Firearms Insurance Question

Joe2Kool · Jul 15, 2022

Reviewing and updating my, I mean a friend's

homeowners insurance policy. It only covers $2500 for loss of firearms. Just in case he has more in firearms than jewelry for the wife, you guys have any recommendations for him? I've seen ads about NRA firearm insurance but never looked into it.

Just curious before I start looking, for a friend of course.

Thanks.

MountainSqwabler · Jul 15, 2022

Just make sure your friend doesn't let his house burn down and he's golden. And if it does, guns first, wife second!

hossblur · Jul 15, 2022

MountainSqwabler said:
Just make sure your friend doesn't let his house burn down and he's golden. And if it does, guns first, wife second!

My friend lost his guns in a canoe accident. Couldn't declare any of them.

Careful

DH56 · Jul 15, 2022

Call your agent on your homeowners policy. Many provide additional insurance policy for firearms, then compare it to the NRA Insurance.

Joe2Kool · Jul 15, 2022

DH56 said:
Call your agent on your homeowners policy. Many provide additional insurance policy for firearms, then compare it to the NRA Insurance.

Friend's agent said the guns had to be appraised. But the agent didn't know where that could be done. Gun shop that used to do it stopped. Not sure why.

I'll keep looking.

Thanks guys.

nfh · Jul 15, 2022

Back in the day when I use to rent I was able to put them on renters insurance. Had to provide serial numbers and they would just see what MSRP was and take a few percent off that of they ever had to pay out.

Blank · Jul 15, 2022

The best answer is to review your homeowners policy, and talk with your agent. Most have a limit of &2500-3500 for firearms, even tho your personal property limits are quite a bit higher. You have a couple different choices: raise your basic coverage, which also raises sub limits. Schedule individual high value guns, and accept basic coverage for the rest. Schedule all your firearms individually, with specific values for each one, and an agreed upon maximum for all. There is no correct blanket answer, without the input and agreement of you, your agent, and the underwriter

WVHUNTER · Jul 16, 2022

I think firearms insurance costs 1% to 2% of the value of the guns per year. So for $20,000 worth of guns in the $200 to $400 per year range.
Even if they don’t require an appraisal you need some sort of documentation that you own these guns. Make, model, serial number and even photos of the guns and serial numbers would be good.
The wife’s jewelry is the same way. Homeowners policy only covers $2,500 total.

AZGuy · Jul 16, 2022

Why not just get the best safe you can buy and redhead it into concrete? I found this lets me sleep easy at night.

BLooDTRaCKeR · Jul 16, 2022

Yeah….you guys keep giving those insurance companies extra money so if that day ever comes, they can tell you why your firearms are still not covered. Your best insurance program is what AZGuy just mentioned….put a little sweat equity into a fire proof safe. Don’t rely on the crooks of this world to “pay out” if it ever happens.

Tikka · Jul 16, 2022

BLooDTRaCKeR said:
Yeah….you guys keep giving those insurance companies extra money so if that day ever comes, they can tell you why your firearms are still not covered. Your best insurance program is what AZGuy just mentioned….put a little sweat equity into a fire proof safe. Don’t rely on the crooks of this world to “pay out” if it ever happens.

I’m here to tell you that “fire proof safe” isn’t worth a **** if your house burns down… Speaking from experience my friends dad lost 50 years of gun collecting when his house burnt to the ground…

AZGuy · Jul 16, 2022

I’ve seen several dozen make it during my short career in the fire service. Don’t go with a cheap brand.

Blank · Jul 16, 2022

No such thing as "fire proof" safe! Different ratings, and times, and based on internal temp it get's up to. Buy a good one, with high ratings - 1200-1400 degrees for at least one hour. A home fire can run 1500-1900 degrees, and that will damage any interior substance eventually, including firearms actions. Place on the first floor, on concrete if possible, and in a corner of fire-resistant exterior walls. Make sure it can't drop into a basement and be underwater. Get a good 48 or 72 hour waterproof rating if there is a possibility it can be submerged. Pray you never need to worry about it. !!!

DH56 · Jul 16, 2022

I have had my insurance agent since I was married. It will be 40 years this September(He retired this year). Always provided me good input to make decisions. Steered me away from some policy changes that I wanted to do to other options which provided better coverage or options other then insurance for less money. I appreciated that. Home, Vehicles, AtV/UtV, Life, Umbrella Policies, guns, etc. My initial policy covered $7,500 for my guns. I added a additional rider to cover my needs. Not a huge amount of cost for the additional insurance. If they get stolen or the house burns down I'm covered.

Option #2 as blank explains is a quality safe(s) which I also have with a high fire rating. I have known a few(Club Member and friends) that have had theirs in a house fire in a safe and lost most if not all their guns. Optics as well, don't forget about them. Two others I am aware of where their guns made it, but the fire was controlled and didn't damage a lot of the home. Don't forget about ammunition and reloading supplies. There are high dollars there if you have a good amount of inventory. How are you protecting that asset?

Each person needs to evaluate and decide what their needs are and what their piece of mind is.

SS! · Jul 16, 2022

BLooDTRaCKeR said:
Yeah….you guys keep giving those insurance companies extra money so if that day ever comes, they can tell you why your firearms are still not covered. Your best insurance program is what AZGuy just mentioned….put a little sweat equity into a fire proof safe. Don’t rely on the crooks of this world to “pay out” if it ever happens.

Don’t listen to this guy. The fire doesn’t even have to enter the room the gun safe is in to make matchsticks of your firearms.

Insurance. Read the fine print before you buy it…

AZGuy · Jul 16, 2022

Blank said:
No such thing as "fire proof" safe! Different ratings, and times, and based on internal temp it get's up to. Buy a good one, with high ratings - 1200-1400 degrees for at least one hour. A home fire can run 1500-1900 degrees, and that will damage any interior substance eventually, including firearms actions. Place on the first floor, on concrete if possible, and in a corner of fire-resistant exterior walls. Make sure it can't drop into a basement and be underwater. Get a good 48 or 72 hour waterproof rating if there is a possibility it can be submerged. Pray you never need to worry about it. !!!

The safe goes on the concrete pad in the garage, closest to the road.

Joe2Kool · Jul 18, 2022

Lots of good info here guys and gals. This is what I was looking for. Good, solid input with different experiences and recommendations. Hadn't put much thought into the ammo part. I think my friend has 3 or 4 boxes of the high dollar stuff around the house.