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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.
 

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A few years ago a close friend of mine had a house fire and was essentially screwed over by his insurance company. He did not even recover 40% of the value of his guns, accessories, and ammo. His policy would not even cover his $1000 gun safe as it was an uncovered gun accessory. And his policy did include a specific gun rider, apparently with a whole lot of fine print. After that my wife and I reviewed our insurance policies and explored the market in our area. We discovered that even with a gun-specific rider on our homeowner policy through American Family we would not have done much better than our friend if we suffered such a catastrophe. Many policies have a max pay out per gun of around $800, many will not cover mags, optics or ammo, many require a receipt or bill of sale along with current proof of ownership, and some even required an inventory with current market values signed off on annually by an FFL holder. Most policies had other limiting factors, requirements, and restrictions which would allow the insurance company to pay out as little as possible if you filed a claim (which is how insurance companies work). Gun not in a safe? No coverage. No security system on your house? No coverage. Do not have x number of smoke detectors? No coverage. Window left unlocked? No coverage. After doing some serious shopping and lots of research we switched to State Farm but did not elect to get a gun-specific rider. Instead I purchased a separate plan from Armscare that will supplement my State Farm homeowners policy. I feel a whole lot better now and am confident that if something goes wrong I will be able to recover most or all of my loss.

And on a side note, everything I wrote about above concerning guns also applies to jewelry. We found out that much of my wife's jewelry was insufficiently covered even with a jewelry rider. The max pay out on her $8,000 engagement/wedding ring set was 50% or $4k unless she took it in annually for a cleaning and appraisal. Then she could only recover the market value and not the cost to replace. She now has a supplemental jewelry coverage as well as a "clone" ring set that she wears when we go on vacation.
 

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Guns on homeowners insurance is very expensive. Usually you have a $ 2500 limit on the basic policy with a limit of $ 1000 per gun. The additional amounts can get ugly. I have found that NRA has the best coverage of any additional coverage available.
 
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Specialty insurance is an expensive game. Personally, I think the money would be better spent in equipment/tech to protect the weapons in case of fire.
 

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Let me ask you this. If you get good coverage, do you have to list your guns for the insurance company?
Interesting no one answered this. Here is why I asked: If to get a policy, you have to list your firearms, or even say you own X number of firearms or X value of firearms, that information is only protected by your insurance company's policy. The government could easily get a warrant for that information if they were coming after your guns. Heck the state insurance commission could probably get the information without a warrant. Then confiscators will either want the guns you insured, or if you say you don't have them, they might have you on insurance fraud. It is illegal to insure property that doesn't exist or inflating the value of property insured.

Like someone said, I will put my money into keeping my guns safe. I don't want the government to have any more information than it already does.
 

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Interesting no one answered this. Here is why I asked: If to get a policy, you have to list your firearms, or even say you own X number of firearms or X value of firearms, that information is only protected by your insurance company's policy. The government could easily get a warrant for that information if they were coming after your guns. Heck the state insurance commission could probably get the information without a warrant. Then confiscators will either want the guns you insured, or if you say you don't have them, they might have you on insurance fraud. It is illegal to insure property that doesn't exist or inflating the value of property insured.

Like someone said, I will put my money into keeping my guns safe. I don't want the government to have any more information than it already does.
Hi jmf552
The insurance that I got did not require to list anything however I got a coverage of up to specific amount that covers guns and related items of values that you have estimated. Having said that You should have a list with pictures and values on hand of your inventory tho. The only item you have to provide (picture/serial number if it has a value of more then 25k)
 
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