NFA items and insurance

[iufan2010]

So I recently started looking at getting a list of all my guns, accessories, and ammo compiled to figure out what the total value would be in case of a theft or fire. For the most part, insurance will cover just about anything as long as I pay for a floater for going over my set limit on firearms. My question comes in on my 2 NFA items. I've got an SBR and soon to have a huntertown 22 suppressor. If something was to happen, either theft or fire, has anyone found out if insurance covers these items? Also, would I have to pay another $200 stamp to get the items replaced? Any help with these questions or anything you might want to add would be great! Thanks in advance.

 

[ryknoll3]

Whether they're covered or not depends on your insurance carrier. They should be, if standard firearms are covered, but you should check or ask your agent to be 100% sure.

Yes, if you have to buy new suppressors to replace the damaged ones, you will have to pay a new transfer tax. I would discuss with your agent whether or not this tax would be covered as a cost of replacing the firearm. So, if it is, you would cover your Guardian for $400.00 or something like that. If not, there's no sense in paying a premium on the extra coverage for the stamp.

 

[iufan2010]

That's what I was afraid of. I guess I'll just have to give him a call and get it all figured out.

 

[curraheeguns]

Most homeowners policies only cover between $2500-$5000 in guns. A rider is well worth the cost.

 

[30calmachinegunner]

Yep, I can see a rider costing $10,000-20,000 per year for a $150-200,000 policy, well worth it

 

[ryknoll3]

Yep, I can see a rider costing $10,000-20,000 per year for a $150-200,000 policy, well worth it

Don't know who you buy your insurance from. $10,000? OK

 

[curraheeguns]

Yep, I can see a rider costing $10,000-20,000 per year for a $150-200,000 policy, well worth it

lol, you need a new agent!

I carry a $2M policy for SSNFA and it's about $1600 a year.

 

[30calmachinegunner]

Well send me your agents info, a $2 million policy on theft or damage on firearms for $1600 a year I can do

 

[iufan2010]

Yea I just got a quote for a hundred a year for $20k in coverage

 

[mms]

mine is similar 100 maybe 200 a year for about 30-40k coverage

 

[30calmachinegunner]

lol, you need a new agent!

I carry a $2M policy for SSNFA and it's about $1600 a year.

I'm still waiting for that insurance info, or if anyone else has info on firearm theft and/or damage insurance for that price of $100 per $100,000 of coverage speak up, I know plenty of people who want it, maybe you can get a referral fee.

 

[I Love Bourbon]

Yea I just got a quote for a hundred a year for $20k in coverage

mine is similar 100 maybe 200 a year for about 30-40k coverage

lol, you need a new agent!

I carry a $2M policy for SSNFA and it's about $1600 a year.

I'm with 30 cal machinegunner on this, please let the rest of us know where you're finding firearm insurance this reasonably priced.

 

[30calmachinegunner]

Damn, everyone got real quiet about where to get it for so cheap, don't want to help others out by sharing the info?

 

[30calmachinegunner]

Insurance through the NRA would run 20,000 per year on a $2,000,000 policy, a little less then my guess but a lot more then others are saying, looks like $2000 per year for $200,000 coverage.



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[Hop]

My State Farm agent wanted to come see what I had before issuing a quote. I haven't met with him yet so don't even have an idea on cost.

Related question... does a good safe reduce a premium?

 

[ryknoll3]

I pay $184/year for 18K in coverage through Safeco. So roughly $10/K of coverage, or 1% premium.

So $2,000,000 in coverage would cost me $20K/year, if the math holds. Don't know if it gets cheaper as you go up.

A business, like SSNFA is going to pay way less for loss coverage like this than your average homeowner.

 

[iufan2010]

We have farmers insurance. We have had them for years and all are cars are with them so that might help with the price but it's $48 and change a year for around $14000 in coverage for us

 

[Sig]

Here is some information from my own personal experience on insuring my collection. Have been insured for some time.

When I first insured I used Collectibles Insurance Services. http://www.collectinsure.com/rates/GunCollectorRateSheet.pdf
Don't hold me exactly to this, one issue item I recall is that there was some provision for limited use of the firearms. I could not find that just now taking a quick tour of their website. Here is their rate sheet http://www.collectinsure.com/rates/GunCollectorRateSheet.pdf

Who I use now is Eastern Insurance aka Historic Firearms. Eastern Insurance Group Historic Firearm Insurance for Personal Collections | Historic Firearms Insurance
There is allowed use of the firearms. Published rates on the website are $0.35/$100/year.

Believe both companies provide good transportation coverage, such as going to a show or shipping to a gunsmith.

PM me with any questions