How Do You Put a Value On Your Guns?

Presuming you have no numbers written down, you need to get something on paper right now.

For new guns, with box, unfired, value at original price for immediate valuation.

For new guns, fired, with or without box, value at used price.

For used guns, modern make, value at used price.

For military surplus, value at current market. Include accessories like holsters, slings, and bayonets, if you have them.

Condition is everything.

Once you've done that, go online and check your values and adjust as necessary. Your NIB items will change dramatically from purchase cost. Do this once a year.

You can pay a gun store to visit and value your stuff, too, a couple of hundred bucks will get you a written and signed statement of value to wave at your insurance company. This is always better than owner's statements of value.

A simple spreadsheet including make, model, serial number, accessories, condition, and purchase price is ideal. Number each item in the spreadsheet and link that to a photograph.

Do add a column for sales taxes and transfer fees. These are replacement costs and need to be reckoned.

Date your inventory each time you adjust it. Make sure your spouse is aware of it, and put a copy aside with other important papers.
 
I don't value my guns at all. I buy what I want to own and I don't plan on ever selling them. The value is unimportant to me once I own them. I worry about value only when I am buying.
 
Thanks for the replies, and yes I am planning on getting my guns insured in the near future which is the reason for this post.


I don't value my guns at all. I buy what I want to own and I don't plan on ever selling them. The value is unimportant to me once I own them. I worry about value only when I am buying.
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You wont be saying that if they get stolen.
 
Cost to replace locally...the walk in no haggle price plus accessories.

For example, I had a G21. I got a good deal on it. For insurance, I would have valued it at $550 +$150 for night sights installed locally.

Valuing for resale, I check arms list and gunbroker.
 
Thanks for the replies, and yes I am planning on getting my guns insured in the near future which is the reason for this post.



Quote:
I don't value my guns at all. I buy what I want to own and I don't plan on ever selling them. The value is unimportant to me once I own them. I worry about value only when I am buying.

You wont be saying that if they get stolen.
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How you value your guns is only needed to determine how much additional coverage you want to put on your guns. The typical Homeowners policy (depending on the state) generally limits loss to guns by theft to $1,000-2,000 per loss. You increase coverage to the total value of your guns. What you decide is the value of your guns don't make a difference in what you will be paid if you have a loss. You will be paid the market value of the guns at the time of the loss. If you have replacement cost coverage, you will be paid the full replacement cost of a new gun once you have replaced the gun. Replacement cost coverage does not apply to antique or collectb
 
Thanks for the replies, and yes I am planning on getting my guns insured in the near future which is the reason for this post.
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If you have a loss, you will be paid the market value of the gun at the time of the loss and how you value your guns is not a consideration. The only reason you need to value your guns is to make sure you have enough coverage to cover their value. If you have replacement cost coverage on you homeowners policy, it will pay the full replacement cost of the gun new when you actually replace it. The most important thing to remember is that you need good documentation to prove you bought and own the guns you have. Photos are helpful and the complete description with serial numbers is needed. Keep your documentation at a different location from where they are kept in case the documentation is burned or stolen during a loss. I handled insurance claims for 31+ years and proof of ownership was one of the biggest problems. Once you are paid for the loss of a gun, if it is recovered, it is owned by the insurance company that paid you for the gun.
 
I just renewed my home insurance and was notified of a change in the policy. My insurance agent will now require either a receipt or professional appraisal (in writing) before I can claim a market/replacement value on a covered loss. (Photos and serial numbers of the guns has always been required.)

Lacking the receipt or appraisal, the most I can receive is $350 for each individual gun lost, which in any case I will receive no more than $15,000 total for everything. Quite frankly, most of my guns are sentimental to me only and $350 bucks a piece is a fair and amiable market value.

Long story short, I now have three guns that I have to either find the receipts for, or take them down for an appraisal.
 
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