Firearms loss insurance

[Cevans]

Just wanted to know who most of you guys recommend for firearms insurance. I was using a rider on my homeowners policy thru State Farm, but that was getting very expensive. Looking around in the safes today and it seems I have accumulated a lot of stuff in the last couple of years and I need more coverage than I can afford easily with State Farm. I also noticed some handguns I had insured with them 20-25 years ago have appreciated considerably in price, so I called them to increase the coverage on those, but they will not change the stated value without a valid written appraisal. Just wanted to know if any of you have found a better place to insure firearms.

Thanks

Chuck

[Defender]

Good question, and I’m in the same boat.  I’m interested to see what TGO thinks.

[monkeylizard]

Same. I have a Valuable Personal Property policy with my homeowner's carrier (USAA) that lists my guns, but yeah . . . it gets expensive. I compared it to Lockton Affinity (NRA-affiliated in some way) and the same coverage worked out to about $100 cheaper per year with them. Not chump change, but not enough savings for me to be worth the hassle of dealing with another insurance company. YMMV.

Plus I don't know how they'd be to deal with a claim, and I know USAA is awesome.

Edited May 21, 2023 by monkeylizard

[TripleGGG]

This is who I use. Full disclosure I am a broker and can write for this company but you can insure yourself on their website. 

No appraisal needed for any single item under $25,000. No inventory list or serial numbers required to be submitted to the company. You need to have an inventory with serial numbers, pics etc for claims. Ammunition can be covered as well as knives. 

https://collectinsure.com/other-collections/?gclid=CjwKCAjw36GjBhAkEiwAKwIWySQCCe-1VYunBMPSHvyrFtAaX06jfxVsXLl_asc_sfhKeG6UkgwJrhoCCo0QAvD_BwE

Edited May 21, 2023 by TripleGGG

[Johnny Rotten]

8 hours ago, TripleGGG said:

This is who I use. Full disclosure I am a broker and can write for this company but you can insure yourself on their website. 

No appraisal needed for any single item under $2500. No inventory list or serial numbers required to be submitted to the company. You need to have an inventory with serial numbers, pics etc for claims. Ammunition can be covered as well as knives. 

https://collectinsure.com/other-collections/?gclid=CjwKCAjw36GjBhAkEiwAKwIWySQCCe-1VYunBMPSHvyrFtAaX06jfxVsXLl_asc_sfhKeG6UkgwJrhoCCo0QAvD_BwE

This is who I use, funny this just came up, I paid my bill yesterday. Looks like they changed the S# rule from $10k to 25k now. Alot of people who have NFA items use this company to insure their collections.

I have Farm Bureau for my home, they wouldn't insure it.

I have USAA for my cars/CC (25yr member), since I didn't have my home with them, they would write a standalone policy but wasn't worth it.

 

[TripleGGG]

1 hour ago, Johnny Rotten said:

This is who I use, funny this just came up, I paid my bill yesterday. Looks like they changed the S# rule from $10k to 25k now. Alot of people who have NFA items use this company to insure their collections.

I have Farm Bureau for my home, they wouldn't insure it.

I have USAA for my cars/CC (25yr member), since I didn't have my home with them, they would write a standalone policy but wasn't worth it.

 

Yes they changed the serial number rule from 10k to 25k. Very beneficial for those with higher end items. 

[crc4]

2 hours ago, TripleGGG said:

Yes they changed the serial number rule from 10k to 25k. Very beneficial for those with higher end items. 

Does the policy cover firearms off-premises? For instance, stolen from cars, from a range, etc?

What are the exclusions?

[Johnny Rotten]

Comprehensive coverage

• Accidental Breakage
• Burglary
• Fire
• Flood (except in Zones A & V)
• Loss in the Mail
• Natural Disasters
• Theft
• Other causes of loss, unless specifically excluded from the policy (see exclusions)

Coverage at home and away

• Travel – Transit coverage protects collectible property that is temporarily away from the scheduled location, subject to the policy sublimit.
• Exhibitions – If you’re at a scheduled exhibition, show or display coverage is provided for your collection up to the policy limit – including travel and shipping to and from the event.
• Storage Facilities – For an additional premium, we offer optional insurance coverage for collectibles kept in a public storage facility.

[crc4]

17 minutes ago, Johnny Rotten said:

Comprehensive coverage

• Accidental Breakage
• Burglary
• Fire
• Flood (except in Zones A & V)
• Loss in the Mail
• Natural Disasters
• Theft
• Other causes of loss, unless specifically excluded from the policy (see exclusions)

Coverage at home and away

• Travel – Transit coverage protects collectible property that is temporarily away from the scheduled location, subject to the policy sublimit.
• Exhibitions – If you’re at a scheduled exhibition, show or display coverage is provided for your collection up to the policy limit – including travel and shipping to and from the event.
• Storage Facilities – For an additional premium, we offer optional insurance coverage for collectibles kept in a public storage facility.

Thanks. 

[Johnny Rotten]

13 minutes ago, crc4 said:

Thanks. 

Been with them since 2009, no complaints other than you might need to slow them down on their adjustments.

Insurance that grows with your collectibles
Collections tend to grow, so your policy can be adjusted to include any additions to your collection.

[crc4]

1 hour ago, Johnny Rotten said:

Been with them since 2009, no complaints other than you might need to slow them down on their adjustments.

Insurance that grows with your collectibles
Collections tend to grow, so your policy can be adjusted to include any additions to your collection.

Ever had a claim?

[Johnny Rotten]

52 minutes ago, crc4 said:

Ever had a claim?

No.

 

[TripleGGG]

1 hour ago, crc4 said:

Ever had a claim?

Couple of small claims for clients. No issues. 

[crc4]

How do I get a copy of the policy to read before I sign up?

[TripleGGG]

3 hours ago, crc4 said:

How do I get a copy of the policy to read before I sign up?

info@collectinsure.com

[hipower]

3 hours ago, TripleGGG said:

info@collectinsure.com

Thanks for the information. This thread has me thinking about different insurance methods. Not terribly happy with Farm Bureau at he moment, so this is most opportune.

I don't have any High$ items, but as you say, some have appreciated, and some with sentimental value that probably exceeds their worth. Still, the total value is enough to make my wife gasp for air and scream at me!

Even so, the total is not one I'd really be happy to lose. Also like not having to supply an itemized list to the insuror. I do have pretty good records and photos, which I keep copies of in safe deposit box. I just really dislike handing that information over to a basically unknown entity. 

To me, that is tantamount to sending it to some government agency that shreds it's records on me at every purchase.

Again, thank you buddy. Off on a tangent here...remember that cold, windy day in Murfreesboro at the Jack's Burger place? That's where I found out what really "small potatoes" I was in the collecting/accumulating world!

Geez you guys were downright intimidating as we spoke of ownership items and numbers! LOL! I felt like a rank amatuer in your world! 

I know it doesn't matter. Just the vibe I walked away with. Still...it was one of the most enjoyable meets I've had here with our brothers-in-arms.

Edited May 22, 2023 by hipower

[Erik88]

On 5/20/2023 at 11:26 PM, TripleGGG said:

This is who I use. Full disclosure I am a broker and can write for this company but you can insure yourself on their website. 

No appraisal needed for any single item under $25,000. No inventory list or serial numbers required to be submitted to the company. You need to have an inventory with serial numbers, pics etc for claims. Ammunition can be covered as well as knives. 

https://collectinsure.com/other-collections/?gclid=CjwKCAjw36GjBhAkEiwAKwIWySQCCe-1VYunBMPSHvyrFtAaX06jfxVsXLl_asc_sfhKeG6UkgwJrhoCCo0QAvD_BwE

 

Is this typically cheaper than insuring through your homeowners insurance? I pay extra on our homeowners policy to make sure my firearms are covered. My collection on guns is fairly small compared to many here on TGO. 

[FUJIMO]

My provider put it as eloquently as he could when the subject came up. "Our policy is for coverage for owning guns NOT a gun collector". Same as coverage on collector cars versus coverage on the same car per the standard range of coverage.

 

[Johnny Rotten]

2 hours ago, FUJIMO said:

My provider put it as eloquently as he could when the subject came up. "Our policy is for coverage for owning guns NOT a gun collector". Same as coverage on collector cars versus coverage on the same car per the standard range of coverage.

 

Not sure what the definition of gun collector means, 1,5,15, 30 how many? My toolbox is full of screw drivers/ wrench's/etc, guess I'm a tool collector....lol 

I have FB insurance, I think they offered me 2k coverage under the standard policy, I'm like WTF will that do for me since I have a 1k deductible, that was their way of saying not interested.

 

[TripleGGG]

6 hours ago, Erik88 said:

 

Is this typically cheaper than insuring through your homeowners insurance? I pay extra on our homeowners policy to make sure my firearms are covered. My collection on guns is fairly small compared to many here on TGO. 

Homeowners can be enough depending on how much value you have, but most are not enough and coverage is limited. 

 

Edited May 22, 2023 by TripleGGG

[FUJIMO]

51 minutes ago, Johnny Rotten said:

Not sure what the definition of gun collector means, 1,5,15, 30 how many? My toolbox is full of screw drivers/ wrench's/etc, guess I'm a tool collector....lol 

I have FB insurance, I think they offered me 2k coverage under the standard policy, I'm like WTF will that do for me since I have a 1k deductible, that was their way of saying not interested.

 

My guy knows me so it was one of those "look here man" moments in his office. Pure speculation on my part but I imagine the powers that be, that is the people that control the money in these insurance companies, write policies that aren't very gun friendly. HOWEVER, it's funny you mention tools. My brother ran into a similar issue when he wanted coverage on his tools and toolbox. Until he was hired out via contract he worked for himself and his tools were his living. He basically had to have a rider policy for the tools and box as well as the garage it was stored in lol. 

[Miltech]

Another vote for the Collectibles Insurance. They do increment the coverage by some percentage each year (premium also). This can be frozen upon request. I did freeze mine but need to reset coverage due to inflation and some unexplained growth in number of items.

No claims to date fortunately.

[billmeek]

Quote

Our decades long experience in protecting antique to modern gun, knife and edged weapon collections of all sizes, including ammo, accessories and gun safes, translates into superior protection that values your collection as much as you do.

Some of you probably need to (significantly) bump up your insurance coverage since they also cover ammo.  Don't forget to document the ammo and accessories if you want it covered.

[Cevans]

Thanks Guys, all great ideas. I was going to look at the collectibles and get a quote. Got started and realized I really have to have some time to take inventory and update my lists. I realized on several AR's I have the accessories have more value than the original firearm, and most of the AR's I have are Wilson, Geissele and Daniel Defense. I didn't even really think about the ammo but that sometimes can be a big cost to replace that. Just another job to add to the list, LOL

 

[pop pop]

I once carried extra firearms insurance but quit several years ago. I am 75 and never lost a firearm. I also have a Cannon Big Boy Gun Safe bolted to the floor, and good locks and security doors on our home.  I had a policy with NRA Lockton policy for years. Nothing wrong with this insurance.

Never had ammo insurance and not sure one can purchase that type of coverage. Now a substantial supply of ammo is almost worth more than the guns.  I will say I am not a collector of real valuable guns, but mine are to me and I can understand one's concerns.

Hope you never have any loss. 

Edited to add; Had a friend who asked me about this type of insurance. I went over to his house and he had doors on the house that one could blow hard on and get in. I told him he would be better off spending the insurance premiums on his house and getting rid of the cheap hollow core doors then hardening entry to it. Hollow core doors and just door handle locks are a joke. Very little security with them. 

Edited May 23, 2023 by pop pop