Insurance coverage for firearms

[KoopaKGB]

I have State Farm, fortunately my mother is my agent. My homeowners policy covers up to $5000 but you can open a separate policy for anything over that.

That seems like a conflict of interest if you needed to file a claim.

USAA requires a serialized list of all the firearms/optics to be insured. I think $10,000 of coverage would probably be 20 bucks a month to insure. They do require you to provide PROOF of value at the time of a claim. Kinda odd if the proof you had was destroyed in the fire as well?

So they advise taking detailed pictures/keeping receipts or having an appraiser come in to pull figures out of his butt for your items. So I guess if you had to file a claim you better have all your info at multiple locations in case of a house fire. I don't know if they will pay out the replacement cost, say you bought a Russian SKS for $69 back in 1994. Today you insure it for $400-$500. The gun is lost in theft or fire, USAA wants proof of the value your receipt won't do you much good in that case I would think. Its not like you could replace that same SKS for $69 tomorrow so I wonder if keeping your receipt to show them would even make sense?

 

[cordex]

This is where I have my guns insured.

Collectibles Insurance - Protecting Books, Stamps, Antiques and other Rare and Vintage collections in Baltimore, Maryland

Me too. Very affordable coverage and you don't provide them with details about your guns unless you make a claim or the value of an individual gun is more than about $5,000.

 

[quake]

Thank you worddoer.....that was good info.

 

[actaeon277]

That seems like a conflict of interest if you needed to file a claim.

USAA requires a serialized list of all the firearms/optics to be insured. I think $10,000 of coverage would probably be 20 bucks a month to insure. They do require you to provide PROOF of value at the time of a claim. Kinda odd if the proof you had was destroyed in the fire as well?

So they advise taking detailed pictures/keeping receipts or having an appraiser come in to pull figures out of his butt for your items. So I guess if you had to file a claim you better have all your info at multiple locations in case of a house fire. I don't know if they will pay out the replacement cost, say you bought a Russian SKS for $69 back in 1994. Today you insure it for $400-$500. The gun is lost in theft or fire, USAA wants proof of the value your receipt won't do you much good in that case I would think. Its not like you could replace that same SKS for $69 tomorrow so I wonder if keeping your receipt to show them would even make sense?

1) his mother being the agent is not a conflict. If there is a claim, an adjuster will be assigned.
2) State Farm doesn't require a list, before a claim. Your privacy is safe. But, if you make a claim, you must back your claim up. Lists, receipts, pictures,videos are all good. I recommend storing them (or a copy anyway) off site. Bank, storage, friend or families house. In a lock box. That way, if your house burns down, you didn't lose your proof.

 

[Osobuco]

been down this road before - not all homeowners policies are the same. For me in case of total loss due to fire or tornado etc all my guns are covered without a rider under my personal property blanket. If I lose them while on a trip OR if they are stolen they are only covered up to $2000. I keep most of them in a safe bolted to the floor and have major security system so I am not worried about theft and do not have a rider.

You need to talk to your agent and get a clear understanding of this.

 

[wizardfitz]

My wife brought up a good point. Will the government some how use insurance information to track firearms?

 

[zippy23]

Just as the gov't is using healthcare information to find out about your guns, i would bet everything that they are using insurance information to find out everything they can about the citizens. I would do everything i could not to have my name on a list with serial numbers, makes and models of the guns i own. I've always wondered how the media comes out with figures on everything from number of guns purchased in a year, to the number of antibiotics to the number of flu shots, etc. Where does all this information come from? Who is digging this up and reporting all of it? just some questions i think about.

 

[BKExpress]

No question you need to have a conversation with your agent with a list of specific "what if" questions. I recently went through this process and it certainly makes you think about your situation and what you want to do. Ultimately you need to make an informed decision based upon your unique situation. I decided to go lighter on the coverage, but heavier on security from a total spend standpoint. Don't assume you know your coverage. Again, ask very specifi "what if" questions.

 

[jaybird_123]

I just did this. My agent added a "rider" to my policy for the total value of my guns. It only added about $100 annually to my policy. I had to send them pictures, serial numbers, description and value of my guns.

How do you value your own guns? Honestly. Do you go by the amount you paid for them? Are they like a car and depriciate as soon as you walk out of the store with it?

 

[jmattox50]

My insurance rider was quoted at 1.50 per 100 of value. Yeah I know come out to a lot of money. Therefore I choose a few safes and an alarm system. The insurance lady told me I should just sell them all... not hardly. Good luck

 

[DoggyDaddy]

Renters insurance took care of my one and only claim.
Home owners covers so much for personal property.
I do have a policy for just my guns in addition to homeowners insurance.

^^^THIS^^^

I think I drive my insurance agent crazy, because I tend to do a lot of buying/selling/trading with my collection so I'm always having to send updated documentation.

 

[Stschil]

My homeowners policy is through SAFECO (Liberty Mutual) I have specific firearms coverage based on their value. Loss, theft, and (I confirmed this with my agent) tragic boating accidents!

 

[DoggyDaddy]

1) his mother being the agent is not a conflict. If there is a claim, an adjuster will be assigned.
2) State Farm doesn't require a list, before a claim. Your privacy is safe. But, if you make a claim, you must back your claim up. Lists, receipts, pictures,videos are all good. I recommend storing them (or a copy anyway) off site. Bank, storage, friend or families house. In a lock box. That way, if your house burns down, you didn't lose your proof.

I'm seeing mixed reviews here... my State Farm agent did require the list, with serial numbers, values and photos, but others (like you) are saying that theirs didn't? I would think it would be standard across a given company like State Farm, but maybe not?

 

[DoggyDaddy]

How do you value your own guns? Honestly. Do you go by the amount you paid for them? Are they like a car and depriciate as soon as you walk out of the store with it?

I typically added 10-20% above what I paid for them. Figured that would be a good starting place to give me "replacement value".

 

[zoglog]

I'm seeing mixed reviews here... my State Farm agent did require the list, with serial numbers, values and photos, but others (like you) are saying that theirs didn't? I would think it would be standard across a given company like State Farm, but maybe not?

My State Farm agent require photos as well. I am wondering the same thing you are. I am only 24, so I havent had him as "my agent" for very long. But my parents have been with this agent for almost 20 years, so I trust him. Very interesting.

 

[KoopaKGB]

1) his mother being the agent is not a conflict. If there is a claim, an adjuster will be assigned.
2) State Farm doesn't require a list, before a claim. Your privacy is safe. But, if you make a claim, you must back your claim up. Lists, receipts, pictures,videos are all good. I recommend storing them (or a copy anyway) off site. Bank, storage, friend or families house. In a lock box. That way, if your house burns down, you didn't lose your proof.

Makes sense!

My insurance rider was quoted at 1.50 per 100 of value. Yeah I know come out to a lot of money. Therefore I choose a few safes and an alarm system. The insurance lady told me I should just sell them all... not hardly. Good luck

My insurance guy asked me if they were all registered. I told him NOPE not here buddy then again they are "registered" to the insurance agency had I taken out a policy and provided them a list.

My wife brought up a good point. Will the government some how use insurance information to track firearms?

Track them and do what per say? IF a law came on the books requiring registration and a person did not want to register them then I'm guessing it'd be wise to take them off of the policy.

Just as the gov't is using healthcare information to find out about your guns, i would bet everything that they are using insurance information to find out everything they can about the citizens. I would do everything i could not to have my name on a list with serial numbers, makes and models of the guns i own. I've always wondered how the media comes out with figures on everything from number of guns purchased in a year, to the number of antibiotics to the number of flu shots, etc. Where does all this information come from? Who is digging this up and reporting all of it? just some questions i think about.

Alot of info the media receives is from general population surveys. Which are often not accurate. Like they call 1000 people and ask if there is a firearm in the home and if so what type(s). I bet alot of folks who do have a firearm in their home still say "no" to that survey question out of fear of being on a list of gunowners or something.

How do you value your own guns? Honestly. Do you go by the amount you paid for them? Are they like a car and depriciate as soon as you walk out of the store with it?

Exactly my point in my previous post. When a school shooting takes place and your $600 AR-15 is now valued at $1200 then I would insure that $600 gun for what the cost to replace it is. Because if you only had 600 on that firearm to cover the cost, theres no way tomorrow you could go out and pick up a new one if your old one was destroyed.

 

[10Forward]

So, if I have just the $2500 policy provided by my NRA membership, and that covers the cost of what I own, I should be good to go with that? Or should I add coverage on my State Farm homeowner's policy?

 

[BKExpress]

So, if I have just the $2500 policy provided by my NRA membership, and that covers the cost of what I own, I should be good to go with that? Or should I add coverage on my State Farm homeowner's policy?

Only if you feel like you need it. I would call State Farm regardless and discuss your coverage. It doesn't cost anything to call and you can get specific answers to your questions. My State Farm agent did an excellent job with my coverage.

 

[bluegrassrules]

NRA membership has a free policy...I have never used it but am signed up for it.

 

[wizardfitz]

Quote:
Originally Posted by wizardfitz
My wife brought up a good point. Will the government some how use insurance information to track firearms?

Track them and do what per say? IF a law came on the books requiring registration and a person did not want to register them then I'm guessing it'd be wise to take them off of the policy.

track them and do what? confiscate them . if you took them off the policy you better have a record of where they went, otherwise violate federal law(one they will put in place)