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This is a discussion on Firearm Insurance within the Guns forums, part of the Gun Forum category; How do you insure the firearms you have. An additional rider on your existing homeowner's policy or separate firearm coverage? I currently use Lockton thru ...


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Old 05-21-2020, 01:02 PM   #1
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Firearm Insurance

How do you insure the firearms you have. An additional rider on your existing homeowner's policy or separate firearm coverage? I currently use Lockton thru NRA but am searching for other options.
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Old 05-21-2020, 02:51 PM   #2
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I have a separate policy through Farm Bureau, they insure my home and vehicles as well. There are between 25 to 30 firearms on the policy, you come up with an agreed value for each one. I haven't added up the total value for all of them, some are listed up to close to $4k, some down below $500. The policy is paid once a year, around $225.
Actually I need to add a couple more on there!

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Old 05-21-2020, 03:29 PM   #3
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I had a VPP when I was insured with USAA for around $15k that ran me about $15 a month.

Now I'm with State Farm and was just thinking I needed to add a rider to my homeowners insurance since I have one rifle that is worth north of $17k and a couple of others that are over $3000 each.
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Old 05-21-2020, 03:40 PM   #4
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I have a 'valuable personal property' (or some similar wording) policy bundled with my other insurance products through USAA.

Few hundred dollars a year covers theft, fire and even alien abduction. Wasn't able to get a clause to insure against gun grabbing politicians, unfortunately.
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Old 05-22-2020, 04:46 AM   #5
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Just contact your Home Owners Insurance agent. He\She will be able to guide you.
Depends on the value of your guns. If you have this home owners policy. You should have a little coverage included in your policy.
If you don't have an HO policy, an insurance agent should still be able to help guide you.
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Old 05-22-2020, 05:28 AM   #6
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I don't remember offhand how much my homeowners policy covers, but it was quite a bit so I just use that plus the free NRA insurance.
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Old 05-22-2020, 05:46 AM   #7
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I was shocked how little my standard policy covered when I had a conversation with my agent. $750 was all they would cover for any single loss on firearms despite the entire policy amount being for substantially more. That isn't even enough to cover a single firearm in some cases.

More broadly speaking... if you ever have a moment start asking your agent questions about your insurance policy and specifics. In my case it was, "what would be the process if there was a fire for replacing my ..." and the answer left me terrified at how little I actually had covered despite having a nice big policy amount. I updated my policy with the additional VPP coverage that same day.

Most Americans are under-insured for almost everything and don't realize it until they make a claim. Don't wait until you make a claim to find out.
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Old 05-22-2020, 06:14 AM   #8
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Thanks for the help everyone. My homeowners through Farm Bureau wants over $1K to insure all my firearms and currently charges me $123/year for coverage up to $6K. The cost multiples jump a lot over that amount; definitely pricey. My current coverage thru Lockton (via NRA) is $300/year. I pinged a place I found via web search called Collectibles Insurance Services, who wants a little over $200 to insure my firearms, but I'm a little wary given I can't find any good testimonials for them.
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Old 05-22-2020, 06:18 AM   #9
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Insurance is regulated by each State. Policies, and their cost is going to vary by location.

The contents of my house is covered by my homeowners policy. This includes firearms and guitars.


Y'all aren't providing your insurance companies with a list of firearms you own are you?
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Old 05-22-2020, 06:41 AM   #10
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Quote:
Originally Posted by woody b View Post
Y'all aren't providing your insurance companies with a list of firearms you own are you?
Under the terms of my policy, USAA requires a list of the firearms/optics covered - including make, model, caliber and serial number. They must be appraised every 5 years.

It's a compromise I have to weigh between how likely are these to be stolen/in a fire versus how likely is it that the government is going to subpoena a list of my firearms and take them away.... For that reason the list doesn't necessarily include every last gun I ever owned, just the ones I want to insure.

If you know of any company that will insure valuable personal property or firearms without even asking for proof the assets exist please let me know.


I would double check to ask if the full value of your firearms is covered. My insurance agent told me, 'sure, firearms are covered. Up to 750 dollars' which is quite honestly a laughably small amount and was the reason I purchased an additional policy.

Last edited by Angry Hippo; 05-22-2020 at 06:46 AM.
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Old 05-22-2020, 07:29 AM   #11
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Quote:
Originally Posted by Angry Hippo View Post
Under the terms of my policy, USAA requires a list of the firearms/optics covered . . .I would double check to ask if the full value of your firearms is covered. My insurance agent told me, 'sure, firearms are covered. Up to 750 dollars' which is quite honestly a laughably small amount and was the reason I purchased an additional policy.
Ditto on the itemization requirement with Farm Bureau as well as the astonishingly low amount of insurance provided for firearms with a standard policy.
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Old 05-22-2020, 09:54 AM   #12
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Call some independent agents. They are able to place policies with different companies and are not locked in like a State Farm, Usaa only agents.(aka Captured agents)
Be aware that Excess and surplus insurance companies do not have to comply with all of the states requirements for coverage. Ask if you are shopping.
Make sure you read any policy information you receive and if you don't understand it, contact the agent who sold it to you and get answers.
(Fyi.. After retiring as LEO, wife and I opened our own independent insurance agency, we had it for 19 years. Sold it over 8 years ago and retired. Things may have changed since then)
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Old 05-22-2020, 12:26 PM   #13
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This is a good thread and it has opened my eyes a bit. I need to check and see what my homeowners covers and look at getting additional or separate coverage for the firearms I have. I'm really not okay with providing a detailed list but I do understand it being a common requirement. I'm still not okay with providing a detailed list.
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Old 05-22-2020, 01:46 PM   #14
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I recommend Collectibles Insurance, especially if you need more than six figures of coverage. I am insured at three separate listed properties where my collection is split, all on the same policy at about half of what my homeowner's policy wanted, even though my homeowner's policy would not insure to the amount I needed.

https://collectinsure.com/what-we-in...es-accessories

Unlike homeowners insurance, they do not require you to inventory every item in your collection separately or pay to have them appraised. Only individual items or sets valued at $25,000 or more will need to be scheduled. And no serial numbers are required to insure your collection. You are, however, responsible for maintaining records of your collection for insurance purposes.

Last edited by Hiprollc; 05-22-2020 at 01:50 PM. Reason: Clarity
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Old 05-22-2020, 03:18 PM   #15
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Quote:
My homeowners through Farm Bureau wants over $1K to insure all my firearms and currently charges me $123/year for coverage up to $6K. T
State Farm issued a policy as a rider to my homeowners. 40K in coverage. $251 per year. They bill me monthly added on to a life policy.$21 per month.

Quote:
free NRA insurance.
Most homeowners limit the theft coverage of firearms to $2500. That would be less than one particularly valuable gun. Even the 5K total doesn't cover much.

I would imagine the agent would write a policy as a rider to apartment or renter's insurance.
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Last edited by RDS40; 05-22-2020 at 03:24 PM.
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