Firearm Insurance - Recommendations?

Firearm Insurance - Recommendations?

This is a discussion on Firearm Insurance - Recommendations? within the General Firearm Discussion forums, part of the Related Topics category; I have been researching firearm insurance lately and so far this is the best my insurance company can offer (Erie Insurance) According to them, on ...

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  1. #1
    New Member Array mrwhite1's Avatar
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    Firearm Insurance - Recommendations?

    I have been researching firearm insurance lately and so far this is the best my insurance company can offer (Erie Insurance)

    According to them, on my homeowners insurance (Firearm and Firearm related items) I have $5k with a max up to 3k per item.

    I was quoted $10 per $1000 extra to add to my homeowners. My agent recommended I can get a separate policy for only guns - Reason being is that I have a deductible on my homeowners that would have to be met, where as a zero deductible on a gun policy would be cheaper.

    For the separate policy the price is still $10 per $1000 being insured.
    I have to provide manufacturer / model / serial number.

    He said I don't need to get them appraised unless an individual item goes for more than $7k. This coverage also covers traveling with firearms / vehicles / shipping / lost / etc...
    I asked him about how do claims work. He said they work with Outdoor Sporting Supply (Insurance accessible only apparently)
    They submit the gun to them and they 'value' what it's worth.

    While some of my collection this would be straight forward, it would be impossible with my competition / custom guns. He made it sound like I would be covered and it would be ok... but who really knows unless you are put into the unfortunate circumstance of having to make a claim.


    Anyways, I thought I would share this info and see if I could get some feedback as to what other people think. Thanks


  2. #2
    Member Array PSLOwner's Avatar
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    Does the NRA website have any links to insurance companies specializing in this? I have not looked, but it might be worth checking out.

    In MY FIRST EVER ISSUE NRA MAGAZINE (whoo hooo), there is a number for Sportsmen's Insurance, 866-505-2663. Might be worth giving them a call.

  3. #3
    New Member Array mrwhite1's Avatar
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    NRA Endorsed Insurance Program - ArmsCare Plus Firearms Coverage

    According to that website its' roughtly $17.40 per $1000 insured vs Erie at $10 per $1000

  4. #4
    Distinguished Member Array kapnketel's Avatar
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    The basic NRA membership includes a free $1000 additonal over and above your HO policy. As to how claims are handled, I have been an adjuster for 30 years and I would get appraisals for each item now, I guarantee a battle if you make a claim without appraisals, especially the custom items. Lastly, while your agent is well meaning, I would not take much comfort on his recommendations as to how claims are handled. They do not control the process.

  5. #5
    New Member Array mrwhite1's Avatar
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    I'm not exactly sure how or who I could get appraisals from?

  6. #6
    Distinguished Member Array kapnketel's Avatar
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    Here is my advice, and it applies not only to firearms but all of your possesions, etc. I have had the job of walking into what used to be a home and determining the value of the dwelling and contents when the owner had no records etc. I assure you he was not a happy camper at the end of the process.

    First, take a lot of good photos, if your camera has a date imprint feature use it. For a standard item, say a stock handgun, print off ads showing retail prices. Use the highest price if you get my drift. Pretty simple. For unusual or custom items, especially if antique, look into some of the high end auction house like Christies for an appraisal. It will cost you to have this done. If you built the weapon, keep the reciepts for the original and all of the parts (I have all of this for my AR). For comparison prices of some items, ebay can be a good guage-I use it to value items no longer for sale. Same with gun auction sites. Ask around at the next gun show in the area who can do appraisals.

    Importantly, keep all of the documentation off premises-a folder is no good to you if it burns up with your house. If you keep all of this in electronic form, make a copy disc and get it out of the house. Computers and fire do not leave good records.

    Expanding on this I suggest walikng through your home with a video camera and video every square inch of your hose capturing video of every item. Don't forget closets-clothes are tough to value. If you can't video, photograph. Same with jewlry, audio CDs and DVDs and electronic equipment.

    Keep copies of reciepts for all major items, electronics etc. Again, copies off site!

    Most adjusters are ethical but they are not paid to pay claims based on your good looks and charm-documentation is the key. Imagine a hole in the ground where your home used to be and you are in a hotel with no clothes except what you are wearing and you are trying to remember what you had accumulated over your entire life an what it was worth. Most people only think of theft-fire and disaster are just as likely.

    This is a bit of work, but it will add tens of thousands of dollars to your claim value in the event of a major event. Adjusters are paid and rated on their ability to close files speedily, if you have good documntation they will not argue with you and get the matter closed much faster. Make the adjuster's life easier and you will be better off financially at the end of the day.

  7. #7
    Distinguished Member Array LenS's Avatar
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    Here are a couple of other alternatives for a lot cheaper money.

    Jack setup two programs thru Chubb and thru One Beacon. IIRC, the One Beacon policy was more like ~$4/K, whereas the Chubb policy was a bit higher. There are NO restrictions on where the guns are (anywhere in the world, including shipping from what I was told) or what they are used for in the One Beacon policy.

    Jack Richardson
    Vice President
    Eastern Insurance Group , LLC
    The Historic Firearms,Collectibles and Sporting Arms Insurance Program
    933 Webster Street, Marshfield, MA 02050
    800.545.9326 X 59398
    Direct - 781.596.8915
    Fx - 781.826.0301
    Email: jrichardson@historicfirearms.com

  8. #8
    New Member Array mrwhite1's Avatar
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    I do keep good records on my guns... not necessarily all the receipts though.

    It's a little complicated since I got a lot of my collection at dealer cost and le discount... not to mention cash transactions. The price I purchased guns / scopes for in the past would be significantly different than if I were to replace them today. I mean i know for a fact my freedom arms revolver has gone up nearly $600 since I originally purchased in several years ago.
    Plus given the fact manufacturing costs continue to rise, I'm not sure how that would factor in.... Seems like you you would almost need to appraise it every year to be accurate?

  9. #9
    VIP Member Array jwhite75's Avatar
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    I think that kapnketel is implying that on production stuff, your replacement value would be going advertised rate, on custom stuff, you would need pictures and receipts for components and labor. He also said to find highest advertised price. On something like a freedom Arms it would be whatever they are selling for at the time and you would just need to provide a current quote from the company.
    Friends don't let friends be MALL NINJAS.


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  10. #10
    Distinguished Member Array kapnketel's Avatar
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    My point exactly.

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