Posted: 9/14/2015 1:45:03 PM EDT
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Does anyone have a specific plan for gun collection insurance.
I keep a detailed spreadsheet of all my firearms purchases and it is getting up there. I would like to protect my collection even more than the standard $2500 homeowners coverage. Do any of you have it and do you suggest it? |
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I've got my guns covered under my renters insurance, plus my $2,500 NRA insurance. NRA insurance is a bit of a joke though... read the fine print. WAY too many stipulations. I am looking at these guys right now http://www.lifelongins.com/firearm-insurance and for 50k coverage it is about $500 a year. I really just want to make sure it is worth it and other people are using this type of insurance before I pay for it. |
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I also use these folks. Have anyone heard about their record for paying out? Quoted:
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A lot of us use Collectors Insurance specifically for our guns. My meager $25k policy is less than $200 a year. I also use these folks. Have anyone heard about their record for paying out? kind of curious of this myself. |
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kind of curious of this myself. Quoted:
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A lot of us use Collectors Insurance specifically for our guns. My meager $25k policy is less than $200 a year. I also use these folks. Have anyone heard about their record for paying out? kind of curious of this myself. Ask in GD. That's where you will get the most responses. I'd say the vastajority of us here use Collectors. |
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A lot of us use Collectors Insurance specifically for our guns. My meager $25k policy is less than $200 a year. I use them too. I have a gun collection and another collection with them. My wife is in insurance business and says the policy language is very inclusive. I have not has a loss. So, I don't know how they handle claims. |
| I use my Homeowners for part of my coverage but the maximum that Farmers does without jumping through a bunch of hoops is 12,000.00 on guns. I use the NRA/Armscare to make up the balance. I like the idea that it picks up the shortfalls you may have with your primary coverage. I also like that it covers your automobile gun losses should they occur. I combined the 2500.00 free coverage , 12,000.00 Farmers policy , I bought an additional 18,000.00 to give me total coverage of 32,500.00. No list, no serial numbers , and no outside appraisal. If any one gun's value exceeds 2500.00 it's handled differently. I do have pictures of each gun and plan on doing a detailed spec sheet on each one. |
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A few years ago when my homeowners came up I read the policy closely and after talking to my agent upped my policy limits.
I have been working on a detailed spreadsheet listing all firearms and the details on each (serial #, date of purchase, etc.). I keep a copy on a jump drive that goes into the safety deposit box at the bank in case of fire. I have been meaning to add pictures but that is a big chore I haven't gotten around to yet. I have been curious about specific, separate coverage for just firearms for a while now and will be looking into Collectors. Does anyone know if their coverage will pay on top of your homeowners policy? |
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I have used historic for the past 10 years or so.
Policy runs me right about $1000 a year for $250K in coverage with no deductible. Easy to deal with and have no complaints. Never had a claim though.....(knock on wood) They also cover during shipping as well. So if you send guns back and forth you do save money not having to buy insurance from USPS/FedEx, etc. |
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I have been curious about specific, separate coverage for just firearms for a while now and will be looking into Collectors. Does anyone know if their coverage will pay on top of your homeowners policy? Collector's pays wherever your homeowner's leaves off. |
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I guess I don't understand the whole insurance thing. I just interviewed 4-5 major insurance companies for home insurance that includes the dwelling and all personal property. I asked each one if there were exclusions for firearms or any other type of "collection" to include stamps, coins, beanie babies, whatever.
Each one said NO. It was explained to me that the contents (personal property) includes firearms or any other kind of collection, they don't discriminate. If you have 50K in furniture and kitchen appliances plus a 25K firearm collection, they said to just make the personal property coverage at 75K and take pictures of everything. These were the big guys, State Farm, Farmers, Liberty Mutual, AAA and one or two more. To add an extra 25K on to the existing personal property coverage for a collection of anything was peanuts. Why have a separate policy? What am I missing? |
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I guess I don't understand the whole insurance thing. I just interviewed 4-5 major insurance companies for home insurance that includes the dwelling and all personal property. I asked each one if there were exclusions for firearms or any other type of "collection" to include stamps, coins, beanie babies, whatever. Each one said NO. It was explained to me that the contents (personal property) includes firearms or any other kind of collection, they don't discriminate. If you have 50K in furniture and kitchen appliances plus a 25K firearm collection, they said to just make the personal property coverage at 75K and take pictures of everything. These were the big guys, State Farm, Farmers, Liberty Mutual, AAA and one or two more. To add an extra 25K on to the existing personal property coverage for a collection of anything was peanuts. Why have a separate policy? What am I missing? That must be a new thing because the norm use to be most companies would only cover around $2500 or so in firearms if I remember correctly. That is why many of us acquired specific policies for our collections. |
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That must be a new thing because the norm use to be most companies would only cover around $2500 or so in firearms if I remember correctly. That is why many of us acquired specific policies for our collections. Quoted:
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I guess I don't understand the whole insurance thing. I just interviewed 4-5 major insurance companies for home insurance that includes the dwelling and all personal property. I asked each one if there were exclusions for firearms or any other type of "collection" to include stamps, coins, beanie babies, whatever. Each one said NO. It was explained to me that the contents (personal property) includes firearms or any other kind of collection, they don't discriminate. If you have 50K in furniture and kitchen appliances plus a 25K firearm collection, they said to just make the personal property coverage at 75K and take pictures of everything. These were the big guys, State Farm, Farmers, Liberty Mutual, AAA and one or two more. To add an extra 25K on to the existing personal property coverage for a collection of anything was peanuts. Why have a separate policy? What am I missing? That must be a new thing because the norm use to be most companies would only cover around $2500 or so in firearms if I remember correctly. That is why many of us acquired specific policies for our collections. thats the norm with my home owners insurance. They will only cover 2500 specifically for guns. |
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I guess I don't understand the whole insurance thing. I just interviewed 4-5 major insurance companies for home insurance that includes the dwelling and all personal property. I asked each one if there were exclusions for firearms or any other type of "collection" to include stamps, coins, beanie babies, whatever. Each one said NO. It was explained to me that the contents (personal property) includes firearms or any other kind of collection, they don't discriminate. If you have 50K in furniture and kitchen appliances plus a 25K firearm collection, they said to just make the personal property coverage at 75K and take pictures of everything. These were the big guys, State Farm, Farmers, Liberty Mutual, AAA and one or two more. To add an extra 25K on to the existing personal property coverage for a collection of anything was peanuts. Why have a separate policy? What am I missing? It's because the people that you are talking to are clueless about firearms coverage even for the company they work for. Homeowner's policies all list firearms separately. They usually cover $1500 to $5000. State Farm wanted $1000 per year extra for a rider that only covered $12,000 (their max for firearms). |
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It's because the people that you are talking to are clueless about firearms coverage even for the company they work for. Homeowner's policies all list firearms separately. They usually cover $1500 to $5000. State Farm wanted $1000 per year extra for a rider that only covered $12,000 (their max for firearms). Quoted:
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I guess I don't understand the whole insurance thing. I just interviewed 4-5 major insurance companies for home insurance that includes the dwelling and all personal property. I asked each one if there were exclusions for firearms or any other type of "collection" to include stamps, coins, beanie babies, whatever. Each one said NO. It was explained to me that the contents (personal property) includes firearms or any other kind of collection, they don't discriminate. If you have 50K in furniture and kitchen appliances plus a 25K firearm collection, they said to just make the personal property coverage at 75K and take pictures of everything. These were the big guys, State Farm, Farmers, Liberty Mutual, AAA and one or two more. To add an extra 25K on to the existing personal property coverage for a collection of anything was peanuts. Why have a separate policy? What am I missing? It's because the people that you are talking to are clueless about firearms coverage even for the company they work for. Homeowner's policies all list firearms separately. They usually cover $1500 to $5000. State Farm wanted $1000 per year extra for a rider that only covered $12,000 (their max for firearms). I just bought the policy yesterday so I will go back to my new agent and get a crystal clear understanding in the morning. If this is the case, I am going to be spittin' blood. |
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I just bought the policy yesterday so I will go back to my new agent and get a crystal clear understanding in the morning. If this is the case, I am going to be spittin' blood. Quoted:
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I guess I don't understand the whole insurance thing. I just interviewed 4-5 major insurance companies for home insurance that includes the dwelling and all personal property. I asked each one if there were exclusions for firearms or any other type of "collection" to include stamps, coins, beanie babies, whatever. Each one said NO. It was explained to me that the contents (personal property) includes firearms or any other kind of collection, they don't discriminate. If you have 50K in furniture and kitchen appliances plus a 25K firearm collection, they said to just make the personal property coverage at 75K and take pictures of everything. These were the big guys, State Farm, Farmers, Liberty Mutual, AAA and one or two more. To add an extra 25K on to the existing personal property coverage for a collection of anything was peanuts. Why have a separate policy? What am I missing? It's because the people that you are talking to are clueless about firearms coverage even for the company they work for. Homeowner's policies all list firearms separately. They usually cover $1500 to $5000. State Farm wanted $1000 per year extra for a rider that only covered $12,000 (their max for firearms). I just bought the policy yesterday so I will go back to my new agent and get a crystal clear understanding in the morning. If this is the case, I am going to be spittin' blood. Well? |
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I always understood personal property as all personal property within the dwelling/property (explained by my farmers agent many years ago).. Guns jewelry furniture lawnmower panties whatever.. Fire theft and water damage ..
When said personal property leaves the dwelling was never explained how it's covered... It was also my understanding that the vehicle policy is what covered any personal property up to a limit within the vehicle. Eta - agent also said take pictures of anything worth value, keep receipts, owners manuals and record serial numbers as proof of ownership |
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I always understood personal property as all personal property within the dwelling/property (explained by my farmers agent many years ago).. Guns jewelry furniture lawnmower panties whatever.. Fire theft and water damage .. When said personal property leaves the dwelling was never explained how it's covered... It was also my understanding that the vehicle policy is what covered any personal property up to a limit within the vehicle. Eta - agent also said take pictures of anything worth value, keep receipts, owners manuals and record serial numbers as proof of ownership You need to read your policy. There are limits on jewelry and firearms. Collectible too. I know a stamp collection they would only pay you the face value of the stamp and not the collectable valve. So, if it was a 2 cent stamp worth $200.00 as a collectible. You would get 2 cents. Your policy will also tell you it does not matter what your agent/broker told you. Good luck. |
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I guess I don't understand the whole insurance thing. I just interviewed 4-5 major insurance companies for home insurance that includes the dwelling and all personal property. I asked each one if there were exclusions for firearms or any other type of "collection" to include stamps, coins, beanie babies, whatever. Each one said NO. It was explained to me that the contents (personal property) includes firearms or any other kind of collection, they don't discriminate. If you have 50K in furniture and kitchen appliances plus a 25K firearm collection, they said to just make the personal property coverage at 75K and take pictures of everything. These were the big guys, State Farm, Farmers, Liberty Mutual, AAA and one or two more. To add an extra 25K on to the existing personal property coverage for a collection of anything was peanuts. Why have a separate policy? What am I missing? It's because the people that you are talking to are clueless about firearms coverage even for the company they work for. Homeowner's policies all list firearms separately. They usually cover $1500 to $5000. State Farm wanted $1000 per year extra for a rider that only covered $12,000 (their max for firearms). I just bought the policy yesterday so I will go back to my new agent and get a crystal clear understanding in the morning. If this is the case, I am going to be spittin' blood. Well? Had a very serious talk with my new agent. I live in a condo that I own and now have what is known as a H06 policy. She called the company decision makers not once but twice today and will have it writing that my toys are covered within the personal property amount. No low firearm limit. I think she maybe threw up in her mouth a little when I told her what I had but she was cool about it and she was actually in the process of getting her CHL. She did ask if I had a safe. My answer was yes and it is bolted to the foundation as well. So a gun is basically equal to a refrigerator, desk or couch. The only exception to that would be if any single gun is of extremely high value (antique etc) and I don't have anything like that. She did tell me that most companies do not do this but it has to do with the specific H06 policy that I bought. I think I'm good for now. |
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Again, an HO6 policy offers protection for personal property, which would include things such as furniture, electronics, and even clothing, as well as the other things addressed earlier. Now, as with a homeowners insurance policy there are certain items that would have to be covered under a separate policy including expensive artwork, jewelry, and firearms.
Good luck!!! |
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Again, an HO6 policy offers protection for personal property, which would include things such as furniture, electronics, and even clothing, as well as the other things addressed earlier. Now, as with a homeowners insurance policy there are certain items that would have to be covered under a separate policy including expensive artwork, jewelry, and firearms. Good luck!!! This is absolutely true. I hope people aren't getting bad advice from their insurance salesman. |
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This is absolutely true. I hope people aren't getting bad advice from their insurance salesman. Quoted:
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Again, an HO6 policy offers protection for personal property, which would include things such as furniture, electronics, and even clothing, as well as the other things addressed earlier. Now, as with a homeowners insurance policy there are certain items that would have to be covered under a separate policy including expensive artwork, jewelry, and firearms. Good luck!!! This is absolutely true. I hope people aren't getting bad advice from their insurance salesman. I checked again today and my new agent called the "Underwriter" and had yet another discussion. I have been assured by both again that this is not the case. I will get the actual text from the policy and try to post it here. Will let you guys know. This is actually a good thing because I want to know positively one way or the other. If they are wrong or I am being fed horseshit, I will cancel the new policy and go somewhere else. |
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