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Dans Club
December 7, 2020
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The topic came up today about if my firearms are properly insured?
Truth be told, I do not know if I have adequate insurance to cover my acquisitions.
I have a standard homeowners policy with riders on certain family heirlooms. Nothing specifically on firearms.
Not counting gun safes, how are y'all doing it?...if you are?
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Moderators
January 24, 2009
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Actually, I do need to check into that. So far I have a list of serial numbers & original prices paid (insurance doesn't know this), to hopefully be able to recoup the initial cost in the event they are all lost. But soon, I should probably look into either a separate insurance policy on the guns at today's value, or check into what my current homeowner's policy may be able to include. The only caveat to this, is that I'm not sure I want to divulge to an insurance company exactly how many guns I own. I dunno...ya know?
DWF Supporters
March 28, 2023
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Dan Wesson insures my Dan Wessons! Well in a way. I did look up the top rated gun insurance company is Collectibles Insurance Services. Also most can just add extra to your homeowners I believe. With Collectibles you do not have to disclose each gun unless it's worth more than $25,000 You just insure a price. Right now I think i'm up to $55,000 I think that's about $100 a year.
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Dans Club
February 22, 2009
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Insure Guns, Knives, and Accessories | Collectible Insurance Services | Collect Insure
Approximately $70 per month for 125K of personal-line insurance.
Technically, the glass is always full; half liquid, half air....
Dans Club
February 24, 2013
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I’ve been thinking about this topic recently too. My collection has now surpassed the $100K mark and my State Farm home owners doesn’t really cover much, if anything, related to firearms. I need to contact CIS ASAP.
Dans Club
February 24, 2013
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I’ve received an online quote $617 @ year ($51.42 @ mo) for $103K coverage. An agent is supposed to contact me.
DWF Supporters
March 28, 2023
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That seems very high to me. Should be much less than that!
Dans Club
February 24, 2013
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I’m curious why you think that’s too high. I’m not trying to be confrontational, just wondering the reasoning behind your stance. I don’t know if I’m calculating it right to be an equal comparison, but it seems our home insurance is way higher per thousand coverage than the firearms quote. This leads me to believe this coverage is reasonable. I’m open to all input!
DWF Supporters
July 12, 2020
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It seems reasonable to me now.......
Any idea on how this company is on an actual claim? How many hoops are there to jump thru, to what degree do you have to prove worth of said firearms, glass, etc.
Buying second hand, no true receipt for private cash deals, etc can prove to be a big potential hassle.
Also depends on where "they" derive their asset values from also.
DWF Supporters
March 28, 2023
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The other post he was getting 125,000 coverage for $75 a year. My quote was $100 a year for $50,000 a year. Seems yours should not be more than $200 per year.
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Dans Club
February 22, 2009
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CIS seems to be user friendly. I stumbled on them through a thread on the Winchester Collector's Forum several years ago. They don't require receipts or require an appraisal. I don't have firsthand knowledge of any claim settlement, but others have said they weren't difficult to deal with. Do research- there are many more out there, including a rider on your current home policy
Technically, the glass is always full; half liquid, half air....
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Dans Club
March 25, 2013
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I am confused by insurance🥺. Paying money and getting nothing for it. I might feel different if I lived in tornado alley. Or lived in an old delapidated house. Does this insurance protect against theft? We don't travel much, retired and always home. And I have my ferocious wife to handle my wet work. And I have attack cats in the yard😆.
Dans Club
February 24, 2013
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rwsem said
Insure Guns, Knives, and Accessories | Collectible Insurance Services | Collect InsureApproximately $70 per month for 125K of personal-line insurance.
Ron said his quote was $70 @ month for $125K coverage. The online quote I got for $103K coverage was $50 @ month.
Yes they cover for theft, loss due to fire, flood, and other damage (like a tornado, I guess). They cover while traveling to events with your collection (like a gun show?). They do not require serial numbers, nor any specific information about your collection. They state you must be able to prove what was in your collection if you submit a claim. This can be done with pictures, video, receipts, etc. For valuation of your loss, they use current market value determined by an expert gun appraiser. The better your documentation the more likely you can get the highest value, I suppose.
There’s two sides to insurance, the cost for the coverage and how they adjudicate a claim when you submit one. It’s easy to determine the first part, but it’s hard to know the second part unless you know someone who’s been there. Like Ole Dog said, sometimes it feels like you’re paying for nothing in return. But, what if someone breaks in and steals your $100K+ collection and you’ve got no insurance at all? All it takes is 1 time away on vacation or a trip to the doctor or dentist or the grocery store, etc.
Damned if you do and damned if you don’t, is what this decision feels like! LOL
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Dans Club
March 25, 2013
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I do believe in my supplemental health insurance and Medicare. Everybody needs it eventually. Without it you are literally doomed.
DWF Supporters
March 28, 2023
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Yea everyone needs health insurance and homeowners if you own a house unless you own it outright and want to roll the dice. THat world be unwise depending where you live. Also only takes one delivery driver to slip on your lawn for a lawsuit but more for storm damage and fires in my area. Se had one of the worst storms ever last monsoon season and did a lot of damage. They had to put a new roof on and lots of hail damage. The weather is changing in AZ that was the worst storm I've ever seen in 60 years. We got off easy some of my neighbors it took the roof off then rained into the house they had to tear out all the dry wall and carpet. I'm curious how the insurance prices are now in Florida I have heard they are the second highest in the country. Ours ticked up to $1400 a year. Car insurance yes. I do feel if I was still working I would want gun insurance but i'm home all the time or my mother is. I wonder if rental insurance covers guns?
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