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Discussion Starter · #1 ·
It is very important to insure guns properly. When the bad guys break into you house one of the first things they grab are the guns.

When you start buying guns it does not take long for the total values to pile up after a few years and before you know it you have $20,000 to $50,000 or more in total gun values.

At one time the total value of my guns was a little over $50,000 and being an insurance broker I insured them through Lloyd’s of London. I wanted to use Lloyd’s Underwriters because the coverage is as broad as you can get and surprisingly the total price is not much more than what the average domestic insurance carrier would charge. The coverage is world wide (no territorial limits) so taking a hunting trip to Mexico or parts south from there or anywhere else in the world is no problem. Additionally Lloyds insured my guns and ancillary equipment (hand loading press, optics, cases, range bags etc.) for the stated value as long as I had a receipt or appraisal from a reputable appraiser.

If you decide to go this route there are a few things to look for in the written quote you will receive from your insurance agent

1. Type of policy should be “Inland Marine”
2. Perils should be “All Risks”
3. Look for the deductible as it may be higher than you wish. You can have it lowered
but that will cost a tad more.
4. The Schedule… most important is the schedule. Each and every item you wish to insure should be scheduled. Anything not on the schedule is NOT covered. At the top of the schedule is a column titled “Description” which details the item to be insured in all particulars, i.e., make, model, caliber and so on. Straight across the description is the value under a column titled “Insured for and Valued at.” It is very important to make sure the descriptive wording for this column is for certain worded as “Insured for and Valued at.” Don’t forget to add the sales tax on all items if you paid sales tax. If you have your entire gun collection wiped out the sales tax can be considerable when it comes time to replace everything through your insurance. No carrier will pay it if you did not include it in the initial values submitted on the application.

Have fun insure correctly and sleep without care, mostly heh, heh :)
 

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Excellent advice. A few years ago I updated my insurance on my collection and it has made me more comfortable knowing they are covered in under any circumstance to include simple loss (such as while in transport/travel), just as expensive jewelry is covered with a rider to a homeowner's policy. My inventory and values were done by a professional and the relatively small fee and the carrier's acceptence, without question, was added peace of mind. All my guns are covered for replacement cost which was, across the board, more $$ than static value for each and every firearm. All my scopes are also covered with replacement cost.

Always an interesting subject around gun owners. Especially when owners call their carriers and find out just how low typical coverage can be for theft, without a rider.
 

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Insurance on Firearms

Suggest you contact your homeowners insurance agent. My policy had firearns to a linit(pretty low) but could be increased for an additional charge.
 

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I insure my guns through the NRA Insurance carrier, Lockton, as I recall. There are two tiers of coverage: Most costly is the "Shooter" category and less expensive is the non-shooter "Collector" category. Many insurance companies want serial numbers, Lockton does not. My homeowners policy has a $5,000 limit on unscheuled firearms.

I keep my firearms in a fireproof vault, have a monitored home security system, a big dog and a mother-in-law nobody wants to mess with, but she likes me. I have a list of all gun serial numbers and photos in my safe deposit box.

Webley
 

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Good advice Montanaboy. My HO policy only covers 5K. Your post reminds me I need to fix that.
 

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Discussion Starter · #6 ·
One way you may be able to lower your total insurance payment is to break out your hunting guns from your collectibles. I was able to take quite a few of mine out of the expensive 'firearms' category and insure them as 'sporting goods.' The cost per hundred is about half. Odd considering that chances are slim that someone would get my hunting rifles if they are at my house, but almost anyone can get them out of my truck at a rest stop.
I have been away from the forum for a good while. Just saw this and wanted to respond to CVC's post...

Excellent buddy and the savings may well be considerable as the collectors rate is much less... a point, it would seem, you already know.

Thanks
 

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I have State Farm HO and had to get a $20,000 "rider" policy for my firearms plus the standard $5,000 so 25 grand in coverage no serial numbers required and a discount for fire safe with sprinkler above it.
 
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