Insurance for guns

[IndianCent]

Hello All,
I checked with my homeowner's insurance to get a quote for a firearms rider. The annual premium is approx. $8.00 per $1000 of insurance.
That means a 10,000-dollar collection would cost $80 per year, a 100,000-dollar collection $800 per year. That's quite pricey, are there any more reasonable carriers out there? I sure would like to know where to look. Thanks

BTW: The coverage does not have an additional deductible and no item limits and also covers 100% outside the premises as long as there is no commercial use. There is however a limit for the amount of coverage, i.e., they don't cover 1 mil worth of guns).

 

[hittman]

Might be some info here to help.

https://www.rugerforum.com/phpBB3/viewtopic.php?t=298014

 

[Kevin]

I'm still working on getting my list put together with values. I don't have nearly 100,000 worth of guns. But I'd say if someone were to have a hundred large worth of guns, then $800 for insurance isn't very much. So to me, it actually sounds like a good deal. I'm hoping my insurance will be in that price range.

 

[Pat-inCO]

The best insurance I can think of is A GOOD SAFE!

That is a . . . one time . . . cost, that you install.

That said, if it is a tin can that costs less than $100, it is NOT a safe; just a
tin box that keeps "honest" people honest.

A good safe (IMO) starts at over $500 (for small ones) and can run into the
thousands of $$s. your choice.

 

[contender]

Pat has a good idea about a safe,, but insurance can also cover loss due to fire, flood, etc. A safe can not.

 

[hittman]

Agreed. A good quality safe is your best insurance.

Buy one bigger than you need.

 

[NikA]

Eastern Insurance, as I stated in the last thread.

Deductible is lower than homeowners, I think maybe 100 dollars. Premium is ~175 on 50k, plus coverage for ammo and reloading equipment (as a fraction of collection coverage, or separate riders).

 

[IndianCent]

Agreed. A good quality safe is your best insurance.

Buy one bigger than you need.

I agree, gun safes are like garages....never big enough....

 

[IndianCent]

Eastern Insurance, as I stated in the last thread.

Deductible is lower than homeowners, I think maybe 100 dollars. Premium is ~175 on 50k, plus coverage for ammo and reloading equipment (as a fraction of collection coverage, or separate riders).

I looked at their online quote request form, glad you mentioned the price. Your rate per $1000 value seems to be $3.50. I am paying $8.00 right now, I will give them a try. Thanks

 

[Colonialgirl]

Dang; My SS check only goes SO FAR and I need SOME left for food and gasoline.

 

[miniman]

my homeowners ins has me covered

 

[collectorruger]

I bought the best safe that I could fine and then installed a sprinkler system over it in case of a fire. Really didn't cost that much. Got my pipe from a local sprinkler company from their scrap pile of left over stuff from a job

 

[blume357]

Safe sounds like a good idea for some folks but...... some here would be better off with a concrete room with a walk in safe door..... just how many guns long and short can you get in the average big safe?

 

[contender]

blume,, you'd be surprised at the number of guns I've seen stuck in a normal sized 26-30 gun safe. It takes a bit of "creativity" and the willingness to shuffle guns when you want a specific gun.
Example;
Long guns,, slipped into gun socks,, stood alternately with the barrel up & the next one barrel down can easily allow more than the 12-15 or so the space shows.
Shelves; handguns in socks,, place a row of identical types,, such as all SA's with the barrel down, butt up, side by side on the bottom, muzzles facing outward. Place another row of guns on top of them, butts down, barrels up in a row.
Or, lay guns flat on a shelf,, alternating grip & barrel positions to allow a layer of guns,, then stack another layer on top of the first layer,, and do the same.

I have a buddy who does things like this. He has an older Browning safe,, that I think was a 30 gun safe (guessing here,) that I know for fact he has over 90 guns in it. Apparently by using gun socks,, it keeps the guns from rubbing & wear when placed in contact with other guns. But it's fun watching him shuffle guns around to get to a specific gun.

 

[vito]

$8/thousand seems pretty reasonable. I only own a few guns, and a rider for me, from USAA came to about $12/thousand. I only have a few thousand dollars worth of guns so the cost of insurance was minimal. I don't have enough guns to justify the cost of a real safe. I have a small one that weighs only about 200 pounds that I keep handguns in, and no safe at all for my unloaded few long guns.

 

[blume357]

I was thinking the $8.00 per thousand sounded about right to me... this is what I pay Lockton Insurance which the NRA sponsors for mine... but keep in mind this is for a separate insurance policy... I think a rider, if you can get it, on your homeowners would be less. Also, I think the $1,000 deductible on my Lockton insurance is covered by the NRA...

 

[IndianCent]

How about a cheap "Bait Safe" easily seen in the garage? Fill with a couple metal pipes and a decent amount of brick, bolt safe into the studs. That should keep any perp busy wasting the valuable time left after the alarm goes off. :twisted:

 

[dwayne]

I use a sturdy gun safe professionally installed by the safe company (bolted into the concrete garage floor). I also use Eastern Insurance. A $45K “blanket” policy (any single guns under $10K) and a $45K “schedule” policy (specific single guns greater than $10K). My annual cost is about $300. Works for me … YMMV.

 

[Kevin]

I just talked to my insurance agent about this. It’s the same as above. A $40,000 collection is $300 per year. This comes with a zero deductible as well. I think it’s a good price.

 

[dwayne]

Note that mine is $40k+45k=85k for $300.

 

[hittman]

Who here trusts their insurance agent or carrier to NOT share your list of guns and serial numbers?

 

[NikA]

Who here trusts their insurance agent or carrier to NOT share your list of guns and serial numbers?

If the policy doesn't itemize them, neither the agent nor the company have that list until you make a claim.

 

[hittman]

But if they do, your info is at risk.

 

[IndianCent]

Who here trusts their insurance agent or carrier to NOT share your list of guns and serial numbers?

That thought crossed my mind too. Eastern's questionnaire asked for my name, address, how much money my collection is worth. In the underwriting process, I am pretty sure they want my DOB, Social Security number etc.
All that personal info that is not for sharing.

 

[Kevin]

I agree about sharing too much personal info. My wife and I try our best to not give out too much. I don’t know what the answer is.

I’ve gotten spam emails stating you visited a certain website (I didn’t) and now we have your information. The scary part is they list older, now un-used passwords of mine.

 

[IndianCent]

I agree about sharing too much personal info. My wife and I try our best to not give out too much. I don’t know what the answer is.

I’ve gotten spam emails stating you visited a certain website (I didn’t) and now we have your information. The scary part is they list older, now un-used passwords of mine.

It's one of the drawbacks of the Internet, it's not secure.

 

[blume357]

side note... I was reading one of the diatribes from Gun Owners of America about the ATF collecting all this information on guns from the 4473? forms they get from closed FFL's and wondering how many of those have folks SS# on them. (its optional) That form collects all kinds of information that has very little to do with whether you can legally own a gun... the latest/newest question is are you latino or not? And the ATF is not even supposed to get these unless the FFL closes or they need to check through the FFL's files for a certain gun right? Heck, you can't ask most of those questions to a potential employee.

 

[Kevin]

For those who’ve commented that they have just a blanket policy without listing individual guns. If you were to file a claim, wouldn’t the insurance at some point require proof that you indeed have the guns you claim, and/or they are worth the money you say.

It’s all fine and good to have the insurance, but I’m wondering about total loss such as a fire and having to go through the paperwork.

I just can’t imagine any insurance company being easy about paying up in that situation.

 

[NikA]

For those who’ve commented that they have just a blanket policy without listing individual guns. If you were to file a claim, wouldn’t the insurance at some point require proof that you indeed have the guns you claim, and/or they are worth the money you say.

It’s all fine and good to have the insurance, but I’m wondering about total loss such as a fire and having to go through the paperwork.

I just can’t imagine any insurance company being easy about paying up in that situation.

Sure they would. I keep records, including S/Ns, pictures, etc. But I do so with my personal control over the data. As for value, with sufficient documentation that can be determined after the fact for most items. I personally keep an eye on comparable products and record it occasionally so I can update the total coverage amount and provide info to my wife in case she ends up needing to dispose of the collection.

Insurance fraud is a serious crime, I'd bet the incidence amongst firearms enthusiasts is low given a conviction likely results in loss of 2A rights.

 

[dwayne]

Try Eastern Insurance if you have a significant volume of guns worth <$10K each. You can get a blanket policy in that case. You can also add “scheduled” coverage for individual guns valued at >$10K each. I have both with a combined value of ~$90K for ~$300/yr. My homeowners rider was FAR more. YMMV.