Firearm Insurance

[njpilot 671]

Got an email from the NRA the other day. This looks like a pretty good deal. If you don't have insurance on your collection, might want to look into this:

 

http://www.locktonrisk.com/nrains/armscare.asp

[Maksim 1,504]

I was actually just going to write about having protection for firearms....

 

i havent seen this policy, I will look at it, but for what they charge... seems a little steep. the homeowners policy you currently have may cover for firearms... more on this soon.

 

as a financial advisor... what I can say is that most policies like this, or accidental death/dismemberment, are typically a waste of money as the chance of them paying out is less than one half of one percent.

[Maksim 1,504]

Ok.. read the policy.

 

doesnt cover the defects in firearms, ie barrel blows up. Covered if stolen, but only out of a locked car. A bunch of exclusions.

 

http://www.locktonrisk.com/nrains/SectionIII.pdf

 

typically, most of the same things are covered by your homeowners policy and in some cases auto insurance policies. If you do not have homeowners coverage, I would look at this.

 

Note... there is a $100 deductible for claims.

[njpilot 671]

I haven't looked at firearm insurance before, but didn't think $174 a year for $10,000 was a lot.

 

I also only breezed through it and I thought the deductible only applied in certain situations and it covers theft or fire damage in the home. The car thing was that it would only cover it stolen from your car if it was locked and broken into.

[rscalzo 3]

My homeowners covers up to a certain amount. Riders are available and I feel it's a much better deal.

[djg0770 481]

The best insurance is often to just protect yourself adequately. A good safe may cost you less and provide you more security and use. BTW Craigslist is your friend. Search for gun safe or go in the 'for sale section' and look under Business and search for safe. Generally these are commercial safes which are very very different from the residential gun safes you find at any sports store.

[NJ-Tom 4]

Be careful with home owners insurance I have read on some other forums the insurance companies dropped the client after discovering firearms were on the premisies (no first hand experience just what I have read).

[Melgamatic 66]

Be careful with home owners insurance I have read on some other forums the insurance companies dropped the client after discovering firearms were on the premisies (no first hand experience just what I have read).

 

This was my thought too. I suspect my homeowners insurance is going to skyrocket if I have to list my firearms and their values like I do for my art and jewelry. I have an additional rider for those, and pay extra, but I think the firearms are going to set off alarm bells in some adjuster's program.

[rscalzo 3]

You do not have to list anything with the insurance carrier. (I have State Farm). You will have to document possession if a claim is made. Min. on my policy is five thousand. That covers quite a bit as they are not going to give you full retail even if you have the replacement option. If you are insuring certain very high value firearms on an individual basic and they are high ticket collector's items, then a specific list will be required.

[BMWR12 35]

I haven't looked at firearm insurance before, but didn't think $174 a year for $10,000 was a lot.

 

I also only breezed through it and I thought the deductible only applied in certain situations and it covers theft or fire damage in the home. The car thing was that it would only cover it stolen from your car if it was locked and broken into.

 

 

This seems like alot. I pay $900+/yr on 1 motorcycle insured for $50k.I pay around $250/year($150K max) for collectors insurance for my guns and militaria through Allstate.

[Blackfox 1]

Not all the home owner insurance cover firearms, I used to have a policy with Prudential and it did not cover firearms.

[rscalzo 3]

You really have to read the fine print. Mine is specifies in the Declarations page.