allen]

This has always been kind of a gray area with ins. companies. I have State Farm Ins. and what they have told me is in the case of a flood or fire firearms and jewelry are only blanket covered for a tiny amount like $1500 total for guns and the same for jewelry. I can see their point because so many people would be making fraudulent claims. They and most others will insure your guns under an insurance policy "rider" where you pay extra based upon the weapons worth. I think the guns have to be appraised by someone of their recommendations and the serial number and make have to be recorded on the policy. For that reason so many people elect not to have gun insurance. You never know how secure their records are going to be. Some feel it is like gun registration, which to some degree it is. To kinda answer your question I don't and should have the additional ins. Most all major companies will insure them but will require proof of ownership and value to do so. I think the NRA offers ins but do they require the same info?

[S.A. Boggs]

I have found that a quality safe is the best insurance, I have State Farm and the agent gave me this advice. Just the mention of small arms/ammo in the home is their red flag for a hard look and usually a no-no. To them 500 rds is an arsenal.
Sam

[togor]

Agree that insurance form disclosure not in the works. 500 rounds? Pfui.

[Sunray]

Theft and burglary are the same thing. Never heard of a firearms insurance rider that covers natural disasters. Talk to your agent.
"...NTR Endowment..." A what?
"..."rider" where you pay extra..." If your carrier has the rider, you need to get 'replacement value' or, in the event you become the victim of a crime or tragedy, you'll get whatever the company thinks your property is worth. And they think everything loses value over time. Firearms, generally, do not lose value. Some, like milsurps, increase in value over time.
Last I heard, State Farm, is one of the insurance companies that are decidedly anti-firearm ownership. Nobody insures ammo though.

[John]

I highly recommend Collectibles Insurance Services, https://collectinsure.com/
This is mainly oriented towards collectors, rather than competition shooters or hunters. They insure all sorts of collections- stamps, coins, dolls, knives, art, etc, etc. Rates are actually pretty low, and you only need to specifically list items above a certain dollar amount, otherwise it can be as a total amount. Serial numbers not required. Recommend you keep a list anyway, along with photos of any guns made without numbers. Best rates require a 600 pound safe or central station monitored alarm system. (Simpli-Safe qualifies).

The basic and optional higher amounts of coverage from the NRA are a good minimum. Homeowners policies usually hate guns, limit coverage, charge outrageously and are hard to get paid, but otherwise might suffice for just a few guns.
USAA (most vets are eligible) is outstanding for most types of insurance, but Collectibles above is better specifically for gun coverage.

[JohnMOhio]

My understanding of a homeowners policy is firearms a covered but only for a limited amount concerning theft. Usually $1,500. However for any other loss, fire for example it is consider the same as any other property you own. If you insuring as a rider, most riders say they will pay up to the limited amount you have that firearm scheduled value is. Notice "will pay up to." The other method of insuring under a rider is "stated amount." That means the company will pay that exact amount, no more or no less. Under that coverage you need to keep track of value, should it increase, you increase the coverage. Check with your agent. If you in a state like Florida or Texas, gun friendly, agents pretty much know it is common and remember, if they are an Independent Agent, they work for you, not the companies they use to place your business. Take this for what it is worth to you.

Also for the best coverage under a homeowners policy, purchase the replacement cost endorsement which will cover contents, personal belongings, and include the Special Form for contents rather than the Named Perial contents coverage that is automatic with a homeowners policy.

[Major Tom]

Theft and burglary are the same thing. Never heard of a firearms insurance rider that covers natural disasters. Talk to your agent.
"...NTR Endowment..." A what?
"..."rider" where you pay extra..." If your carrier has the rider, you need to get 'replacement value' or, in the event you become the victim of a crime or tragedy, you'll get whatever the company thinks your property is worth. And they think everything loses value over time. Firearms, generally, do not lose value. Some, like milsurps, increase in value over time.
Last I heard, State Farm, is one of the insurance companies that are decidedly anti-firearm ownership. Nobody insures ammo though.

My bad, should have been NRA Endowment member. 8-/

[JohnMOhio]

Ammo, read your policy concerning contents along with a section titled policy exclusions. I don't recall it containing any specific excllusion for ammo. Some companies when you add the contents replacement cost coverage they increase the limit on "theft of firearms." It usually increases from $1,500 to $2,500. Not much and that is the reason to schedule. Find a company that does not require you to list serial numbers if you want a seperate pollcy. Expensive, but you have to decide if it is worth the extra cost.

Read your policy!

Of course, a homeowners does NOT cover flooding.

[John Sukey]

Homeowners policy limited to $1500 on firearms? That wouldn't even begin to cover the Vickers, not to mention the BREN and Lewis!