close

Privacy guaranteed - Your email is not shared with anyone.

Firearms Insurance

Discussion in 'The Okie Corral' started by klt1986, Dec 30, 2012.

  1. klt1986

    klt1986

    Messages:
    498
    Likes Received:
    4
    Joined:
    Feb 28, 2007
    Location:
    Virginia
    Anyone recommend any specific firearms insurance companies? I'm in the NRA and my homeowners covers some but it's still not enough. The extra "rider" on my homeowners policy is going up and I'd like to shop around. Any suggestions?
     
  2. kf4zra

    kf4zra I miss ya Murph

    Messages:
    1,840
    Likes Received:
    26
    Joined:
    Aug 15, 2002
    Location:
    Tampa, FL
    only wondering, will a firearms policy cover the guns if they are confiscated?
     

  3. klt1986

    klt1986

    Messages:
    498
    Likes Received:
    4
    Joined:
    Feb 28, 2007
    Location:
    Virginia


    Interesting question.
     
  4. EKUJustice

    EKUJustice

    Messages:
    616
    Likes Received:
    1
    Joined:
    Apr 18, 2007
    collectinsure no sn needed
     
  5. camelotkid

    camelotkid non-believer

    Messages:
    1,937
    Likes Received:
    0
    Joined:
    Apr 27, 2009
    Location:
    Oak Ridge, TN
    well insurance does not cover in the case of war, and if they are confiscating we will be in a war if I have anything to say about it. :whistling:
     
  6. M2 Carbine

    M2 Carbine

    Messages:
    24,537
    Likes Received:
    11,710
    Joined:
    Dec 21, 2002
    Location:
    Texas
    How much will an increase in your personal property coverage cost?

    I figure personal property coverage covers all personal property, including guns. Where as additional gun coverage will cover only the guns.


    For instance, one time I needed the personal property coverage for mostly property and another time I needed the personal property coverage for the guns and personal property.
    Lucky there was enough to go around.
     
  7. tarpleyg

    tarpleyg

    Messages:
    3,153
    Likes Received:
    1
    Joined:
    Aug 7, 2002
    Location:
    North Carolina
    You can get cheap insurance through the NRA. Since you're already a member you can get it. Also, as an NRA member, you should already have some amount of free insurance but you may have to opt-in to take advantage of it.
     
  8. LEO/Dad

    LEO/Dad Navy Veteran

    Messages:
    3,336
    Likes Received:
    1,062
    Joined:
    Aug 16, 2009
    Location:
    Illinois
    I recently updated interior pictures of our house after our remodel this year. I included individual pictures of all my guns.....hmm. how many? We keep these pictures in our bank safety deposit box. We just have homeowners insurance, but taking pictures is recommended by our insurance people. I wrote the serial numbers on the back of each photo.
     
  9. HexHead

    HexHead

    Messages:
    4,815
    Likes Received:
    1
    Joined:
    Jul 16, 2009
    It depends on the company, and on the policy form, but generally, specific categories of personal property like jewelry and guns have specific limits. Like $5000 coverage for that category or $3000 for any one piece. Above that, you need to have it scheduled. Even if you have $50,000 personal property coverage.

    Read your policy and don't assume you're covered.
     
    Last edited: Dec 31, 2012
  10. tarpleyg

    tarpleyg

    Messages:
    3,153
    Likes Received:
    1
    Joined:
    Aug 7, 2002
    Location:
    North Carolina
    If you haven't already done so, read your policy because it probably only covers a low dollar amount specifically for firearms. Most homeowners' policies are like that. You can buy a rider through you current insurer but it's often more than the policy you can get through the NRA. Lockton Risk Services (NRA endorsed insurer) does not require you to list serial numbers or anything else unless you have very expensive collectible items.
     
  11. klt1986

    klt1986

    Messages:
    498
    Likes Received:
    4
    Joined:
    Feb 28, 2007
    Location:
    Virginia
    That is the way my homeowners policy is written as well. To add coverage in addition to the standard policy amount, I have to add a rider. The price for this additional coverage has significantly went up and you purchase it at a fixed price per $100 of coverage.

    I do have the $2,500 from the NRA that I opted in for but I need more. I can add more through the NRA company at a pretty reasonable rate but just looking for others experiences.
     
  12. M2 Carbine

    M2 Carbine

    Messages:
    24,537
    Likes Received:
    11,710
    Joined:
    Dec 21, 2002
    Location:
    Texas
    I hear this all the time but I've never seen it, with four companies, over the years.
    Over the years I have made 4 large claims, including my gun shop burning to the ground in 1995.
    EVERYTHING was covered at replacement value (on paper I actually made a lot of money from the curent value of the personal property coverage)

    I wonder if how the insurance is written is somewhat controled by the state?

    Yes, read your policy and if need be have it explained to you in great detail by the insurance company. Don't just assume you have full gun coverage or that you don't have full coverage.

    Currently I am with Allstate. Recently, because of a thread like this, I sat down with Allstate again and had them explain what gun coverage I had. Guns/etc. are covered to the full limit of the personal property coverage (as has been the case in the past)
    A state thing?
     
  13. tnedator

    tnedator Lifetime Member

    Messages:
    553
    Likes Received:
    4
    Joined:
    May 22, 2009
    I recently did some similar research.. A name that I kept seeing coming up in various forum threads for several years now is Eastern Insurance -- http://www.historicfirearms.com/.

    They are both cheaper than the NRA and cover more. You only have to give a schedule of firearms for guns valued at over $10,000 (each, not total) and they also cover things like optics, leather/holsters, range bags, reloading equipment (not reloading components) and the like. They pay replacement value when you have a claim.

    Their minimum policy is $125 for 35,000 in coverage that has a $100 deductible.

    I did what others suggested, and talked to Jack Richardson at Eastern Insurance and came away very impressed.

    You can google Eastern Insurance Firearms and you will find a bunch of forum threads about their insurance and how it compares to the other options.
     
  14. The Fed

    The Fed

    Messages:
    702
    Likes Received:
    0
    Joined:
    Dec 23, 2012
    Location:
    Central Florida
    If they are confiscated they are not covered because they weren't stolen.
     
  15. redbaron007

    redbaron007 Some Dude Lifetime Member

    Messages:
    7,981
    Likes Received:
    56
    Joined:
    Jan 26, 2009
    Location:
    SWMO
    Most HO policies are the same....with some minor changes...and depending on the state.

    They all cover firearms. However, depending on the loss, determines the coverage. Generally, firearms, jewelry, money have a specific coverage when it comes to THEFT. If your home should burn or be blown away, your personal property limits will apply then, not the theft limits. You firearms are only covered by the named perils in your policy. If you loose it while hunting, ie you leave it on the tailgate and drive off and it falls off and you can't find it, there is generally no coverage...not a named peril.

    Many companies offer a 'rider' or 'personal articles policy' that provides ALL coverage, except what is excluded, generally wear/tear on the product and manufacturer defects. You will have to itemize the firearms and provide a replacement cost, then they will be covered for that amount, if the loss is not caused by an excluded event.

    If you have several guns, the rider or personal articles policy is the best way to go, usually cheaper than the NRA...plus the NRA is excess coverage, meaning you will still have to file on your HO and receive their money before it will extend coverage....it's called secondary coverage.

    I would encourage you to call your agent and inquire about this coverage from your specific company. It's generally very affordable.

    :wavey:

    red
     
  16. tnedator

    tnedator Lifetime Member

    Messages:
    553
    Likes Received:
    4
    Joined:
    May 22, 2009
    Around here, with State Farm, you can spend literally a few bucks per six months to up the firearms coverage to the max, which is $5000, I think. However, I believe the standard deductible (for many around $500) applies.

    Then, you get the personal articles policy for firearms, which is $2 per $100 of coverage, but if I remember correctly, it's zero deductible. You don't have to schedule your firearms unless you want to specifically list some on the firearms riders, with the zero deductible.

    So, let's say you wanted $10,000 in total coverage, you would pay a few bucks (literally, maybe $10-20 or something like that) to the maximum amount (let's say it's $5,000, which I think was the case here), and then you buy $5,000 on a personal rider, which costs $100, so you are looking at something like $120 a year, for $10,000 in coverage, with a $500 deductible on one of them. So, if you have a single Glock stolen, and it isn't scheduled to be on the personal rider, then you basically foot the bill yourself, because of the deductible. However, if you are robbed and lose $10,000 worth of guns, you pay the deductible once and get reimbursed for all.

    This is one of the reasons I saw so many people recommending Eastern Insurance. No scheduling. $125 to cover the vast majority of people's list of guns ($35,000), $100 deductible per claim/incident, whether one gun or 20, plus covers all of your accessories, glass (optics) and other gear.

    Also, you get a 5% discount if you are a member of the NRA (or about a dozen other shooting related organizations). They seem to be a big supporter of the shooting sports, and insure major gun shows and gun stores as well as consumers.

    P.S. I am in NO way affiliated with Eastern Insurance, but after spending a lot of time researching home owners insurance options and NRA Armscare Plus, they are not in the same class as Eastern's coverage.
     
  17. redbaron007

    redbaron007 Some Dude Lifetime Member

    Messages:
    7,981
    Likes Received:
    56
    Joined:
    Jan 26, 2009
    Location:
    SWMO
    Is the Eastern Insurance policy All Peril or Named Peril coverage? Do they sell outside of the North Eastern area? From what I gather on their web site, they only sell in the NE area only.

    The riders/personal articles policy are generally all peril...with zero deductible....most will cover if one just looses a firearm, or drops and breaks a sight or accessory. When you schedule them, you include all the accessories in the replacement cost...all the mags, lights etc. Not trying to sell one or the other, depends on the person's need, but there is a big difference between the two types of policies.

    :wavey:

    red
     
  18. Dan_ntx

    Dan_ntx

    Messages:
    2,248
    Likes Received:
    0
    Joined:
    Jan 26, 2007
    Location:
    Dallas Area Texas
    I had little to no luck here in the South with State Farm...my agent told me that I was unable to get a specific rider for firearms, but that I could raise my "standard" level of content coverage from 120% of my homes value to a higher %. Provided none of my firearms are "collector" pieces (and they aren't) their value is included in the contents coverage.

    The only specific items I could get a rider for were jewelry, furs, and electronics over $10k in value. Lucked out of that one too.

    Homeowners insurance here on Texas is expensive, but I was assured that I am covered to a level that would replace what I have in the event of loss.
     
  19. klt1986

    klt1986

    Messages:
    498
    Likes Received:
    4
    Joined:
    Feb 28, 2007
    Location:
    Virginia
    According to their FAQ's they offer the firearms insurance in every state.

    I'm switching my homeowners policy to another company that offered a better rate and doubled my firearms coverage.
     
  20. redbaron007

    redbaron007 Some Dude Lifetime Member

    Messages:
    7,981
    Likes Received:
    56
    Joined:
    Jan 26, 2009
    Location:
    SWMO
    Here is the company I was reviewing. Is it the same one you are?

    :wavey:

    red