i know someone who will be acquiring in exes of 250,000 dollars worth of guns, like current military machine guns hand made guns and everything in between (all legally of course) and they asked me if there was an insurance company that insured guns and needless to say i didnt know the answer. so if you wouldnt mind letting me know a good company (if any) that would be greatly appreciated thank you.
gun insurance?
- Thread starter rlw
- Start date
Re: gun insurance?
Not sure, but I know we just sent pics and info to our current homeowners insurance and they will insure it if they are stolen or destroyed. Im not sure how much it added on. have him start there unless he isnt keeping them at home
Not sure, but I know we just sent pics and info to our current homeowners insurance and they will insure it if they are stolen or destroyed. Im not sure how much it added on. have him start there unless he isnt keeping them at home
Re: gun insurance?
Make sure you read the policy that your insurance agent gives you. The company that I go through charges a LOT of money to insure firearms if they exceed a certain dollar figure... ad that dollar figure is very low.
Make sure you read the policy that your insurance agent gives you. The company that I go through charges a LOT of money to insure firearms if they exceed a certain dollar figure... ad that dollar figure is very low.
Re: gun insurance?
State Farm-Just need pics, and serial numbers. I believe I paid about $11 a year per $1000. Really reasonable. -Brandon
State Farm-Just need pics, and serial numbers. I believe I paid about $11 a year per $1000. Really reasonable. -Brandon
Re: gun insurance?
There should be an option with your insurance company to sign an "addendum" to your regular policy which should cover the guns.
There should be an option with your insurance company to sign an "addendum" to your regular policy which should cover the guns.
Re: gun insurance?
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: fockell</div><div class="ubbcode-body">State Farm-Just need pics, and serial numbers. I believe I paid about $11 a year per $1000. Really reasonable. -Brandon </div></div>
yea thats who we use as well
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: fockell</div><div class="ubbcode-body">State Farm-Just need pics, and serial numbers. I believe I paid about $11 a year per $1000. Really reasonable. -Brandon </div></div>
yea thats who we use as well
Re: gun insurance?
I store all my guns at my dads, and he recently inventoried our combined collections with values to give to the insurance company. Previously the insurance covered up to 5k, which wasn't close to being enough. I don't know how much we are covered for now or how much it cost, but it can be done, to answer your question.
I store all my guns at my dads, and he recently inventoried our combined collections with values to give to the insurance company. Previously the insurance covered up to 5k, which wasn't close to being enough. I don't know how much we are covered for now or how much it cost, but it can be done, to answer your question.
Re: gun insurance?
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: fockell</div><div class="ubbcode-body">State Farm-Just need pics, and serial numbers. I believe I paid about $11 a year per $1000. Really reasonable. -Brandon </div></div>
My collection is insured through State Farm, They have never needed pictures of any of them. They have treated me real good, ie adding and selling them. They are real easy to change. I even had a claim. They replaced it within a week.
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: fockell</div><div class="ubbcode-body">State Farm-Just need pics, and serial numbers. I believe I paid about $11 a year per $1000. Really reasonable. -Brandon </div></div>
My collection is insured through State Farm, They have never needed pictures of any of them. They have treated me real good, ie adding and selling them. They are real easy to change. I even had a claim. They replaced it within a week.
Re: gun insurance?
Allstate didnt give a shit i said i own X dollars worth of firearms and other hihhend sporting goods they said cool its an extra 10 bucks a month for our sportsmans add on and it covers up to 90k
Allstate didnt give a shit i said i own X dollars worth of firearms and other hihhend sporting goods they said cool its an extra 10 bucks a month for our sportsmans add on and it covers up to 90k
Re: gun insurance?
You can just get a extra addendum to your home owners. In most home owners they have a specific amount. the addendum can before any amount you want to pay for.
Nice thing about a addendum, like jewelry and guns, they cover no fault loss. My wife lost the diamond out of her wedding ring. They covered it with not deductible.
To double cover your self, get pictures, serial numbers, and if possible, have a gun shop value your collection. That way they have they can not tell you your $5000.00 gap is really only worth 500 bucks! When they have to pay a claim, they get real nasty.
You can just get a extra addendum to your home owners. In most home owners they have a specific amount. the addendum can before any amount you want to pay for.
Nice thing about a addendum, like jewelry and guns, they cover no fault loss. My wife lost the diamond out of her wedding ring. They covered it with not deductible.
To double cover your self, get pictures, serial numbers, and if possible, have a gun shop value your collection. That way they have they can not tell you your $5000.00 gap is really only worth 500 bucks! When they have to pay a claim, they get real nasty.
Re: gun insurance?
Most homeowner's policies can have a "rider" attached for a reasonable premium - so long as the collection is not very expensive (what "very expensive" means will depend on the company - but ranges from $5K to $25K or more).
If additional coverage on guns is cost-prohibitive, visit your local independent agent. They can write an "Inland Marine" Policy to cover the price - often for $10-$15 annually per $1000 of value or the guns. Naturally, that figure can vary drastically by company... hence the reason to consult an independent agent - so he/she can shop that rate among multiple companies.
FWIW:
<--- Licensed insurance agent.
Most homeowner's policies can have a "rider" attached for a reasonable premium - so long as the collection is not very expensive (what "very expensive" means will depend on the company - but ranges from $5K to $25K or more).
If additional coverage on guns is cost-prohibitive, visit your local independent agent. They can write an "Inland Marine" Policy to cover the price - often for $10-$15 annually per $1000 of value or the guns. Naturally, that figure can vary drastically by company... hence the reason to consult an independent agent - so he/she can shop that rate among multiple companies.
FWIW:
<--- Licensed insurance agent.
Re: gun insurance?
Mine are insured for up to 5k apiece. It works like this:
Stock, insured
Rings, insured
Base, insured
Barrelled action, insured
Bipod, insured
Scope, insured
The rifle itself is the tough part, but the components make it gravy
Mine are insured for up to 5k apiece. It works like this:
Stock, insured
Rings, insured
Base, insured
Barrelled action, insured
Bipod, insured
Scope, insured
The rifle itself is the tough part, but the components make it gravy
Re: gun insurance?
I am a Agent for a large insurance agency. You would need a personal articles policy if you did it with us. But, I have to say that kind of money would be very pricy. The smartest thing you can do is take about 1-2 yrs of premium that you would pay and buy as many safes as you need. You can pay for the safes pretty fast with the amt of premium you would pay. Donot leave that kind of investment to chance with your homeowners policy. Get a seperate named policy. I am not familiar with the NRA insurance but it seems like a good place to look. They are used to dealing with guns and have some knowledge of that.
T
Donot shop this coverage for price. Shop this coverage for service. There are too many varibles to deal with on this kind of coverage.
I am a Agent for a large insurance agency. You would need a personal articles policy if you did it with us. But, I have to say that kind of money would be very pricy. The smartest thing you can do is take about 1-2 yrs of premium that you would pay and buy as many safes as you need. You can pay for the safes pretty fast with the amt of premium you would pay. Donot leave that kind of investment to chance with your homeowners policy. Get a seperate named policy. I am not familiar with the NRA insurance but it seems like a good place to look. They are used to dealing with guns and have some knowledge of that.
T
Donot shop this coverage for price. Shop this coverage for service. There are too many varibles to deal with on this kind of coverage.
Re: gun insurance?
1. All policies are governed by the individual state insurance commissioner rules and vary from state to state even for the same company! No standard from state to state even with the same company. So beware of internet statements on what a company covers and doesn't cover as that might be accurate in their state but not yours.
2. All policies have a written limit in the policy for high value items and anything over that, they will not pay as it is outside the policy limits. You have to add coverage over the policy limits and pay for it extra.
3. You can add an addendum and list the firearms for a specific amount and price is normally $10-15 per year per $1000 coverage. That is the best. Have detailed info and photos to verify a condition, SN, type and replacement value etc. In the event of a claim, you are required by law to prove what you had and its worth.
4. It does not matter what the agent tells you in person or over the phone, the written company policy rules! So read it and believe only it. You can sue the agent for "errors and omissions", but not the company if the agent tells you wrong. The company is only obligated by law to follow the terms of the policy unless an "executive of the company" signs a specific written agreement that is different.
5. Check with your state AG office to verify if it is legal to tape record a telephone conversation if "one party knows it is being done". ie you. If so, you can record what the company agent says over the phone if dealing with a company by telephone. I have done this and they quickly settled for what I claimed as I was going to turn the tape over to the state insurance commissioner and file a suit for "errors and omissions" against the parent insurance company who employed the online agent who answered the phone.
6. Beware that there are two types of coverage and you must know what type of coverage you have!!!!
A-depreciated value- That will pay what it has depreciated to from original cost and nothing more regardless of what it would cost to replace new.
B- Replacement value- will pay to replace that item or similar like item. However, most policies pay you the depreciated value up front, you replace the item and THEN they send you another check for the difference AFTER you have bought the replacement. Most also have a limit on how long after the mishap/loss to get the item replaced. 180 days is a normal standard. That makes replacing a custom gun in 180 days a big push sometimes. Once again, state rules govern how this is done in your state!!
BH
1. All policies are governed by the individual state insurance commissioner rules and vary from state to state even for the same company! No standard from state to state even with the same company. So beware of internet statements on what a company covers and doesn't cover as that might be accurate in their state but not yours.
2. All policies have a written limit in the policy for high value items and anything over that, they will not pay as it is outside the policy limits. You have to add coverage over the policy limits and pay for it extra.
3. You can add an addendum and list the firearms for a specific amount and price is normally $10-15 per year per $1000 coverage. That is the best. Have detailed info and photos to verify a condition, SN, type and replacement value etc. In the event of a claim, you are required by law to prove what you had and its worth.
4. It does not matter what the agent tells you in person or over the phone, the written company policy rules! So read it and believe only it. You can sue the agent for "errors and omissions", but not the company if the agent tells you wrong. The company is only obligated by law to follow the terms of the policy unless an "executive of the company" signs a specific written agreement that is different.
5. Check with your state AG office to verify if it is legal to tape record a telephone conversation if "one party knows it is being done". ie you. If so, you can record what the company agent says over the phone if dealing with a company by telephone. I have done this and they quickly settled for what I claimed as I was going to turn the tape over to the state insurance commissioner and file a suit for "errors and omissions" against the parent insurance company who employed the online agent who answered the phone.
6. Beware that there are two types of coverage and you must know what type of coverage you have!!!!
A-depreciated value- That will pay what it has depreciated to from original cost and nothing more regardless of what it would cost to replace new.
B- Replacement value- will pay to replace that item or similar like item. However, most policies pay you the depreciated value up front, you replace the item and THEN they send you another check for the difference AFTER you have bought the replacement. Most also have a limit on how long after the mishap/loss to get the item replaced. 180 days is a normal standard. That makes replacing a custom gun in 180 days a big push sometimes. Once again, state rules govern how this is done in your state!!
BH
Re: gun insurance?
We pay good coin for full replacement value. No point in screwing around with anything less when fire, or whatever can take it that quick.
We pay good coin for full replacement value. No point in screwing around with anything less when fire, or whatever can take it that quick.
Re: gun insurance?
Although I understand the need for me to prove I actually owned the item I would be claiming on any loss, I am really uncomfortable listing many thousands of dollars worth of firearms, thousands more for jewelry, thousands more for artwork, then collections, etc, etc.
Having worked for many years in law enforcement, I look at things from how a crook might think. It would be a great way to find out which houses to burglarize based on inside information supplied by the one in a thousand jerk at the insurance company who sells my information to a burglar for a piece of the take.
Is there any way around having to actually supply the description, value and all for each item? A previous post noted that he told Allstate that he had firearms and other high end sporting goods valued at X. That sounds like the way to go unless there is a better option.
Although I understand the need for me to prove I actually owned the item I would be claiming on any loss, I am really uncomfortable listing many thousands of dollars worth of firearms, thousands more for jewelry, thousands more for artwork, then collections, etc, etc.
Having worked for many years in law enforcement, I look at things from how a crook might think. It would be a great way to find out which houses to burglarize based on inside information supplied by the one in a thousand jerk at the insurance company who sells my information to a burglar for a piece of the take.
Is there any way around having to actually supply the description, value and all for each item? A previous post noted that he told Allstate that he had firearms and other high end sporting goods valued at X. That sounds like the way to go unless there is a better option.
Re: gun insurance?
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: rlw</div><div class="ubbcode-body">i know someone who will be acquiring in exes of 250,000 dollars worth of guns, like current military machine guns hand made guns and everything in between (all legally of course) and they asked me if there was an insurance company that insured guns and needless to say i didnt know the answer. so if you wouldnt mind letting me know a good company (if any) that would be greatly appreciated thank you.</div></div>
If you can afford that amount of guns, along with insurance, you should have a vaulted room, surveillance, heat/smoke sensors with fire extinguishers directly above area, etc...
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: rlw</div><div class="ubbcode-body">i know someone who will be acquiring in exes of 250,000 dollars worth of guns, like current military machine guns hand made guns and everything in between (all legally of course) and they asked me if there was an insurance company that insured guns and needless to say i didnt know the answer. so if you wouldnt mind letting me know a good company (if any) that would be greatly appreciated thank you.</div></div>
If you can afford that amount of guns, along with insurance, you should have a vaulted room, surveillance, heat/smoke sensors with fire extinguishers directly above area, etc...
Re: gun insurance?
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: rlw</div><div class="ubbcode-body">i know someone who will be acquiring in exes of 250,000 dollars worth of guns, like current military machine guns hand made guns and everything in between (all legally of course) and they asked me if there was an insurance company that insured guns and needless to say i didnt know the answer. so if you wouldnt mind letting me know a good company (if any) that would be greatly appreciated thank you.</div></div>
Lloyd's of London is the ONLY insurance company that will give you a quote on the stuff no one else will, they do anything strange.
http://www.lloyds.com/
If you can document it, with pictures etc and put values on the stuff. I would go with a regular insurance company like www.usaa.com, who I've been with nearly 30 years as their rates will be better. But they have to know what it is or you will not get your value. For anything strange no one else will insure see above. Just two good places to start.
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: rlw</div><div class="ubbcode-body">i know someone who will be acquiring in exes of 250,000 dollars worth of guns, like current military machine guns hand made guns and everything in between (all legally of course) and they asked me if there was an insurance company that insured guns and needless to say i didnt know the answer. so if you wouldnt mind letting me know a good company (if any) that would be greatly appreciated thank you.</div></div>
Lloyd's of London is the ONLY insurance company that will give you a quote on the stuff no one else will, they do anything strange.
http://www.lloyds.com/
If you can document it, with pictures etc and put values on the stuff. I would go with a regular insurance company like www.usaa.com, who I've been with nearly 30 years as their rates will be better. But they have to know what it is or you will not get your value. For anything strange no one else will insure see above. Just two good places to start.
Re: gun insurance?
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Switchblade</div><div class="ubbcode-body">We pay good coin for full replacement value. No point in screwing around with anything less when fire, or whatever can take it that quick. </div></div>
+1
After having gone through a house fire, it is a real bitch not having full replacement value. I got a depreciated amt. on my things, depending on age of item, then I have to re-purchase said item, then send in the receipt with the item # on it, then they will send me the balance due.
In my fire, everything was a complete loss. Came home to debris in a hole that was a basement.
Read your policies carefully, and know what you have. I was informed that in the event of a theft, only 5K in firearms would have been covered. Being it was a complete loss on the house, the decided they would cover it all.
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Switchblade</div><div class="ubbcode-body">We pay good coin for full replacement value. No point in screwing around with anything less when fire, or whatever can take it that quick. </div></div>
+1
After having gone through a house fire, it is a real bitch not having full replacement value. I got a depreciated amt. on my things, depending on age of item, then I have to re-purchase said item, then send in the receipt with the item # on it, then they will send me the balance due.
In my fire, everything was a complete loss. Came home to debris in a hole that was a basement.
Read your policies carefully, and know what you have. I was informed that in the event of a theft, only 5K in firearms would have been covered. Being it was a complete loss on the house, the decided they would cover it all.
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