Who insures your firearm collection?

[Harry Callahan]

Even though I have a safe I still think it would probably be a good idea to make sure my "babies" are insured if something were to happen. Currently I have an Allstate Homeowners policy but it only covers up to $3000 worth of firearms, and my collection value exceeds that by quite a bit. I spoke to my agent and he said it would cost another $192 per year to cover what I have. How does everyone else insure their collection?

 

[JWT]

I have a separate Valuable Personal Property policy with USAA that has all my firearms on it. Whenever I get a new gun I add it to the policy as soon as I get it home even though they're all kept in safes.

 

[Playboypenguin]

Farmers insurance. I looked into the NRA insurance and, after doing the simple math, it was very clear what scam it was.

 

[bluetopper]

Would take too long at that rate to justify a safe. I neeeed to get one.

 

[scorpion_tyr]

Renter's Insurance from State Farm. For $20 a month it covers up to $25,000 of whatever.

 

[Dustin0]

I have renters from travels with a rider for my firearms. I think it cost me like 20 bucks a year more.

 

[hogdogs]

Rabbit's Foot Insurance Company a subsidiary of the A.C.M.E. corp.
Brent

 

[schnarrgj]

Have added a rider to the homeowners policy.

 

[Cerick]

i have a 7 foot tall fort knox safe that weights a ton, especially with all the guns and ammo in it which would be hard to get out for any less than 5 or 6 people. no breaking into it without a serious torch. also have my guns to protect my guns. that should be enough.

 

[Playboypenguin]

Safes are great, but firearms can be lost in many more ways than simple theft. Home fires are often what destroys collections and even firesafes will not save a collection from a serious blaze.

 

[Cerick]

true...

 

[Hook686]

I looked into the NRA insurance and, after doing the simple math, I opted for it.

 

[Playboypenguin]

Hook686

You must be bad at math.

 

[Hirlau]

I am scheduled to re-up my NRA insurance in 2 weeks, is there a problem with their (NRA) coverage? Should I get another company? Why?

I read their plan last year and joined, seemed fine, but I was never good at insurance matters.

Any advice would be welcome.

Thanks

 

[Playboypenguin]

The coverage is fair. The issue is the price. It would have cost several times what it cost from farmers

 

[troy_mclure]

ive got geico renters, with a assessment list for my firearms. it runs me an extra $51 a year.

 

[Sixer]

Scorpion, you might want to take a second look at your renter's policy. I always recommend renter's policies because they are a great value. However, just like any other personal property policy, it does have limits on certain items (jewelry, watches, tools, GUNS). So even though you do have 25k in personal property coverage, your coverage on firearms is likely in the $3000-$5000 range.

This limit only applies to theft, but still something you want to be aware of. On my policy I have an additional 5k in blanket coverage that runs less than $15 a year.

 

[Stiofan]

Most Homeowners and Condo owners policy limit firearm theft to $1,000 and Renters policies limit it to $500. There are exceptions, but this is the normal limits.

You can increase the limit to $5,000 or $10,000 fairly cheaply, but if you have an extensive collection, get a firearms floater/rider as some in this thread have done and schedule the guns. The coverage is broader under a floater and is not subject to the normal exclusions of the base homeowners policy.

Your personal insurer will normally give you a better rate than a stand alone policy from a specialty insurer like the NRA as the expenses to write and administer the policy is already paid for in the home/condo/renters policy so they are just charging for the added risk of the guns.