Firearm Insurance?

RaggedHunter

Senior Member
Joined
Feb 23, 2018
Messages
361
Location
CO
Anyone have insurance on their firearms? I've read that homeowners insurance will cover some costs in the event of a fire etc, but it's not clear to me how much that would cover. And at what point would it make sense to get additional coverage? Any experience or tips are appreciated.
 

SneakyThunderCat

Senior Member
Joined
Dec 14, 2018
Messages
211
Might want to check with your insurance agent. I recently talked to mine about this and found out in the event of a loss of all of my firearms, I was only covered for $2000. I added all guns, and optics on to my policy in a hurry after that.
 

mthuntr

Senior Member
Joined
Apr 10, 2015
Messages
515
Location
SW MT
You can get a rider on your homeowners insurance. Cost depends on the value of what you are insuring.
This ^

It is variable based on company. Most insurance companies barely cover the cost of 1 rifle. I'm in the process of updating mine also after moving from renter to owner.
 
OP
RaggedHunter

RaggedHunter

Senior Member
Joined
Feb 23, 2018
Messages
361
Location
CO
Thanks guys, that helps a bunch. That's the kind of info I was hoping for. I get with my agent and work on getting everything covered.
 

deerslayer9000

Junior Member
Joined
Jul 5, 2019
Messages
19
Definitely look into a totally separate policy for your firearms and other items. They’ll typically refer to it as a floater or inland marine policy. It’ll have a rate/$100 of value so easy to see what it’ll cost.

The reason for a separate policy is you don’t want a claim for lost/stolen firearms effecting your HO insurance which is far more important and something you have to have.

For example: you have a “small” $4-5k firearm loss (covered by your HO insurance currently) which causes your HO insurance costs to triple. Well you are stuck with that. Whereas a separate policy you can just cancel if it becomes cost prohibitive.

Another good idea is to keep a list of items and serial numbers along with pictures showing condition. Helps with the claims process.


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eddielasvegas

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Joined
Feb 2, 2020
Messages
289
Location
Scottsdale, AZ
Definitely look into a totally separate policy for your firearms and other items. They’ll typically refer to it as a floater or inland marine policy. It’ll have a rate/$100 of value so easy to see what it’ll cost.

The reason for a separate policy is you don’t want a claim for lost/stolen firearms effecting your HO insurance which is far more important and something you have to have.

For example: you have a “small” $4-5k firearm loss (covered by your HO insurance currently) which causes your HO insurance costs to triple. Well you are stuck with that. Whereas a separate policy you can just cancel if it becomes cost prohibitive.

Another good idea is to keep a list of items and serial numbers along with pictures showing condition. Helps with the claims process.


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Thanks and I like the separate policy idea DS. I'm going to look into that too and will report back.

Eddie
 

deerslayer9000

Junior Member
Joined
Jul 5, 2019
Messages
19
Also those policies I referenced are not specific to firearms. Other gear or non hunting related items can be scheduled too.


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wind gypsy

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Joined
Dec 30, 2014
Messages
4,339
My policy with nationwide they can only go up to $7500 total firearm (includes accessories) or you have to list individual firearms by serial # with them. I assume you'd have to do the same with scopes.

For anyone who buys and sells frequently, that's a PITA to keep it all updated. I'm interested in what is out there for separate stand alone policies..
 

Mike D Texas

Newbie
Joined
May 16, 2021
Messages
6
I use Historic Firearms for my insurance. They basically offer a blanket policy for a set value that covers guns and accessories. No serial numbers, photos or anything else required. Cost is very reasonable as well.



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Hondo

Senior Member
Joined
Jan 2, 2020
Messages
254
A Personal Articles Policy is a scheduled policy separate from a Homeowners or Renters policy that allows you to insure firearms, optics, cameras, tools, and other personal property for a stated value and is a better option for covering firearms IMO. Generally it has broader coverage (worldwide and more perils covered) and no deductible. A Homeowners will cover theft and some direct damage (fire, water, etc.) but not lost items or those that mysteriously disappear where a Personal Articles Policy will cover all that no matter where it happens (like on a mountain). Most Homeowners policies also max out on firearms limits at $5000 and some do not reach that.
 

Themic86

Member
Joined
May 16, 2021
Messages
53
Tagging this as I need something but prefer to be a separate policy to avoid having to change if I change homeowners to keep rates low.


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missjordan

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Joined
Jan 22, 2016
Messages
1,066
Location
Missoula, MT
Probably will be worth a call to your agent but our homeowners policy only covers up to $2500 in firearms damage or theft and the other option is to insure the more expensive pieces individually. I only have our higher end rifles and optics insured individually and it’s not that expensive. Like $25-$50 a year per item


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GunsAreFun

Senior Member
Joined
Apr 18, 2019
Messages
854
Questions for your agent (AND GET THE ANSWERS IN WRITING from the underwriter because the agents don’t know crap about fine print stuff like t!!!!)
1. Is the policy limit the same for all types of losses or are things like theft different than fire?
2. How are firearm related things treated such as optics, ammunition, gun safes, magazines, and other accessories? Are they under the same limit or so they fall under normal personal property?
3. Do I have to maintain a list with the company of my firearms including serial numbers (this is a thing that at least one major carrier requires).

You should also quote third party companies such as Collect Insure. You may find it cheaper to get their coverage, and they often have lower deductibles and more perils covered.
 

Roy68

Senior Member
Joined
Jul 20, 2012
Messages
451
A Personal Articles Policy is a scheduled policy separate from a Homeowners or Renters policy that allows you to insure firearms, optics, cameras, tools, and other personal property for a stated value and is a better option for covering firearms IMO. Generally it has broader coverage (worldwide and more perils covered) and no deductible. A Homeowners will cover theft and some direct damage (fire, water, etc.) but not lost items or those that mysteriously disappear where a Personal Articles Policy will cover all that no matter where it happens (like on a mountain). Most Homeowners policies also max out on firearms limits at $5000 and some do not reach that.
This ^^^
 

Wrench

Senior Member
Joined
Aug 23, 2018
Messages
2,582
Location
WA
When I looked into it, it was cheaper to build a concrete vault and buy a vault door than pay the insurance. If you're over 50k it gets pricey and they want surveys on your pieces.
 

Hondo

Senior Member
Joined
Jan 2, 2020
Messages
254
A vault is great for protecting your firearms only while they are inside of it. Insurance is designed to make you whole again should you suffer a loss to your firearms whether they are in the vault or are out of it. They work together but are not substitutes for each other.
 
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