Firearms theft and insurance? What to do?

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Kimio

New member
This is subjective to the state of residence I imagine, but I am curious about how one would go about this in the event, god forbid, one were to get their firearms stolen.

This is something I've been contemplating more and more as of late, and I've come to the realization tht I have no idea bout what I would need to do, how should I document my firearms, or how I should insure them (if that's an option) or who I would talk to insure my firearms against theft or damage (due to a house fire for example).

Does anyone have som resources I can go to in order to learn up on what to do in these situations or have some advice?

I'm currently stationed in Utah if that helps any, in regards to narrowing down information.
 
I created a simple spread sheet of all my guns including manufacturer, model, serial number, cost and a brief description. I also took digital photos of everything. I keep hard copies at home and in the safe deposit box. As for as insurance contact insurance companies that offer homeowners and/or renters insurance and discuss the matter with them.
 
Right now, today, open an Excel spreadsheet and log every gun you own, make, model, caliber, condition, cost, value, AND SERIAL NUMBERS.

If you have a camera, video or still, take at least one photo of each gun.

Print it all out, duplicate to a thumb drive, and put it away.

Put all receipts with the list.

Xerox it all and keep a copy at work or with a friend.

Then start thinking about insurance when you're done.
 
Another option on the insurance front is the NRA. One of the big selling points for a membership for me was the insurance. You get a small policy just for joining... I think 2500, and you can get increased coverage for collections with a value higher than that. High value firearms may need to be scheduled, but not necessarily appraised.
 
Many renters and home owners insurance policies will only cover $2000-$3000 in firearms, and usually the firearms only (not scopes, ammo, reloading gear, etc). Some of those same policies also require you to submit serial numbers to the insurance agency.

Instead, for $125 a year I set up a policy with Historic Firearms (for $35,000 in coverage) which covers just about everything, and they do not require serial numbers. That said, there is plenty of good advice in the posts above. Keep a list of make/model/serial for all your guns, in addition to notes on related gear and keep that list in multiple safe locations. The day I bring any new toy home (gun, scope, or even home electronics) the first thing I do is take 10-20 detailed photos always making sure to include closeups of the serial numbers.

Once a year I go through the whole house with a video camera doing a slow pan of everything I own. I do a separate video for the guns and gun stuff; all the guns and gun-stuff gets laid out on the floor and I do a slow pan over everything and again I try to include serial numbers.
 
I don't do anything special except try to prevent fire and theft. I do have detailed records if needed, but I see that as a tool to get them back if stolen, not for insurance purposes. Only about 20-25% of gun owners can provide a SN to LE after a theft. Makes it hard to return a gun even if it is recovered.

I've only had one gun stolen. I reported the incident along with the guns SN to LE, but did not file an insurance claim. The investigator working my case told me that was wise. After paying the deductible I'd have only gotten around $100. Not worth the red flags it would have sent up at the insurance company. With a $2000-$3000 limit and a $500 deductible I probably wouldn't file a claim even if multiple guns were stolen. It could end up costing me much more in the long run.

Fire and theft claims are the fastest way to get your premium increased or policy cancelled. Most insurance companies always assume that if the cases are not fraud, they are carelessness on the part of the policy holder. Most fires and thefts are preventable in their eyes. Weather related claims are no problem.

I don't carry any special coverage on the guns. In the event of a fire or other disaster I have plenty of coverage on my home and it's contents to rebuild and set myself up for any shooting needs after getting the check. I can't replace the guns with family history or sentimental value with any sum of money anyway. No point in trying.
 
A lot of sound advice in this thread and I appreciate all of it. The documenting of SN's and pictures of my guns among other things is equally wise. Never though about getting a safe deposit box to include additional backups. I'll have to look into the cost of one locally.

really good stuff, if anyone else has some ideas or advice, I'll be more than open to them.
 
Just keep your duplicate data set at the office, or in a locked security box at a friends place, or in the garage or an outbuilding. Bank boxes aren't worth it.
 
First off, I would recommend that everyone document their firearms in some personal record should they ever need the information. However, when I looked into an insurance rider for firearms it was very expensive and you would have to list your firearms and value.....no thank you! My policy covers guns automatically, but to a very low limit.

My real insurance is two HEAVY duty good quality safes which paid for themselves in savings a rider would have cost.
 
Kimio said:
Colbad, can you elaborate on what a "Rider" is? Not exactly familiar with the way you're using it.
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I'm not Colbad, but a rider is simply an addendum to a standard policy that covers something not covered by the basic policy, usually for an additional premium. You can get riders to increase coverage for firearms, tools, cameras, jewelry, artwork ... you name it.

Respectfully, anyone who doesn't understand such terms as "schedule" and "rider" should be talking to a local insurance agent, not asking questions on an internet forum.
 
Fair enough, I'm still a young whelp and am not afraid to admit it. I've got much to learn just about life in general let alone firearms. Figured I'd ask those who I figured are much wiser and educated on this topic than I on what they would do.

I take the security of my arms and such very seriously, don't need to have my name amongst the names of the departed or in the headlines of some but job who happened to get my guns and went on a killing spree. Negligence will be the last thing I want to be remembered for.

I'll have to speak with someone, just a matter of figuring out who I need to speak with.
 
Respectfully, anyone who doesn't understand such terms as "schedule" and "rider" should be talking to a local insurance agent, not asking questions on an internet forum.
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I disagree. If I were in that situation, I'd much rather learn this sort of information from people who can't profit from my lack of knowledge and thus don't have a monetary motive for answering my questions in a specific way. I would, however, start running the concepts in those answers through a google search so I can ask better questions.. i.e. Google Insurance + Rider or Insurance + schedule to learn the industry terms thus arming myself with enough questions to as more pointed questions like what are some common pitfalls in schedules and riders?
 
My renters insurance covers both theft and fire damage of firearms. Best part is, packaging the coverage with my vehicle insurance gave me a discount that covers the cost of the renters policy. Its pretty much free!
Go State Farm!
 
Spaceman, I think you'd better check the details of the limits of certain things in your policy. It's standard for a lot of policies to have limits on things like jewelry, art, firearms, etc unless you have additional coverage via a rider. In your case State Farm is a good company you may well be covered. But not usually so it's best you check, if you have a lot of guns or any collectible ones.
 
You are absolutely right, there is a limit, for each cause of loss. Its been 7 or 8 years since I bought the policy and now that I pay all my bills online I haven't even seen my insurance agent in a long time. I cannot recall what the limits are. I do know that they exceeded the value of my firearms.
 
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