Firearm insurance

Yoby · May 25, 2016

I was messing around a bit on my USAA account and found that I can insure my guns. playing with the tool a bit, I have found that they don't care if I have 10 or 50 guns, but the premium is soley based on the value associated with said guns.

So I am debating. I have a rough idea of what these guns would cost to replace, but should I buffer it and increase the number? It doesn't appear that I need to give them serial numbers or types either.

Does anyone else have experience with Personal Property Insurance for firearms? for 10K value of guns, my quote was something like 150 a yr.

KDM · May 25, 2016

Keep in mind that insurance records are NOT as secure as people think and if you list your guns and their values along with other items of value, that info can be used by nefarious individuals to decide where to break in and take stuff. It might be possible to get an umbrella policy to cover these "Extra" things that is not as specific. Just a thought.

Yoby · May 25, 2016

I'm still messing around with the calc. 1 piece each for the same value.

Jewelry Individual Item Coverage	$1,500.00	$15.00
Cameras	$1,500.00	$31.00
Guns	$1,500.00	$23.00

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Thanks for the heads up, I'll have to look into umbrella options.

KDM said:
Keep in mind that insurance records are NOT as secure as people think and if you list your guns and their values along with other items of value, that info can be used by nefarious individuals to decide where to break in and take stuff. It might be possible to get an umbrella policy to cover these "Extra" things that is not as specific. Just a thought.

ndbwhunter · May 25, 2016

Is this part of your homeowners policy, or is it something completely different?

Most insurance companies will require you to provide estimated replacement values, along with the serial numbers. If you aren't required to provide serial numbers you better schedule your 10 BMGs and 30 ARs just prior to their mysterious disappearance....

Ericb · May 25, 2016

Id check to see what your personal property limits are on your home owners. Unless your storing them away from your residence it seems redundent.

Allen · May 25, 2016

I am guessing that like most homeowner policies I have had, the default limit for firearms is something around $1,500 and that makes it necessary for those who have an active outdoor lifestyle to carry extra insurance. I carry a "rider" on my insurance to cover the extra things like toys.

Tis never a bad idea to look closely at what your insurance policies DON'T cover, and the limits for coverage on things like this. Seems like so many people get all bent out of shape about the cost of their insurance, and then even more bent out of shape once they have to use it and discover there were limits on coverage they didn't "remember" being in place.

Nanky · May 25, 2016

Most homeowners insurance doesn't cover very much, I think mine maxed out at $2,500 each for guns and jewelry. I ended up getting a Personal Articles Policy to cover a few of my more expensive guns and my wife's wedding ring. One of the nice features for her ring is that it will cover lost diamonds as well as a complete loss with no deductible. Also, I liked the fact that it's separate from my homeowners policy, so that they can't screw me over if I claim something on it. I did have to provide serial numbers along with a description including serial number on the scope. Honestly, don't be concerned about someone using this to target your home or something farfetched like that . . . yes I'm sure there's a chance, but I also have a chance at winning the lottery.

Migrator Man · May 25, 2016

My renters does not cover big items such as guns or jewelry over $500 total value so I had to get a separate policy. It's around $5-10 a month for under 10k worth of stuff.

The higher value you put on your guns the more you will pay every year

2400 · May 25, 2016

Yoby said:
I was messing around a bit on my USAA account and found that I can insure my guns. playing with the tool a bit, I have found that they don't care if I have 10 or 50 guns, but the premium is soley based on the value associated with said guns.

So I am debating. I have a rough idea of what these guns would cost to replace, but should I buffer it and increase the number? It doesn't appear that I need to give them serial numbers or types either.

Does anyone else have experience with Personal Property Insurance for firearms? for 10K value of guns, my quote was something like 150 a yr.

I have USAA and have guns insured with them. They do not require serial numbers for guns but do require them for scopes and binoculars.

All they wanted was make, model and caliber when I insured mine.

Yoby · May 26, 2016

Doing a bit more investigation, I inquired about the home owners policy coverage. Below are some of the details they provided me. It is amazing how blissfully ignorant I have been up till recently. Figured homeowners and auto had me covered. Does this mean I am getting old? Now I am starting to question my camper, tractor, lawn mower, ect.

Homeowners Policy

Your homeowners policy does provide coverage for your personal property (this includes your firearms and jewelry), up to your policy limit of $XXX,XXX. However, dollar limits may apply to certain types of losses and property (For example, we will not pay a total amount more than $10,000 for loss by theft, for jewelry or firearms). Losses are also subject to your deductible of $1,000.

VPP Policy
...
For example, if you want to insure your firearms on a VPP policy, we require the value of each firearm you wish to insure and a required description information (type of gun, manufacturer, model name or number, caliber or gauge and the serial number). Documentation showing the value may also be required.

aron · May 26, 2016

I "schedule" my firearms under my homeowners policy. This allows for full coverage and zero deductible regardless if your firearms are stolen from house, vehicle, etc and is in addition from the $10k loss by theft of the typical homeowners policy.

Also take a look at NRA's firearm insurance policy: https://mynrainsurance.com/insurance-products/firearms-armscare-plus. Looks to be pretty reasonable (~1% of insured value annual premium)

Norske · May 26, 2016

Will the coverage be what local shops want for a similar used gun or the much lower price that can be found in various used gun buying guides? Stores like a much greater markup % on used than they can get for new. A big used dealer near where I live is insisting that a rifle that's worth about $300 according to national buying guides is worth over twice that amount.

Nanky · May 26, 2016

Norske said:
Will the coverage be what local shops want for a similar used gun or the much lower price that can be found in various used gun buying guides? Stores like a much greater markup % on used than they can get for new. A big used dealer near where I live is insisting that a rifle that's worth about $300 according to national buying guides is worth over twice that amount.

You are essentially telling them what the value is, because the cost of the insurance is based on the value you tell them. From what State Farm told me if I had a complete loss of the guns I have on that policy, they would send me a check for the value we have listed in the policy. Then I'd be free to buy new, used, whatever I wanted with that money.

ndbwhunter · May 26, 2016

Norske said:
Will the coverage be what local shops want for a similar used gun or the much lower price that can be found in various used gun buying guides? Stores like a much greater markup % on used than they can get for new. A big used dealer near where I live is insisting that a rifle that's worth about $300 according to national buying guides is worth over twice that amount.

Most insurance companies (well, good ones) will go off the values you provide them. They don't ask for what you paid for the gun, they want to know what the estimated replacement cost is. In the event of a loss, they will usually issue a check for the replacement cost. Obviously, some firearms cannot be replaced, and in those cases they recommend having the gun appraised prior to assigning a value.

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Speaking of appraisals....Where could I get a gun appraised in the Bismarck/Mandan area?

Firearm insurance

Yoby

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Yoby

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ndbwhunter

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Allen

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aron

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