gun insurance

C

canewbie

Inactive
My homeowners provides little coverage so I have been looking for a specialized carrier. One company I found, American Collectors Insurance, http://www.americancollectors.com/, seems pretty good. Started out 35 years ago insuring old vettes. Now into lots of collectables including guns. They told me they have 200,00 customers. Rates seem good. Anybody do business with them or care to recommend a company?
 
Everyone's living situation is different but i believe the best protection for the money spent is a 24hr alarm system. If you are 30 minutes from police response obviously this is not the answer. If you are wanting fire ins then a rider on your home owners ins or a stand alone policy.
 
What I learned as a licensed insurance agent:
* Homeowners' insurance or renters' insurance does not cover jewelry, firearms, cash, or bullion. If you want coverage for those items, you must add a rider to your policy.
* In order to issue a rider for the items, an insurer will require serial numbers, and appraisals for fair market value of the items. If they are "special", custom, one-of-a-kind items, or have some other feature that significantly increases their value (e.g. a documented revolver owned by Elvis Presley), a letter from a professional appraiser will typically be required.
* Getting a rider to your existing howe-owners' or renters' policy will be cheaper than getting insurance elsewhere. Talk to your insurance agent.
 
Scorch said:
Homeowners' insurance or renters' insurance does not cover jewelry, firearms, cash, or bullion. If you want coverage for those items, you must add a rider to your policy.
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That's not true of all companies. My homeowners covers jewelry and firearms up to a specified amount. My policy has that specific language in it.

EDITED TO ADD: No riders involved.
 
STATE FARM covered up to $2500 when I had about $6500 worth of handguns stolen back in 2003. NRA covered (under regular membership) $1000. Both required police report with all pertinent data about each firearm. NRA adjuster told me about a company they endorse that will provide "good" rates to NRA members.
 
What we did is take pictures of all our household items. This way insurance can't argue about personal items as to what you did or didn't own. Rider is the way to go and make sure you get coverage for replacement value.
 
I called back to American and asked for a copy of their policy as a member suggested. They then told me that only collectables are insurable and by that they mean if you shoot it, it is not a collectable. On to the next one.
 
Last time I checked, firearms insurance was 10% of value each year.
Oh, goody-goody, that way I can rent my own belongings from the insurance company.
 
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