Interesting info: Firearms insurance

[Clay]

I just called my insurance about a few things and while we were talking I asked about insurance for my firearms. What I found out was interesting.

Basically I have a max payout of $5,000 for all my firearms due to theft. Thats the max I can request on my standard home owners policy.

The other option is to add a rider to the policy outlining individual guns, which is big money according to my agent. Sounds like this is the policy a guy would use for high dollar (ie machine guns) firearms.

If my house burns to the ground, everything is covered, so no worries there.

There is no discount for a safe.

So, basically, a good safe that is propery is your best, and cheapest, insurance!

 

[shooter521]

The other option is to add a rider to the policy outlining individual guns, which is big money according to my agent. Sounds like this is the policy a guy would use for high dollar (ie machine guns) firearms.

What carrier/agent are you with? We have a "personal articles" rider with State Farm that covers the guns and my wife's jewelry. It's not all that expensive for the amount of coverage we have.

 

[Clay]

I also have State Farm, and I also have a 'personal articles' rider for mostly my wife's jewelry. I guess I need to go in with some dollar amounts for some different guns to see what the actual additional cost is.

I guess my question is do you insure all your firearms specifically on that rider, or do you insure only high dollar, or ??

 

[Sailor]

The rate in Indiana for firearms with SF is $1.60 per $100 of coverage. Minimum premium is $30 annually. Thats $80 for 5k of coverage with a zero deductible. Since you already have the correct policy and are over the minimum premium I would add your more expensive guns and have the others fall under your homeowners 5k theft limit.

Just like your not going to put your G shock watch on the jewelry policy, dont put your cheap guns on it.

Remember its a theft limit only, fire, tornado etc, we would pay up to policy limits for firearms.

 

[Benjamin]

I have a friend who had close to $7,000 worth of firearms stolen. He had the serial numbers on all of them and he only got about $700. That was close to two years ago and none have been recovered. He lost a Perazzi trap gun worth close to $5,000. I'm not sure which insuracne carrier he had but he kept all his guns in a gun cabinet and now he has a safe. A safe is the best insurance policy, hands down, no questions asked.

 

[Sailor]

I have a friend who had close to $7,000 worth of firearms stolen. He had the serial numbers on all of them and he only got about $700. That was close to two years ago and none have been recovered. He lost a Perazzi trap gun worth close to $5,000. I'm not sure which insuracne carrier he had but he kept all his guns in a gun cabinet and now he has a safe. A safe is the best insurance policy, hands down, no questions asked.

If you are not going to insure them correctly, or have firearms with sentimental value then a safe is your best bet.

My guns are tools, and are "safe" from the kids. Security system and Insurance will take care of them.

 

[cosermann]

What's the story on the insurance available through the NRA? Has anyone looked at it?

 

[IndySKS]

+1pm the personal property insurance. Thought it was covered under the homeowners insurance also. Might have to call my agent now and check it out.

 

[bcsd372]

The NRA endorsed program is administered by Lockton Risk Services in Kansas City, MO. I'm paying $18.40 per $1000 coverage. This is apparently higher than State Farm's rate but it was considerable less than I could get through my homeowner's coverage. More info on the NRA program can be found at www.[URL="http://www.NRAEndorsedInsurance.com"]NRAEndorsedInsurance.com[/URL]

 

[shooter521]

I guess my question is do you insure all your firearms specifically on that rider, or do you insure only high dollar, or ??

I put everything on there (collection isn't that big yet), and update the list bi-annually as things come and go. State Farm will want a list of guns to be insured, including make/model/serial number.

 

[bcsd372]

The NRA program doesn't require any sort of list....just a dollar value of the coverage you want. I think basic NRA membership provides $1000 in coverage.

 

[U.S. Patriot]

I have extra coverage on my renters insurance.