Insurance for your collection

[Rowdy1]

One of our neighbors had a house fire and lost thousands of dollars worth of firearms. Turns out they weren't covered because he had not declared them on his homeowners policy. Check with your insurance to see if you are covered. Many insurance companies want you to list each firearm, it's serial number, type and value. You can go to the NRA website or other companies that just want total value to insure so your info is private. Just a suggestion.

[Too Slow]

Outside of the NRA insurance has anyone used a reasonably priced company to insure their firearms? The NRA insurance to cover my collection is more than my homeowners insurance yearly.


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[Rowdy1]

Check online there are several companies that will give you a quote.

[SA1911a1]

That is a subject I have struggled with for years. My homeowners covers $2,000 in firearms, and will not issue a rider for more coverage. I found one company that would insure my guns for 10% of the value, per year. That would make my gun insurance more expensive than homeowners and car insurance combined! I did do an online search and came up with a couple of possibilities, but you would have to have a legal degree to determine exactly what you were buying.

Search "collectors" insurance and "firearm insurance" and you will come up with some options. Just be careful that you don't buy "junk" insurance.

[ffuries]

Not that long ago the issue of weapon insurance was discussed on the CMP Forum, let me see if I can find the discussion. They mentioned a few companies that offered insurance. Here's a couple of the discussions.

http://forums.thecmp.org/showthread.php ... +insurance

http://forums.thecmp.org/showthread.php ... +insurance

http://forums.thecmp.org/showthread.php ... +insurance

http://forums.thecmp.org/showthread.php ... +insurance

[Too Slow]

Thank you ffuries.


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[Darryl]

Most homeowners insurance covers up to $10,000. It may however include other item in the house also. So you have to check. But $10,000 covers most people, but not bigger collectors.

Dolk

[Too Slow]

Based off of ffuries post I have requested quotes from Eastern Insurance, Collectibles Insurance Service, and Core-Vens Insurance for 100K worth of coverage. I will post what they cover, what they give discounts for (safe, alarm, etc), exclusions, and the cost once I determine which I decide to go with.


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[mproko]

Most homeowners insurance covers up to $10,000. It may however include other item in the house also. So you have to check. But $10,000 covers most people, but not bigger collectors.

Dolk

Agreed. Only point to add is if you weren't someone who always checks gun prices, your 10k collection from 5 years ago may be worth a ton more. Amazed how much the Colt snakes guns and Lugers have gone ip

[capt14k]

I use Eastern. I think it is $130 a year and covers up to $75,000 in Firearms and Bayonets no matter where they are at. Only have to itemize those items worth over $10,000 which in my case is just one. Definitely wouldn't count on homeowners alone for many of the collections I have seen on here. Especially JYD. He may not have paid much for his but they certainly are worth insuring today.

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[Rongo]

I use Collectible Insurance Services... Very reputable & have been very happy with them.

https://collectinsure.com/

[Darryl]

I'm not recommending just using your standard homeowners insurance if you have a "collection".

But for the guys on here with just a few rifles it is plenty, but they need to find out if their standard insurance does cover it and how much. In most cases, it is $10,000.

If you have any size collection at all, a standard policy will not even be close.


Dolk

[thunder1]

my insurance was only 2500, so i added a rider

[Rongo]

I'm not recommending just using your standard homeowners insurance if you have a "collection".

But for the guys on here with just a few rifles it is plenty, but they need to find out if their standard insurance does cover it and how much. In most cases, it is $10,000.

If you have any size collection at all, a standard policy will not even be close.


Dolk

Agreed; It only makes sense to insure your collection for it's full value.