Insurance Claims & Gun Appraisals

G

Good Guy

New member
I'm interested in a new insurance policy with regards to replacement value of my guns, not just covering the original cost. Values have changed drastically in the last 25 or 30 years since I first acquired some of my collection and inflation has taken it's toll.

Has anyone had their collection appraised before? How did you go about it, and who qualifies as a legitimate, recognized firearms appraiser? I would not think your run of the mill FFL would qualify for these purposes. Were appraisals priced by the hour, by the gun or by....?

My NRA membership includes a small policy, with provisions to upgrade as well. Any thoughts on this? Frankly, the only comment I have seen on NRA insurance was not complimentary.

Also, has anyone had the unfortunate experience of sustaining a loss (fire, theft, etc.) and then filing a claim? How many hoops did you have to jump thru to process your claim and what were the results?

I use a gun safe for storage and the place has an unmonitored hard-wired alarm system as well. This hopefully results in lower premiums. My area isn't the greatest, but I and my neighbors have never had any major problems aside from the very rare instance or two of auto stereo burglary. I feel fairly secure, but FULL VALUE insurance would let me rest easier while out of town.

I am loking for some feedback BEFORE I deal with an agent, as I don't like the feeling of being "a babe in the woods" when I walk thru the door of an insurance company.

All feedback greatly appreciated. Thank you. Good Guy

Just one of the Good Guys.
 
Good Guy:

You might want to address this topic specifically to other CA residents as each state regulates the insurance industry within it's borders--and what goes for me, might not go for you.

I don't need an appraisal for items valued under $2500.00. Those items could be covered by an unscheduled personal articles floater with an upper limit of $20,000 for all covered items. For items valued over $2500 an appraisal would then be required. Generally an appraisal is given by a recognized authority--someone with a letterhead. Your local FFL should be an authority.

Regarding cost, hopefully when you explain the situation to the appraiser, you would be able to work out a fixed cost.

Regarding losses, fortunately I haven't had any.

I doubt the safe and alarm systems would offer much, if any, of a discount. The alarm system would have to be monitored--in my case--to get any discount.

Hope this helps.

Also, you might check around to see which agents are gun owners, or at least have happy gun owner clients, your agent should really be source of information for you. The cost of the insurance should be the least important factor in your decision--get someone who isn't anti-gun.

[This message has been edited by Lucas (edited August 12, 1999).]
 
Your NRA membership insures your first $1000 loss and the additional policy will insure all your guns above the first $1000 at very reasonable rates and you don't even have to list your guns with the company; just the value. I haven't had a claim with them, however.

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OJ
NRA LIFE MEMBER
 
Good Guy:

I lost an 870 while duck hunting in NC in 1992. Made my claim through NRA firearms insurance...it was a painless procedure. I had no trouble at all in settling for what I considered a fair amount for a 20 year old shotgun.

Mike
 
I know this isn't going to be what you wanted to hear, but...do you honestly trust the kind of information (that an appraisal would provide) on your collection of firearms, with an insurance company?

Do you actually think that their databases are safe from bureaucratic intrusion?

Assuming you live in a house, build yourself a safe room. Make it so that nothing short of a bulldozer could get in there. Build it to use existing foundation walls and concrete slab/flooring. If you are trying to protect your collection from thiefs, your construction will be minimal. Fire protection really means a room with double layered 5/8" drywall completely around your room. However, you should be more worried about having your entire collection floating around in an insurance company's database.

The biggest threat to your firearms are the thiefs in Washington D.C. So keep that information PRIVATE!
 
Not to change the subject,but what are the privacy laws like in regard to insurance and the government. If I give an itemized list of my possessions to State Farm for example, what prevents them from sharing this list with the Gov. when gun control laws becomes more draconian. Are there any insurance agents/lawyers out there with some advice?

[This message has been edited by ATTICUS (edited August 12, 1999).]
 
With the excess coverage over the first $1000 the NRA furnishes, you insure your guns for a very reasonable premium of something like $10 per $1000 worth of guns per year and you don't list your guns - just the dollar amount you want covered. Check with the NRA for the details. This is reason enough to be a member even if there weren't more pressing reasons.

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OJ
NRA LIFE MEMBER
 
Gentleman
Thanks for all the great information. I think I'll upgrade my NRA policy. Sounds like the most bang for the buck, and I also like the idea of not having to initially list serial numbers with the policy. Very reasonable pricing for the peace of mind, as well.

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Just one of the Good Guys
 
When I tried to get a rider to cover my firearms and photographic equipment, my State Farm agent said I had to put security wrought iron grillwork over all doors and windows (which I already had) and an alarm system that they approved, (over $1,000) and the premium would be around $800 to $1000 a year.. Later on I wanted to upgrade liability insurance on my home, and was denied. Why? Because I owned guns. Needless to say, they no longer have my business.
Paul B.
 
A few years ago our home was burglarized. The thieves took 4 rifles and a shotgun from a locked gun cabinet display case with glass doors (remember those?). It was an "inside job" by house painters who came back after some months. The guns were the only thing taken, so they knew exactly what they were after, but that's another story. Today, of course, I have a substantial safe bolted to a concrete slab to contain my firearms and ammo.

My home carrier (Farmers Insurance Exchange) paid $1,000 (the maximum allowable under my policy for firearms loss) plus the cost of repairing the broken glass in the cabinet. The NRA carrier made up the difference. As I recall, the NRA max without a supplement was $5,000.

Each carrier required a copy of the police report, the list of firearms and their respective serial numbers if known, and in the case of the NRA carrier, the amount my homeowner's insurance company paid. for the loss. The NRA carrier used Fjestad's Blue book to assess value. All firearms were valued at 90%.

I was well pleased at the result ultimately being out-of-pocket about $125

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Safe shooting - PKAY
 
This is certainly a useful thread, but I also tend to think future problems won't be with the values, per se. Rather, the problem will become that stolen / destroyed firearms of various kinds will become essentially irreplaceable.
 
Jeff
I agree. In California, after 12/31/99, any lost, stolen or otherwise destroyed guns that the state has classified as "assault weapons" will be irreplaceable. As of 1/1/00, no additional assault weapons can be imported into CA for ownership, no matter what the reason is. But I guess this is old news to most of TFL members.

Thanks for all the replies.

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Just one of the Good Guys
 
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