Armory Sponsor
Posted: 9/20/2009 5:05:49 AM EDT
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I have been shopping for firearm insurance for about 2 years. My collection is modest, but has taken me years to complie and would cost a good deal to replace. I was very lenient about giving up my SN's, so if possible, I did not want to do this. My current homeowners/auto plan is with State Farm. First I approached them. State Farm - My exhisting homeowners plan would cover $2500 in firearms. I could extend it to $5000 for an extra $12 per year without giving up SN's (I did this anyway). I could add a personal articles policy, but all SN's would be surrendered and an appraisal on some of my items would be required. Cost would be about $20/thousand of coverage. Next I tried Farm Bureau. A friend I shoot with recommended them as that is who his insurance (vehicles/homeowners/firearms) is through. Farm Bureau - Their rate on firearms was half of State Farm's, but you could not have a personal articles policy alone. You had to have a major line item first (car, house, etc). When they ran our numbers, the homeowners was close, but the cars were higher. High enough to offset the savings of the firearms policy. Their policies were similar to State Farm, SN required, appraisal on big ticket items. One note about State Farm and Farm Bureau I found interesting. The rate was the same no matter if you kept your guns in a 2000lb fire resistant safe or laying on the coffee table. I also tried the NRA, but their rate was about the same as State Farm's, but they only required SN's on higher valued items. I had about given up and go with State Farm, when I ran across a private insurance company, Collectible Insurance Services, INC, that insures collections. Someone here mentioned seeing them at Shot Show. I called, told them what I wanted to insure and how much and they quoted me about $6/thousand. I repeated again what I wanted to cover (modern firarms that are regularly used) and the agent confirmed it was insurable at this price. They also discount if your collection is in a safe or if an alarm is present. Coverage inclueds theft, fire, flood and damage. She did say that if an item is damaged while firing, it is not covered. They also only require SN and appraisal only on items valued greater than $5K. They do ask that you compile a list with pictures and SN's and store it away from your collection (suggested a safe deposit box) in case a claim is needed. I did some research and they are underwritten by Lloyd's of London and have an A- rating with the BBB. I took the plunge and signed up. Received my policy this week. I guess you really don't know how good an insurance company is until you have to use them. Hopefully I will never have to find out. I am no way affiliated with the above. I have read alot of questions about insurance and firearms on here and wanted to share my experience. |
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Lyods ultymately covers the NRA insurance by Lockton Risk.
Thanks for the post. This is very interesting. The Price for scheduled coverage w/ the Lockton/NRA insurance is somewhere between $15 & $20/hundred. I had state farm give me a quote on personal articles and the price was ridiculous. I already have Farm burea for auto so maybe I'll check w/ them, but that price you were talking was incredible. Almost too good to be true...  Would really like to hear from someone who has had to make a claim.
Do you have a deductible? Does the gun have to be stolen from you home? What if it is taken from your vehicle. What is if it taken from another home besides the one listed? The NRA policy cover theft from any house or any locked portion of any vehicle regardless of it is your place or not? The NRA policy also does not require serial numbers. |
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Yes, that is it. I did not think to ask about the other home/vehicle. My homeowners would cover that - I was more worried about total loss. |
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Check that thread again for updates. |
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