Gun collection insurance recommendations

[ws6duramax]

So , over the years my collection has grown to be an above average collection. I never really gave it a thought about having a separate policy for them but I think it would really be a wise idea.

I contacted my agent, and they would like a list of everything. Make, model, serial numbers and any accessories on them and possibly an appraisal. My question is, who does other INGO'ers use and do they require the same things?

As with any collection, it changes quite often. I think it would be a real pain adding/subtracting things all the time. With that being said, I also understand the insurance companies side of things.

Any recommendations or who to stay away from?

Thanks

 

[Ziggidy]

Sort of like a gun registry?

Maybe the ATF should get into the gun insurance business and do away with the national registry agenda. The government can mandate all gun owners to have gun insurance (like auto) and then have the insurance company (ATF?) require a list of guns, accessories, serial numbers and such.

As for your question, I have no answer.

 

[firecadet613]

Eastern Insurance Group, Historic Firearms Coverage.

The policy binder is good and coverage costs are reasonable. Thankfully, I have no idea how they are on claims, but all the reviews have been favorable.

 

[ws6duramax]

Eastern Insurance Group, Historic Firearms Coverage.

The policy binder is good and coverage costs are reasonable. Thankfully, I have no idea how they are on claims, but all the reviews have been favorable.

Much appreciated! I will look into them.

 

[d.kaufman]

I use this company linked below. No seriel numbers required unless you have an individual firearm valued at 25k or more. Haven't had to use them bit rates are very reasonable

Insure Guns, Knives, and Accessories - Collectibles Insurance Services

Whether you collect pistols, shotguns, rifles, or other firearms, CIS is your one-stop shop for all kinds of gun, knife, and accessory insurance.

collectinsure.com

 

[bwframe]

I use Armscare Plus through the NRA/Lockton.

No idea how claims work with them? I believe I have 12 grand worth of coverage (including the standard NRA membership coverage.) $140 a year. No serial numbers or registration of individual firearms.

 

[ws6duramax]

I use this company linked below. No seriel numbers required unless you have an individual firearm valued at 25k or more. Haven't had to use them bit rates are very reasonable

Insure Guns, Knives, and Accessories - Collectibles Insurance Services

Whether you collect pistols, shotguns, rifles, or other firearms, CIS is your one-stop shop for all kinds of gun, knife, and accessory insurance.

collectinsure.com

I actually just a quote from them. They are by far the most affordable, looks like about $5.30 per thousand dollars of coverage. I will look into the coverage/deductible details a little further. Most of the other places I've looked have been around $13 per thousand dollars of coverage.

 

[NyleRN]

Eastern Insurance Group, Historic Firearms Coverage.

The policy binder is good and coverage costs are reasonable. Thankfully, I have no idea how they are on claims, but all the reviews have been favorable.

This right here^^^^
I've had a policy with them for 3 years now. $150/year for $40k coverage. No list of firearms needed. And they haven't ever raised my rate

 

[ws6duramax]

This right here^^^^
I've had a policy with them for 3 years now. $150/year for $40k coverage. No list of firearms needed. And they haven't ever raised my rate

I like the sounds of that! Less than $4 per thousand is outstanding. Hopefully my quote comes out similar to yours.

 

[manifest destiny]

I can't offer an insurance company. I use an independent agent who shops multiple underwriters. I am surprised to hear the insurance co. wants each weapon itemized. In my experience I buy a total dollar value policy, I'll just make up the number of $50k. My premium is for that coverage. The only time isurance co. wanted more/specific data was on individual pieces that needed "scheduled". The value limit for needing scheduled was determined by the ins. co. So, example only, all guns covered up to $50k, but any one gun worth $12k or more would need to be "scheduled". I don't think I'd buy ins. that required intimate details of each and every gun. (unless it needed scheduled). Oh, and a couple quotes were more interested in where and how the guns were stored.

 

[ws6duramax]

I can't offer an insurance company. I use an independent agent who shops multiple underwriters. I am surprised to hear the insurance co. wants each weapon itemized. In my experience I buy a total dollar value policy, I'll just make up the number of $50k. My premium is for that coverage. The only time isurance co. wanted more/specific data was on individual pieces that needed "scheduled". The value limit for needing scheduled was determined by the ins. co. So, example only, all guns covered up to $50k, but any one gun worth $12k or more would need to be "scheduled". I don't think I'd buy ins. that required intimate details of each and every gun. (unless it needed scheduled). Oh, and a couple quotes were more interested in where and how the guns were stored.

The only one that has asked for a detailed list was my homeowners so far, which I've declined. Looks like most other companies are basically using a blanket coverage for a certain dollar amount. They do want you to have a list of guns with serial numbers , if there is a claim , preferably with pictures/video.

 

[manifest destiny]

The only one that has asked for a detailed list was my homeowners so far, which I've declined. Looks like most other companies are basically using a blanket coverage for a certain dollar amount. They do want you to have a list of guns with serial numbers , if there is a claim , preferably with pictures/video.

Good point about the video. My agent recommended periodically filming the guns/parts by slowly panning across them while they're laid out or displayed. Not capturing every detail, rather to just have documentation of the size/scope of collection. Of course, for your personal records (and claims) you should probably have a detailed list. Have any wanted to know where/how you store them? I was surprised to hear it could make a difference in premiums. My agent said basements weren't considered ideal because of flooding, natural or fire response.

 

[Cameramonkey]

The only one that has asked for a detailed list was my homeowners so far, which I've declined. Looks like most other companies are basically using a blanket coverage for a certain dollar amount. They do want you to have a list of guns with serial numbers , if there is a claim , preferably with pictures/video.

And not all homeowners insurance is the same.
If I add a rider to my State Farm policy, I have to give them an inventory list.

If I purchase a separate policy from them designed for guns, furs, and jewelry, I only need to provide the inventory after a loss. And I think it was only $5-10 more per year. And for some here that like to buy and sell a lot, that could be a big deal. "Sorry about your loss Mr. INGOer, but we cant cover those 6 guns you lost in the fire. They werent on the list. But we can cover the ones here that were on the list. Oh, you sold those. That's too bad."

NEVER chose a policy that requires an inventory up-front.

 

[D.R.SCOTT]

I have mine insured through USAA personal property add on insurance. I really like the company too, so that helps.

All they asked for was a price range and category that I provided to them, like: firearms and accessories up to 10k. That's it, no inventory. Could be 1 Gun worth 10k or 10 guns worth 1k.

 

[Bh1917]

I use collectibles also. I don’t care about good reviews as much as bad and no bad.
I found them to be reasonable, about $4.3 per 1k for my policy and easy to add.
I like that they don’t require a list however you can supply if you choose, I do not.

My advice is take pics and be very descriptive on a spread sheet. If it’s an all matching say g41 that has only handling marks then show that in pics. Since Ins will pay at market you could get screwed if the market drops or there are not comps.
If you do have something high priced like a singer 1911 or that g41 , get it appraised.

Last , have a copy of spread sheet and pics outside of your home, friend, mom, shed…. God forbid something happens to your home, your Ins will screw you without documentation

Best

 

[Bh1917]

Also to add, place of storage is an issue with Ins and they especially have an issue with basements. You’ll need a degree in insbs.
Be honest because the Ins companies will find a way to not pay, that’s their job!
I typically prefer asking forgiveness rather than permission but not so with Ins. You should ask questions if they don’t first.

 

[ws6duramax]

Lots of good info here, I truly appreciate the insights. I have a few quotes out , so we'll see how things shake out.

 

[shootersix]

Contact an insurance agent that’s also a firearms enthusiast! I know one in Evansville who happens to have a rather sizable and collectible collection!

Schultheis Insurance - Schultheis Insurance

Insurance Agents, Quotes, Insurance Claims, General Liability Insurance for Contractors & Small Business

schultheis-ins.com

Both the owner and his son are lifelong firearms enthusiasts! And happen to be some of the nicest people you’d ever meet!.
(And by enthusiast the last gun I transferred to him was a International Harvester, all original never re arsenaled, he was adding it to his collection of garands, one from every manufacturer, and every year!…he was also working on a collection of every version of s&w model 29 (finish, barrel length and every dash!)

And don’t let the fact that he’s in Evansville bother you, he sells insurance all over the state!

 

[ws6duramax]

Contact an insurance agent that’s also a firearms enthusiast! I know one in Evansville who happens to have a rather sizable and collectible collection!

Schultheis Insurance - Schultheis Insurance

Insurance Agents, Quotes, Insurance Claims, General Liability Insurance for Contractors & Small Business

schultheis-ins.com

Both the owner and his son are lifelong firearms enthusiasts! And happen to be some of the nicest people you’d ever meet!.
(And by enthusiast the last gun I transferred to him was a International Harvester, all original never re arsenaled, he was adding it to his collection of garands, one from every manufacturer, and every year!…he was also working on a collection of every version of s&w model 29 (finish, barrel length and every dash!)

And don’t let the fact that he’s in Evansville bother you, he sells insurance all over the state!

I'll give them a shout today.
Much appreciated

 

[Expat]

The only limitation for guns on my HO policy is a 2500 limit for theft. So I am self insuring for anything stolen above that. I am more worried About Fire and Water any way.