House insurance/firearms prep?

[INMIline]

I have some money tied up in guns. They are in a locked safe that is too heavy to carry. But I am wondering what precautions should be taken in the event of burglary or fire. I keep reciepts but should I take pictures and record serial numbers. Maybe keep a copy in the documents safe and another at father's house? I'm an enthusiast trade trys to trade until I get what i want. Do you just upgrade the list and pics accordingly? Just posting incase someone else may have an idea that I forgot mostly.

 

[Richard]

Safes should always be bolted down, either into the wall or floor.

But yes take photos & record the serial numbers, keep track of everything as best you can in case something like a fire or theft does happen.

 

[6birds]

My collection is very... nice, and a few of the really old rifles and shotguns would be hard to replace. We purchased a seperate rider for the guns, which covers replacement value, specifically the year, model and condition of what I have. The rider was reduced once we installed the safes and showed proof of the fire ratings.

Sperate from that, our insurance company suggested we take digital photos or video of the collection, with a data card next to each rifle showing make, model, caliber, accessories, etc. If a disaster would happen, I pull the video from the safe deposit box, and start over on the collection. ( they recommended we video the contents of the whole house, do after a major disaster, you do not forget anything, good advice).

Hope that helps.

 

[haldir]

Did your agent mention that your base policy may have limitations for guns. Most policies will limit coverage to a certain dollar amount ($1000). Some times the limit is just for theft, some for any type loss. Better check. Some people get extra coverage by scheduling them separately. SOme get extra coverage through one of the NRA insurance programs.

 

[colt45er]

Just about everything posted is correct.

Each ins company is different so you should check with you agent.

With Liberty, you are only limited when it comes to theft. Then you are limited to a flat $2000.

You can schedule Firearms specefically which would give you extended coverage for various perils. Most importanly theft.

This is not cheap however. Generally it is around $3 per $100 insured. Generally after a certain amount the cost get less per $100 insured.

The best thing you can do with EVERYTHING you own, is record serial numbers and keep reciepts for high dollar items. Take pictures and video if you can. Alos DO NOT keep those records at your house!! Make copies and keep them at a seperate location.

Yes it can be a lot of work, yes it is worth it. Even the best insurance companies prefer verification. Sure you will might get a payout eventually for all of you stuff without, howerver if you call the claims department and can give them a video and picture record of your belongings along with serial numbers you will 1. make the adjuster your friend and 2 have a strong case to get your stuff replaced.

 

[Viper393]

I have digital pics of each firearm I own and on an Excel spreadsheet I have make, model, and S/N. I put this onto a flashdrive and keep it in a safety deposit box at the bank. I also keep a copy on my laptop.

 

[blainepoe]

I am fairly ignorant of the subject, but I've always heard that insuring guns/coins was not cost effective. Anybody have any real numbers they would like to pony up as far as cost? I'd love to find out I was wrong. Be nice peace of mind to have them insured for sure.

 

[BIG TIM]

I would also consider adding enhanced liability insurance for any liability you might encounter connected with your gun collection. There have been cases where a mans gun is stolen and later used in a crime and the original owner was sued for damages related to negligence. I also have a collection to be concerned with as well.

 

[6birds]

Rider to cover $25K, less than $550 per year. It was twice that before getting the fireproof safes. 10K coverage is about $350 per year.

Worth it to me. I buy and sell as I want, they don't want to know serial numbers, just recommend that I document them well.

Hope that helps.

 

[haldir]

If you don't have the serial numbers though and the police recover them, you won't ever get them back, nor will your insurance company.

 

[Ashkelon]

Get the rider coverage. If burglary you will never get them back regardless of whether they are used in a crime or not. Be realistic. If it is an investment treat it as such. Most policies have a firearm limit. Know it and adjust accordingly. No different than with jewelry.

 

[bullet293]

i suggest get the insurance and get a home security system like guardian etc. the insurance is cheaper if you have alarm system.

 

[Engine03]

My home owners covers 100 percent if I lose my firearms in the event of a fire or storm ect. But only 1,000 in the event that they are stolen. I have rider for them and it starts at 4.00 per 100 with 0 deductable and goes down with a deductable. The deductable is per fierarm covered. I have all of my firearms pictured with there serial number make model and msrp. It was a pain at first but easy to maintain.