I wrote up this blog post on another site and thought I'd share it here. After talking with friends I don't think many people have coverage that is right for the amount of firearms that they own. Hopefully it will get some people thinking enough to evaluate their needs vs. their current coverage.
Are your firearms covered in the event of a fire, theft or other loss? The value of just a few firearms can add up fast. Many homeowners or renters insurance policies may not cover firearms or may limit the coverage to an amount below the value of your prized guns. You should read your policy and know the amount of coverage you have. Look for whether or not firearms are covered, coverage limits and whether you have replacement value or a prorated value of coverage. Also review your policy for the documentation that is required to prove ownership in the event of a loss. If you need to add supplemental coverage for your firearms there are some options.
Additional riders on your existing policy:
Most insurance companies will allow you to add additional coverage to the full replacement value of your guns. This will cost you additional money in your premium but may be a good investment. Most insurance companies will require you to schedule your firearms and provide this to them in order to be covered.
NRA insurance coverage:
If you are a member of the NRA you already have some coverage. Your NRA membership includes ArmsCare insurance coverage for up to $1,000. If you require additional coverage the ArmsCare Plus program allows you to purchase additional coverage for up to $1,000,000 in coverage. ArmsCare plus will cost you $17.40 per $1,000 in additional coverage (with a $50 annual premium minimum) and a $10 administration fee. ArmsCare insurance covers firearms and accessories against direct physical loss or damage such as fire, burglary or theft. Theft from a vehicle is covered when it is the result of breaking and entering a locked vehicle or locked portion of a vehicle. Under this policy individual firearms valued under $2,500 do not need to be scheduled. Any firearm valued over $2,500 does need to be scheduled but the serial number is not required.
Third Party Insurance Companies:
Many insurance companies such as Travelers Insurance* offer insurance for firearms. This may be called Valuable Items Insurance or something else depending on which company you contact. Similar to homeowners or renters policies, be sure of their coverage limits and required documentation.
Documentation of Ownership:
Whether your insurance company requires it or not, it is always a good idea to keep a detailed record of your firearms for reference in the event of a loss. This information may include make, model, serial number, date of purchase, and replacement value. Keeping a photo of each firearm with your records may also be beneficial even if not required by your policy. If you would like a form to document your firearms please feel free to download and use this form created for your use.
*Note that although Travelers Insurance is mentioned, I do not endorse them in any way. Travelers Insurance was used as an example only.