Your guns and insurance...

[musicman]

Hey guys, I just wanted to give you a heads up about something.

I'm sure many of you, like me, have invested a lot of money into your gun collection and the accessories that go with them. Some of you may have more money in guns than you do your car! (I'm gettin' close!) Hopefully, you all have car insurance. Do you have your guns insured, too?

The average homeowner's policy only covers your guns up to $1,000 or $2,500 dollars. (My company, Farmers Insurance Group, now includes $3,000 of firearms coverage) I'm darn sure if you've got three guns or more, you're probably over that limita already! Luckily, it doesn't take much to INCREASE your coverage. You can call your agent and tell them you have X dollar amount of firearms and related equipment, and you would like to see how much it would cost to cover them. Some companies will even write a personal articles floater that will cover your guns while you are out and about. There's always the story of the guy with the $8,000 double gun that forgets and leaves it on the ground, drives over it and bends the barrel, etc. If he had a floater, his company pays him for the gun! Ask your agent what their coverages are.

Your company will probably ask for an appraisal or some other sort of valuation, and while this may sound like a PITA, it's a good thing to have. Of course, you'll at least need a list of your guns and serial numbers. A good gun safe is a great deterrent for theft and some fire protection, but ask forum member Tokarev if they always work.... (his entire safe was stolen!)

While I am an insurance agent, I am not making this thread to be an advertisement for myself. I would be ecstatic if you called your current agent and discussed this with him/her because I brought it up for you. (Of course, if you want to call me for any questions, I'll be glad to help. There is a link for my site in my sig) I just want to make you all are aware of something you may not have thought of.

Happy Shooting!

PS: Mods, if you feel that this is an advertisement, or if you don't like anything about this thread, please do what you like with it.

[molonlabetn]

We always appreciate relevant information from experts in their field who are not just trying to toot their own horn... I hope that this insight gives someone who had not previously considered it, a reason to make sure that the investment which protects them, is protected.

Any other information regarding types of coverage which folks should ask their agents about, for things such as various liability issues, etc... would be appreciated, as well. This is an important subject which is not talked about enough. Thanks for bringing it up!

[Guest gcrookston]

Appraisals are generally available free of charge by your local gun store. Discuss it with them. I usually provide the list and the estimated value and allow the "expert" gun store owner to sign off on it. Sales receipts are generally accepted as proof of value as well - ask your agent. Owning a safe and storing your guns in it will reduce your premiums to the point if annualized over 4 or 5 years, the safe has paid for itself in saved premiums and your safe is covered under the homeowner's policy (and good quality safes are also covered under warranty). My insurer (not Statefarm), allows the firearms rider to be updated only once a year, so adding or subtracting guns in between renewal periods doesn't effect the cost except at renewal.

Many insurance carriers have higher permiums for "unscheduled" vs "scheduled" firearms. As with most unique valuables, photographs and detailed descriptions should be kept of the insured items. Accessories can be insured as "collectables" under a separate (and much cheaper), rider.

Comparison shop. For many years the NRA sanctioned insurer was the cheapest, I found it cheaper when bundling my home and autos (NRA is .0166 per, and some carriers were as high as .0192 per).

[Guest someguy12341]

I asked my State Farm agent about this a month or so ago, and I want to say that their rate is $8 per year per thousand dollars of insured value... Covers everything; no deductible. I won't swear to that price, but it's close.

[Urse]

I asked my State Farm agent about this a month or so ago, and I want to say that their rate is $8 per year per thousand dollars of insured value... Covers everything; no deductible. I won't swear to that price, but it's close.

That is definately a very close ballpark. Mine is about the same.

[Guest nj.piney]

i have a rider on my house insurance , about the same price. tn. farmers ins.

[shaftbass]

I incrased mine to $6000 a few years ago. I never saw a change in my premium.

Nationwide.

[Guest EasilyObsessed]

My renters policy for $15,000 is only around $100 per year. I need to call USAA and make sure that doesnt exclude my firearms, if so Im going to be pissed.

[KahrMan]

Thanks for this thread musicman. i keep forgetting to call me agent about this. I think I will call him right now.

Thanks.

[musicman]

Sweet!! This is what I was hoping would come of bringing this up. I was not trying to ring my own register, just bring up something important. I'm glad this has helped somebody!!

Someone else has already PM'd me a question which I will post the answer to when I find out. This is doubly great because it is expanding my knowledge as well.

Thanks all!

[musicman]

Alright, I was PM'ed this question earlier today:

"Hey, you might know this off the top of your head. I have farmers renters, does this cover self defense (i.e. with HCP)? Thanks for the info post. I have had nothing but great experience with Farmers. My agent is the same one my parents have used for years (out of Memphis), but if I know anyone looking for insurance, I'll send them your way. Farmers is great stuff!

Thanks in advance!"

And here's the answer:

"Ok, so I just got off the horn with our head liability guy in TN and is answer is a good one. It all boils down to if it can be proven that you acted purely in defense, or if you were just trying to kill the other person, possibly showing malice, etc. The other good thing is that our policy covers negligence. That means that if a suit is brought against you saying that you mishandled the firearm and shot the dude, we would cover the litigation, and any judgment up to the policy limits. The minimum liability I write with any home or renter's policy is $500,000. I am starting to put $1,000,000 liability on my homeowner's policies. An umbrella policy would also add to the amount of protection you would have in a case like this.

Hope that helps!

James."

NOTICE: This is only in reference to policies held with Farmers Insurance Group. I cannot speak for any other companies and what they will or will not cover. Please do not confuse this with other companies such as Farm Bureau, Farmer Brothers, etc, as I have no authority or experience with them. Please contact your agent with any questions specific to YOUR policy.

Thanks so much, ya'll!

[SkWaShDeM]

The default renters insurance policy from Geico includes $2500 of firearms theft coverage. I bumped mine up to $5000 of coverage, plus a computer coverage rider. Premiums run about $20 per month for me.

[analog_kidd]

Musicman, do most homeowner's policies cover damage that may be done to your neighbor's property during a shooting. For instance, say an intruder breaks into my home, I pop off a few rounds, and one goes through my door and into my neighbor's car, house, etc. Would most policies cover their damages?

Thanks, for a great thread!

[Guest Ol'Duke]

In Tennessee, Safeco has no limit on guns...period. They are treated as contents. Replacement Cost coverage on Coverage C contents applies. You simply have to have enough contents coverage to handle your guns as well as everything else in your home. No need to schedule your guns, just have documentation as you would other items. Most of us have our guns well documented w/ serial numbers, pictures, etc.

When Safeco purchased American States Insurance, they had to offer the

same coverage under their HO3 as American States in order to blend policies. American States had no limit....so, ALL Tenn Safeco customers' policies had to have the same coverage....Yeehaa...

Find you a Safeco agent....preferable ME to handle your precious items.

Thanks,

Ol'Duke