Gun Values for Insurance

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Yes, I know it's a well discussed topic, however I do think it should stay on our minds. My wife just bought a new car, and we tried calling our insurance over the past week to tell them. It's Met Life, bought out by Farmer's Insurance. It was so frustrating to deal with them over the phone. As in 40 minute wait times only to be disconnected. This went on for a week. We just cancelled our insurance today and switched to State Farm.

Anyway, I had an extension to cover some guns, but the list the insurance had was at least 10 years old. So today I find myself going through the gun safe updating a list to have the guns insured.

I just ordered a 2022 copy of The Blue Book of Gun Values. On Amazon it was $53. But last years copy was only $32. Do you think the newest version is much different? I figured for the $20 extra I might as well have this years copy. The most recent one I have is 3 or 4 years old now. It will be interesting to see if my old copy and the new copy are much different.

Anyway, I do think it's something important to stay on top of. I know a lot of y'all have far more guns than I do, and I have more than the average person. Which means some of y'all have too many guns. Oh wait, that was the how rich are people thread and ways other people spend money... :D

No, but seriously, this time, I want to keep some up-to-date insurance on these guns. Just too much money involved not too.
 

krw

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IMO, Blue Book is a pretty poor way to value firearms. If you will watch guns that actually sell on GunBroker, you will get more accurate valuations. Just make sure you compare apples to apples / peaches to peaches
 
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Thanks, but I figure the book would be a good baseline to start. Something concrete the insurance company can use. But yes, you are correct, actual sales and completed sales are usually higher than the book value.

And! Most importantly, State Farm was almost $3000 per year cheaper for our cars and house vs Met Life (Farmer’s.) Unbelievable!
 

NikA

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Insure your guns separately from your main insurance. I found they want way too much premium to insure specialty items like guns and jewelry.

If you don't have anything of particularly huge value (5k for an individual item), you can find insurance where you don't need to itemize. If you don't have anything that is unique, generally you can document condition and comparable items/replacement cost and go that route.
 
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Kevin said:
Thanks, but I figure the book would be a good baseline to start. Something concrete the insurance company can use. But yes, you are correct, actual sales and completed sales are usually higher than the book value.

And! Most importantly, State Farm was almost $3000 per year cheaper for our cars and house vs Met Life (Farmer’s.) Unbelievable!

It doesn't answer your gun question but you need to requote all of your insurance needs at least every two years.
Lots of money to be saved, you just have to take the time to get quotes.
 

hittman

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I have no confidence in the printed Blue Book. Market is too volatile. Prices vary GREATLY between geographic areas.

In my book the best insurance for your guns and other valuables is a high quality gun safe.

Your list of firearms is only confidential until the insurance company decides to share it or loses it to hackers.
 

Dan in MI

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I don't have an extensive collection, like some of you, but it would hurt if they disappeared. On the flip side there really aren't I can't live without. I did the math on how much they pay on my basic house insurance (not much, and maybe nothing these days) and decided the huge cost of insuring them didn't seem like a decent way to spend my money. It just didn't appear to be cost effective to spend $2,000 or more a year on a what if. After ten years I could probably cover most of them.
 
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It just didn't appear to be cost effective to spend $2,000 or more a year on a what if. After ten years I could probably cover most of them

You might actually be right with this method. With the guns in a safe, an alarm system on the house and two dogs, that might be the best coverage we already have.

I’ll see how much extra they want for the few guns I have and let ya’ll know.
 
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Kevin said:
You might actually be right with this method. With the guns in a safe, an alarm system on the house and two dogs, that might be the best coverage we already have.

If your house burns (or you get a F4/5 tornado like we just had last month) your guns may still be in a safe, but they are destroyed/gone just the same, and your standard homeowners likely won't cover them unless their value is $500 or less total. Fireproof gun safes generally save the guns, but with melted plastic, charred wood, and worthless scopes.
 

contender

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I'd recommend a different insurance policy just for guns & jewelry.
Go with a company that doesn't require a you to itemize each one. Just buy a blanket policy. I've been using the NRA firearm insurance for a long while. You don't have to list any firearms unless a single firearm is worth more than $10,000.00
 

pie

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kentuckyyeti said:
Kevin said:
Fireproof gun safes generally save the guns, but with melted plastic, charred wood, and worthless scopes.

Sorry to say but this is definitely not true. I've seen many gun safes go through house fires and even one gun shop and none of the guns survived. I'm not talking about a kitchen or garage fire but a whole house fire.
Justa a bunch of malarkey advertising by the gun safe manufacturers.
 
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As for the original question.... the value of the guns for insurance purposes would only be relevant if the guns were lost or damaged. I think you could just generalize the values to get a quote on the premium. I still use the insurance company through the NRA and just have a maximum amount of coverage... which is not nearly what I think all my guns or worth....
 
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Thanks for all the input.

And so just to be clear, fire proof safes...aren't fireproof? I do have a safe, but certainly isn't top of the line, and definitely not fireproof.

An an aside: After going through all the guns for serial numbers, I reorganized the safe and have room for a couple more!!!
 
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Not for a house fire which may hit 2000 degrees for a few minutes. Papers inside will scorch or outright burn. Ammo may go “pop”. Protection from a flash fire- yes. Otherwise, likely they are ruined/warped/melted.
 

NikA

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The fire rating on the safe is definitely material, and the ones from big box stores tend to have lower ratings like 1400F for 30 or 45 minutes. Quality safes ordered from an industrial supplier or a safe company can have much higher ratings, in addition to having additional security features.

If you're serious about storage, you should be looking for drill resistance, a relocker, and at least 60 minutes at 1800F. The options are more expensive than what you can buy at Cabela's or Costco, but not what I would consider to be prohibitively expensive.
 

RSIno1

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You can do a search on GunBroker.com of completed sales to get current selling prices.
Does NRA still offer competitive insurance rates. I know at one time you just picked a value total for your collection and didn't need to itemize.
 

Paul B

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Well "fire proof" safes are and are not fireproof. What that means is content will be protected for a limited amounts of time if under a certain temperature level. I thin mine was something like 1300 degrees for 45 minutes, something like that. Not all that great but better than nothing. I think if you check it, most if not all so called fire proof safes will have such limitations.
Paul B.
 

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