Firearms Insurance - Proof of Ownership on Inheritance Question

[Hammer285]

I searched for this topic but came up with nothing, so if you know of another thread and can point me in the right direction, I'd appreciate it.

Issue (I'll keep it as brief as possible):

1. Estranged father-in-law passed last year.
2. My wife was his only daughter (he was not married and had no other children.)
3. He lived with his 92 year old mother and owned no real property (house/car/stocks)
4. When he passed, we gave most of his belongings to Goodwill - mostly clothes, some furniture.
5. There were a few firearms that may be worth anywhere from $2,000-$4,000.
6. There was no will, trust, or instructions for his belongings, and due to no real property, there was no probate or debts to settle.

My wife knows I'm a "firearm enthusiast", or as she affectionately calls it "a gun nut", so she said to take the firearms. In addition to these, I have a nice collection myself worth more than my homeowner's insurance and standard NRA benefit($2,500) would cover so I have been looking at additional options to cover the remaining value. 

Most companies I've looked at require specific information to prove ownership, including either a receipt, name and number where purchased or statement regarding a gift or inheritance. 

Question:  Based on the info above, how would I go about proving ownership of these firearms for insurance purposes if a claim were to be filed?

Any assistance would be appreciated. Thanks in advance!

[Omega]

Have you checked with the NRA's insurance to see if you can just up the coverage? 

[DaveTN]

35 minutes ago, Hammer285 said:

Question:  Based on the info above, how would I go about proving ownership of these firearms for insurance purposes if a claim were to be filed?

Any assistance would be appreciated. Thanks in advance!

Since you obtained them legally I would ask my insurance agent that question while we were discussing the other questions you will have about your gun policy.

[Hammer285]

40 minutes ago, Omega said:

Have you checked with the NRA's insurance to see if you can just up the coverage? 

Yes, they use the ArmsCare Plus plan for this (which is the one I was interested in), and require proof of ownership, including the statement regarding a gift or inheritance. I may reach out to them and define what their statement must consist of, and whether or not I have enough information to prove that.

Thanks Omega.

[Pain103]

 I'm sure you have plenty for a statement but I would contact them to see exactly how they want it done. I would figure at most it is a notarized statement with probably you and your wife's signatures. Especially if they aren't really expensive firearms I wouldn't see much fight.

[Oh Shoot]

State Farm and SAFECO only wanted the serial numbers and firearm description, no other documentation. The fact they were documented as being in your possession was all that was required should a claim be filed, no different than a stereo or refrigerator or couch.

SAFECO is particularly good, in that there is no minimum coverage for firearms as "valuable items" exception, they are just figured into the overall maximum coverage, though they did want a list of the items w/ the serial numbers.

Can't imagine you'd have any probs with any insurer on them regarding proof of ownership, unless they run the numbers for stolen ones. Nothing in either policy from either company I've used about that and I read them pretty carefully. Though I can't speak for other companies of course.

- OS

Edited August 6, 2016 by Oh Shoot

[chances R]

Of course insurance is important, but if you haven't already you need to invest in a safe.  To me that is a priority over insurance.

[Hammer285]

 I'm sure you have plenty for a statement but I would contact them to see exactly how they want it done. I would figure at most it is a notarized statement with probably you and your wife's signatures. Especially if they aren't really expensive firearms I wouldn't see much fight.

One is an original (lower at least) Colt 1911, government issued...the other a Remington 1903 with all original parts. Guessing when combined, a min of $1500, max $4,500. The notarized statement is a good idea. I'll bring that up, thanks.

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[Hammer285]

State Farm and SAFECO only wanted the serial numbers and firearm description, no other documentation. The fact they were documented as being in your possession was all that was required should a claim be filed, no different than a stereo or refrigerator or couch.

SAFECO is particularly good, in that there is no minimum coverage for firearms as "valuable items" exception, they are just figured into the overall maximum coverage, though they did want a list of the items w/ the serial numbers.

Can't imagine you'd have any probs with any insurer on them regarding proof of ownership, unless they run the numbers for stolen ones. Nothing in either policy from either company I've used about that and I read them pretty carefully. Though I can't speak for other companies of course.

- OS

We use Encompass but I didn't see any rider options for firearms. I'll double check but their primary coverage is only for theft...so fire, tornado, etc. so they probably don't offer much.

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[Hammer285]

Of course insurance is important, but if you haven't already you need to invest in a safe.  To me that is a priority over insurance.

Got one of those. I'm more concerned with acts of God other than thieves. Figure insurance is cheaper than a 6-10k safe rated at 3 hours fire protection.

I'll let you know what I find out.

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[hipower]

12 hours ago, Oh Shoot said:

State Farm and SAFECO only wanted the serial numbers and firearm description, no other documentation. The fact they were documented as being in your possession was all that was required should a claim be filed, no different than a stereo or refrigerator or couch.

SAFECO is particularly good, in that there is no minimum coverage for firearms as "valuable items" exception, they are just figured into the overall maximum coverage, though they did want a list of the items w/ the serial numbers.

Can't imagine you'd have any probs with any insurer on them regarding proof of ownership, unless they run the numbers for stolen ones. Nothing in either policy from either company I've used about that and I read them pretty carefully. Though I can't speak for other companies of course.

- OS

Haven't broached the subject with them yet, but do you know anything about Farm Bureau of Tennessee relating to this?

[A.J. Holst]

 

11 minutes ago, hipower said:

Haven't broached the subject with them yet, but do you know anything about Farm Bureau of Tennessee relating to this?

I'm due to upgrade our gun and jewelry rider. First go around, serial number and description.  I supplied the MSRP from the manufacturer websites and "like" examples from the main stream  gun selling sites for specialty or out of production stuff.

I'm also going to check out their website to see what if it reveals any changes from years back.

Edited August 6, 2016 by Gotthegoods

[hipower]

44 minutes ago, Gotthegoods said:

 

I'm due to upgrade our gun and jewelry rider. First go around, serial number and description.  I supplied the MSRP from the manufacturer websites and "like" examples from the main stream  gun selling sites for specialty or out of production stuff.

I'm also going to check out their website to see what if it reveals any changes from years back.

Thanks. We just changed over to FBIT and am looking at what to do.

[lordjackel]

As an alternative, I have a large firearm policy through Collectibles Insurance Company. They cover my firearms, all accessories including all my reloading equipment and the safes. All that they require is proof after the fact and they recommended pictures and serial numbers. Which I keep on 2 encrypted thumb drives (1 is backup in my parents safe). The policy autogrows yearly and is actual replacement cost. Might be worth looking into.

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[Hershmeister]

As an alternative, I have a large firearm policy through Collectibles Insurance Company. They cover my firearms, all accessories including all my reloading equipment and the safes. All that they require is proof after the fact and they recommended pictures and serial numbers. Which I keep on 2 encrypted thumb drives (1 is backup in my parents safe). The policy autogrows yearly and is actual replacement cost. Might be worth looking into.

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What do they charge per $1000 of coverage?

PS: my homeowners covers all non-firearm personal possessions as part of my personal property coverage.

[lordjackel]

Based on my coverage and what I pay it is about $7 per thousand. I am guessing there is some policy fee and such so there is a minimum but just dividing coverage by cost it's $7

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[Wingshooter]

14 hours ago, lordjackel said:

As an alternative, I have a large firearm policy through Collectibles Insurance Company. They cover my firearms, all accessories including all my reloading equipment and the safes. All that they require is proof after the fact and they recommended pictures and serial numbers. Which I keep on 2 encrypted thumb drives (1 is backup in my parents safe). The policy autogrows yearly and is actual replacement cost. Might be worth looking into.

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That sounds interesting because I just don't like giving an insurance co a list with seial numbers up front.  I guess.

[runco]

My history with firearms insurance:

• Originally went with State Farm standard policy.
• Added what my agent said was the maximum at the same time for a just a few dollars more per year, I recall this was going from $2.5K to $5K or something (20 years ago).
• A few years back, went to State Farm, wanted more coverage after reading various gun forums, and was able to get additional coverage.  Had to provide a listing of gun makes, models, s/n, and approximate value.  The problem, the local State Farm front end agent/clerk.  The eyes she made, the shock, and the amazement of my list.  She even made a verbal comment to me, that is a lot of guns, why would anyone want so many.  I did not like this at all. 
• In the past years, after reading more gun forums, and looking over Armscorp Insurance, made a decision to move from State Farm to Armscorp.  I found them to be 15% less than State Farm, but the no hassle, no list, no s/n, etc. made it all the better.  Everything was through the internet, and even got my policy (PDF) in less than 24 hours after my payment via email.  Hope to never file a claim, but I have some level of comfort, and no judgment by the one accepting my money.

[Wingshooter]

4 hours ago, runco said:

My history with firearms insurance:

• Originally went with State Farm standard policy.
• Added what my agent said was the maximum at the same time for a just a few dollars more per year, I recall this was going from $2.5K to $5K or something (20 years ago).
• A few years back, went to State Farm, wanted more coverage after reading various gun forums, and was able to get additional coverage.  Had to provide a listing of gun makes, models, s/n, and approximate value.  The problem, the local State Farm front end agent/clerk.  The eyes she made, the shock, and the amazement of my list.  She even made a verbal comment to me, that is a lot of guns, why would anyone want so many.  I did not like this at all. 
• In the past years, after reading more gun forums, and looking over Armscorp Insurance, made a decision to move from State Farm to Armscorp.  I found them to be 15% less than State Farm, but the no hassle, no list, no s/n, etc. made it all the better.  Everything was through the internet, and even got my policy (PDF) in less than 24 hours after my payment via email.  Hope to never file a claim, but I have some level of comfort, and no judgment by the one accepting my money.

 Another one I need to look at so I can avoid "the list".

[Hershmeister]

Based on my coverage and what I pay it is about $7 per thousand. I am guessing there is some policy fee and such so there is a minimum but just dividing coverage by cost it's $7

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Thanks!