Gun insurance

Does anyone have any advice on who to call for gun insurance? I thought someone on here said Eastern Gun Insurance but when I called them they told me they only insure classic/historic guns.

Thanks

I found that a rider from my homeowner ins carrier was my best option cost-wise.

I am actually going through this exact process now for the first time with State Farm, so I will chime in...

First off, I can't say that I necessarily shopped around for gun insurance, I simply picked State Farm since they have my business on several other policies...

For guns, they call it a "personal articles" rider for valuables. Since I'm making the effort, I'm going to add a few other valuables, like jewelry, cameras, fishing equipment ,etc... Long story short I estimate maybe 15-20k.

The one curveball they threw at me was requiring a form that details every single item I'd like to add, i.e. make, model, action, serial #, condition, etc... While I wasn't totally surprised of that request, I have heard of other blanket policies that do not require such level of detail.
And shamefully, I do not keep documentation on this kind of stuff other than memory, so it took me a few hours to physically go through all my valuables and document them. For anything over 5k, you need an official appraisal document proving the value.

All said and done, $163/year.

Best gun insurance I've found is a fireproof safe.

I think most folks don;t go the whole insurance route so no-one else knows exactly what they have.

Might check w NRA and see what gun insurance they offer. If you're not a member, you should be.

Just schedule it against your homeowners insurance. You can provide serial numbers and a stated value for the firearm. It is then covered if it is stolen from anywhere..You home, your car, etc.

I'm an insurance agent and the most cost effective thing is to schedule these items on your homeowners policy....in most cases they are covered no matter where they are (home, truck, deer camp, etc.) and most of the time these "scheduled" items don't have a deductible. I can't tell you how many times I've heard of peoples guns getting stolen out of their trucks and they say "it will be covered under my homeowners insurance," only to find out they won't get the full value because it wasn't scheduled on the policy. And as far as some guys being lazy and not wanting to get make, model, serial numbers, etc., if you can't take time to collect this info then maybe you don't care about your investment that much

In my case, the quoted price I got from my carrier/agent was significantly less than what NRA's coverage (as an example) was going to be. I am personally not bothered at all with having to provide an inventory, though some are.

As stated above, I also prefer the rider to a safe (safes) because they are covered 24/7 any time any place and when traveling to a hunt it's not unusual for me to have 5-7k worth of firearms with me.

The homeowners route is what I will probably do but most of what I have seen is $100.00 per $10,000.00 worth of insurance.

Was looking for a slightly cheaper option.

They should deduct some of the homeowners price if you get a firearms rider....I think my total was about the same.

Ihunt said:

Does anyone have any advice on who to call for gun insurance? I thought someone on here said Eastern Gun Insurance but when I called them they told me they only insure classic/historic guns.

Thanks

Click to expand...

I have a policy through Eastern, the most historic firearm I own is a Winchester model 42 .410 pump.

$50k coverage for $126. Only single items $40k and up have to be appraised and specifically documented. Allstate could not come close. The insurance sold through the NRA is also much higher.

I keep a spreadsheet with item description, manufacturer, caliber, optics, amount paid, etc.

Email jrichardson@easterninsurance.com

The only potentially cost effective way to do this is with a rider on homeowners policy. But remember that the premium paid will mathematically be more than the actual cost of the reduction of your risk. IE...the insurance companies know the likelihood of the loss and they price it as such. My suggestion as a risk manager is to only insure things that would be financially catastrophic to you/your family. IE if you have three rifles don't pay the additional premium and save the money instead. Just my two cents as someone who does financial risk management for a living.

I will throw in my two cents as I have been in insurance my entire career and I have my own independent agency. I have this conversation with customers quite often regarding guns. Your normal homeowners policy carries a gun limit of $2500 after deductible. So the max they will pay out in a gun claim is $2500. Some carriers do not follow the normal form of coverage so theirs may be lower or maybe even a little higher with special endorsements. Its rare to see the included limit above $2500.

I personally probably have over $25,000 but they are in a safe where only me and my wife know the combination. My biggest threat is fire and the guns melting inside the safe before the fire can be cooled. I have very little threat for theft. I may have a gun or two stolen out of my truck but those will likely be under the $2500 limit so I could claim those on the normal homeowners policy. I personally have weighed whether to insure them or not and have not completely made up my mind as I only have one big threat and that's the fire. Its just a decision each person has to make.

I will say that the Eastern price above is dirt cheap at $50K in coverage. I am going to call them myself tomorrow morning. Most insurance companies do not even like to print a policy these days for less than $300 minimum premium.

These guys are worth looking at:
http://www.corevensguninsurance.com/firearms-collectors/

Like some said, rider from home insurance is the way to go.

Personal articles thru state farm for me. If I'm on an elk hunt in Colorado and the airlines lose my gun for weeks on end then I can buy a new one and get it replaced for the most part. I have binos and a spotting scope on mine too. About 12.00 a month for 15k of coverage

AMERCIAN COLLECTORS.
They insure on a blanket policy rather than scheduling each firearm. I used to have my guns endorsed on my homeowner policy but it was way too expensive. Every time I sold, bought or traded I would have change my policy to reflect the change. Now I just insure a total dollar amount and don't have to worry about naming a specific gun on my policy. They do PRE and POST WWII.