Firearm Collection Appraisal and Insurance, anyone have experience with this?

[timthetoolman]

When I only owned a few things I didnt worry about it, but over the years that has changed.  After a fairly recent move into suburbia I find myself wondering what would happen if I were to get robbed, or a fire took our home.  I have always heard that firearm collections werent covered by normal home owners insurance and that I need a rider.  But to get the rider I have to get an appraisal. So....

 

Are there any reputable appraisers in  Mid TN?

Is the insurance thing true?

Any experience with the cost of either?

 

I have a few older items that I can't seem to nail down a value on and that would be helpful as part of the process, but I am not sure where to start and who to trust with knowledge of my entire collection.

 

Thanks

 

Tim

[RobertNashville]

My insurance didn't requite a formal appraisal; I did my own using the Blue Book and prices of similar for sale on sites like Gunbroker.com, etc.

 

Once I came up with an overall value that's what I insured for; making changes as items were sold, traded, replaced, etc...and I re-evaluate it about once a year.

[KJ48]

Some insurance companies have a cap on firearms unless there is a rider, mine is 2500.00.  Always important to keep a list of serial numbers and pictures (or a video on CD) in a safe place if you dont have receipts.

 

I checked into a rider and they said you didnt need an appraisal unless there were high dollar antiques involved.

Edited January 14, 2013 by KJ48

[Parrothead]

My insurance didn't requite a formal appraisal; I did my own using the Blue Book and prices of similar for sale on sites like Gunbroker.com, etc.

 

Once I came up with an overall value that's what I insured for; making changes as items were sold, traded, replaced, etc...and I re-evaluate it about once a year.

 

Same here and i have state farm. You determine the "insured" value of each item. They insure it for that value based on your neighborhood and the risk involved. IF you want to insure your Hi-point for $500, they will probably do it--but you pay based on the insured value you claim--atleast that's how it has worked for me.

[Wingshooter]

[quote name="RobertNashville" post="885019" timestamp="1358204498"]My insurance didn't requite a formal appraisal; I did my own using the Blue Book and prices of similar for sale on sites like Gunbroker.com, etc.   Once I came up with an overall value that's what I insured for; making changes as items were sold, traded, replaced, etc...and I re-evaluate it about once a year.[/quote] Hmm, now is a pretty good time to come up with an overall value with the prices through the roof. This is something I have been meaning to get. I just never liked the idea of telling a company what I've got.I should get the rider though

[midtennchip]

I can get you in touch with an appraiser. Just PM me and I will try to get his contact info to you when I am in the office.

[pcrc11]

I was using my Homeowners insurance with a seperate policy for the firearms. It was costing me $300 a year for $15,000 coverage and had to have an appraisal done yearly. After doing some research and with some recomendations from the guys over on Gunboards forum,  I have switched to Collectibles Insurance Services. I am now getting the same $15,000 in coverage with a 3% monthly increase in coverage (for additions or appreciation) for $99 a year with no appraisal. You just have to keep an accurate log of your firearms and have to have them stored in a safe over 300lbs. They specialize in nothing but collectibles and firearms.

[hkusp40cal]

I used State Farm and all you need with them is to add a personal property rider. At one time I had around 20K in insured items (firearms, fishing gear, electronics) it ran me $144 a year with automatic increase in replacement value every year that matched inflation. When I lost a surf rod and reel off the pier, I had my check the same day I was in the office to replace it.