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Discussion Starter · #1 ·
Just curious about the whole concept of doing so. All but one have a good homes in an ol fire proof safe, and the other I guess u can say insures the rest of em. But besides that, I dont have a policy to cover them if they were lost. Are there insurance policies for this, or are they rider like packages for a homeowner. My pops didnt insure either, but that was because he didnt like the idea of others having an exact inventory of his collection.

How many of you guys have them insured.
 

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Discussion Starter · #2 ·
I realize the hesitancy to post a reply, so just vote if you would.

If any one could atleast provide some information regarding getting them insured, that would be great.

Most people who collect, view them as a type of investment. Many investments lack the ability to cover losses thru investment. Collections (whatever they are), are different.

I guess at the very least I raised an important issue
 

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i just have basic homeowners ins. also nra member which gives a little. i keep my guns in a good quality safe in a locked closet.i keep my log book with serials in a seperate safe. i belive you can buy firearms ins. from the nra, i would not trust any ins. company with a list of guns or serials.just my 2 cents
 

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Bowhunter:
Your NRA membership gives you an automatic amount of coverage. I buy extra to cover the rest - Armscare, it's called.
JT
 

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[ QUOTE ]
Bowhunter: Your NRA membership gives you an automatic amount of coverage. I buy extra to cover the rest - Armscare, it's called. JT

[/ QUOTE ]

Does NRA give FULL amount coverage on avery gun? Any limitations?
 

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BOWHUNTER

I FOUND THE COST FOR INSURANCE PROHIBITIVE AND THE INFORMATION INVASIVE.
ALL MY COLTS ARE INSURED BY SMITH AND WESSON!!!!!!!
 

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My gun or any future guns will be insured in my what I believe you call a "home-owner's-insurance". Only if my guns exceed a certain amount I must have them described in my policy.
 

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I'm insured by SecureNet. /forums/images/graemlins/grin.gif I'm secured with every detail covered. It'd be very difficult to penetrate the system.
 

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I hadn't insured them, but am planning on doing so. My local State Farm agent is very interested in writing the policy, all he needs is an independent appraisal due to their value being over $5000. While I pursue this, I'm also going to check the NRA offering.

One point the State Farm agent made was that the guns are insured anywhere, not just at my home. So, if I take them hunting (I don't - I'm not a hunter), or to a gun show (I might), they're covered.

I had heard that appraisers charge 10% of the appraised value for their services, which is not unreasonable for the time it takes to produce a good appraisal, but far exceeds the cost of a few good gun safes.

My local dealer told me that he'd write the appraisal letter using my estimates because we've done business for so long, and he trusts me. I keep an up-to-date spreadsheet with the details of each item. That would be make, model, serial number, condition, date purchased, special features, accessories, and amount paid. I also update the values annually.

Knowing the current value is something I share with my wife so she won't be taken to the cleaners if and when she liquidates the collection.
 

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Would someone please explain the NRA insurance offering?
 

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Beyond the automatic amount given to all members, Armscare will cover an additional amount. Guns valued under $1500 are unscheduled - you need not list the make, model, etc. For those with a value above that, the guns are scheduled.
Value is retail according to the latest edition of the Blue Book.
Premium is currently $16.60 a thousand per annum.
For questions, call Monica Campbell at 877-672-3006.
JT
 

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Hey, Addicted
Did I miss the answer to your question about the basic insurance amount we have with our NRA membership?
Don
 

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Insuring guns on a homeowners policy is way too expensive. Most policies cover cash, jewelry, and guns up to a very low limit like $200. For higher coverage it requires a rider much like expensive jewelry or art. Furthermore I have always been concerned that my liability rates would go up, or worse yet, I'd be dropped if my Ins. Co. knew of my gun ownership. Many of my guns are insured by Sportsman's Insurance Agency Inc. http://www.siai.net
For guns in current production they use the current list price. Older guns not in production, you can submit an appraisal or a copy of a purchase reciept. All guns are scheduled and you must provide ser. #'s. My cost is about $12/thousand.
Cap
 

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Expensive is right. I insure with Liberty Mutual, and their rates were twice that of Armscare. In addition, they require that all arms be scheduled, including SNs. Do you know how many hundreds of people have access to computer records in that company? No thanks. Armscare does not require scheduling for guns under $1500 in value.
JT
 

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Discussion Starter · #17 ·
Thanks guys for keepin this thread rolling. I know it can be a sensitive topic. Nonetheless I feel it is an important topic and have learned a lot already. The whole information game and who has access to it can really get in the way of making sure assets are protected. There sounds to be a few good options out there. If anyone has anymore input please feel free.... Its all about education!!
 

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jacobtown wrote:
[ QUOTE ]
"Do you know how many hundreds of people have access to computer records in that company? No thanks. Armscare does not require scheduling for guns under $1500 in value."

[/ QUOTE ]
Now you're getting me paranoid /forums/images/graemlins/tongue.gif I certainly would prefer not to have to schedule my guns. One question though, is the $1500 value above a total value? (I think it probably is). I don't think there's any way to insure an entire collection (even a small one which exceeds a total value of $1500) without scheduling the guns.
Cap
 

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I use Collectors Insurance Co out of Maryland. It was recommended to me by a reputable dealer years ago. You have to schedule your arms each year, but there is no deductible. If I remember correctly, it costs me about $50 per year for each $10k worth of coverage.
 
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