Insurance coverage for firearms

[BKExpress]

Think about the logistical nightmare of cross-referencing every insurance companies records of specific gun insurance policies. The government would have to get bigger by hiring more people with money borrowed from China.

 

[davedolli]

This is where I have my guns insured.

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

Ditto for me also.


Dave

 

[Sonick]

anyone know how much the NRA coverage is good for? Just joined in December

I have had it for years. Haven't had to use it so I can't say one way or another, but better than nothing!

 

[mk2ja]

^^^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.

USAA lets you update the list online. That was one of the things I asked about before going with them. I didn't want to have to deal with mailing stuff in or calling them, and I sure don't have receipts for every purchase.

 

[hANNAbONE]

The "rider" or extra paper on your policy is an "Inland Marine" policy. It is an endorsement to the renters/homeowners policy.

It is usually an all risk coverage...yes, (in the case of jewelry and even fine arts, mysterious disappearance is even covered.)
The additional coverage is usually on a per $100 rate.
The additional coverage would need to have full description of the weapon, caliber, additional furniture on the weapon, serial #, anything that is attached to it...scopes, dots, and their corresponding numbers, model & serial etc.
Once the full arms number is reached the premium is calculated in increments - $100-$4,999. --- $5,000-$9,999. --- +$10,000. etc. these rates go down (*usually*) as the amount of total worth goes higher.
It can get expensive, but as stated previously, you can get deductions for full house alarm, safe, near a responding fire station, near a fire hydrant, etc.

If peace of mind is what you are after...it is most definitely the way to go.

 

[hANNAbONE]

...one more thing...

the policy is usually "all risk"...remember the burden of proof is on YOU.

Also, the Inland Marine has a replacement cost amount due to the owner IF the insured property is "replaced".

The company will typically give you "ACV" Actual Cash Value 1st - and then give you the other amount due once the item are replaced....reaching replacement cost.

It is a very good idea to up your actual amount of replacement cost +10-30% (*more even in these days of inflated prices*).

The rates are not so bad that the extra you pay for the coverage even with the additional 10-30% won't gut you.

I used to sell a lot of it when I was back in the Insurance biz....years ago