Gun Insurance?

[fabsroman]

Yeah, I don't think I would be storing a set of cutting torches right next to the gun safe. I guess the best thing would be to have an alarm on the house, a gun safe for the firearms and valuables, and then an insurance rider for the firearms and valuables. However, something in there has to be a little too much. Personally, when I build a new house I am thinking about building a room out of reinforced concrete in the basement or a separate garage and keeping my firearms in there. Of course, the door to the place would be a vault door. That should keep most people out.

[Mil Dot]

I checked into the NRA insurance 1.66 per $100 of coverage/yr.

So, for a $1000 gun 16.66/yr or replacement in 60 yrs. On the other hand if you have $15,000 in guns that's $250/ yr insurance.

I would assume that you'd be able to buy a decent safe for $2500 to $3000 or at 2750 it would pay for itself in 11yrs using the above info and you would not have the annual burden.

I guess its a function of how much you have to protect, but a safe seems like a better value and less headache. As long as you don't leave a cutting torch leaning against it!

[fabsroman]

Most insurance companies will give you a break if you have a safe. My safe cost around $1,700 and it holds something like 42 or 52 guns. It is the 7200 American Security Cascade Series safe. Personally, I really like the safe.

I think I might get insurance for a portion of the collection, so that if it does ever get stolen or destroyed even while in the safe, it won't be as hard to replace. If I had to guess, I would guess that I own about $30,000 of guns, so I would insure it for $15,000 (i.e., the ones I use the most). That way, I can get back to shooting and hunting without having to worry about where I am going to get the money from to buy a new gun.

Later in life, when I am more established, maybe I will cut off the insurance because replacing the guns wouldn't be as big a deal or as much of a hardship. Same goes for the fiance's rings.

[Steverino]

That's a great idea Fabs. I was basically thinking along the same lines over this past weekend when I review all of our insurance needs this Spring. Basically, I wouldn't want to be in a position where I needed to replace shooting irons, at my expense, during a Fall hunting season!

[Mil Dot]

do you have a link for those folks?

[fabsroman]

The insurance company is Erie, but I believe that they only sell insurance in a couple of states on the east coast. I seriously doubt they sell insurance in Colorado.

Plus, what I quoted was just the percentage from the jewelry rider. I haven't actually received a quote from them for my firearms, but just assumed that the percentage would be the same as the jewelry.

[MarkL]

What about accessories like scopes?

If a $500 gun is stolen that has a $400 scope mounted on it, will regular homeowners insurance cover the scope even if it doesn't cover the gun?

What about scopes that are moved from gun to gun to shelf to gun?

When I tell the ins company the value of my guns, should I include the value of the scopes, magazines, extra barrels, etc.?

[Steverino]

Mark,

My insurance company has a detailed list of everything on a particular firearm (scopes, grips, sights, slings, flip-up scope covers, custom gunsmithing, etc) Of course, the more things that you list, the higher the value to replace in the event of loss and the higher the rider premium.

Again, you have to decide exactly what you would like covered in the event of loss and the costs associated.

[Rocky Raab]

I think I'd first separate my gun collection into two groups: things that can be easily replaced and those that can't. In the first category would be plain-Jane guns like Ruger Blackhawks and Rem 870s. In the second category would be guns like Grampa's old thutty-thutty, a custom gun, a rare gun or the like.

I'd probably not insure the first group at all, figuring the job of buying new ones would be half the fun.

But I'd insure the bejeezus out of the second group, complete with full descriptions, digital photos and whatever else I could think of in the way of documentation. I'd store all the documentation off premises.

[Jack]

For each of my guns, I make up an 8 1/2x 11 sheet with a detailed description, ser #, model of mounts and scope if applicable, etc. Lay that next to the gun and photograph it. Move the gun around so both sides, top, and bottom are shown.
Then, the description sheet, one copy of each photo, and the negative are stored in a safe deposit box at the bank.