Insurance on your collection?

[Nowhere Man]

I received an email today from an online forum providing a link to an insurance company covering firearms. I know my homeowners policy provides very little coverage.

What has your experience been with insurance on your collection? Is it worth checking in to?

 

[slm9s]

Several have Eastern insurance. Back when I looked into it, I read they were easy to work with if a claim should arise...

 

[spife7980]

I got Eastern last year as well, I havent had to make a claim but I can attest to bit being a really easy process. You submit your request for a quote, they respond back via email a time or two and then they send you the info once you pay. I was intimidated but after going through the process for 100 something bucks a year I dont have to worry about my 30k in crap Ive accumulated being a total loss should something happen.

 

[Dead Eye]

What all did you have to provide to get coverage? Photos, serial numbers what?
Thanks
Dave

 

[mike a]

Reloading equipment?

 

[STOMP442]

I just did a separate policy through state farm. I think it shows up on the bill as "collections" insurance or something like that. All I had to do was provide a list of make and model with serial numbers and give a replacement value to each item. Based on the total of said items determined my policy cost. I have quite a bit of stuff with some pretty pricey optics and I think I pay less than $20 per month for it. $500 deductible. I update it first of each year to reflect changes in things bought or sold. They made it pretty simple and of course, since my auto and home insurance was there already there was a bundle discount applied as well.

 

[shoobe01]

I have got the NRA one, Lockton is the actual insurer.

Easy, "I have insurance" if under... some number. I am well over it. So, had to itemize. Not too hard but coverage is poorer than expected. They insure GUNS. Scopes, sure, but confused about clipons, lasers, etc. If not on The One Gun they are listed with when loss occurs, not covered.

Suppressors? Not a gun. Only counts when On The One Gun... again.

Not magazines. Not other accessories generally. Even though I have a lot in those. Not super happy with it. But cheap enough and I'd try homeowners for anything Not A Gun they wouldn't cover.

 

[Medic505]

I got Eastern last year as well

Does this cover theft, fire, natural disasters, or is it limited?

 

[joshb]

I just got a special addendum for my guns in my Home owner’s policy . Cost me a few hundred for a $30 k value.

 

[tsyarnall]

I guess I’m just way overly cautious or just don’t trust much now days. Seems like companies are way too happy to give information about their customers to the federal government. I didn’t want anyone to have an itemized & serial numbered list of my firearms that I MIGHT have

 

[littlebuddybr]

Eastern does not require a itemized list, serial numbers or pictures. It is blanket coverage.
Unless a firearm is over $10,000.
Then they require a little more info.
They also started an addition for
Reloading equipment and ammo.

It is very reasonable.
And they are very easy to work with.

Also they say they will not give any information to anyone (government agencies).

 

[Straightshooter1]

There are separate insurance policies (not part of an HO policy) and many companies have special rider's to attach to HO (Home Owners) policies if the value of one's firearms is higher that what is already set out my the company's HO policy. Often, as mentioned, coverage limit is set at 10,000 . . . and in most cases, if not all, the coverage in a HO policy will also cover them off premises. You can insure them all for more, and if one has custom guns or guns that have been upgraded, to get them covered properly, you'll need to get an appraisal for each one. Otherwise, you're likely to wind up in a fight with an adjuster over its value and not get what you should for any loss you might have incurred.

Reloading equipment at your home will be covered as any other things you have. But they will not be covered when you take them away from your home under an HO policy. You'd need a special "Floater" endorsement for the HO policy or a separate policy for those things you take away from your home (like to a shooting range), assuming their valuable enough to want them insured.

If you don't know what your "sublimit" is on your HO policy, it'd be a good idea to go over this with your insurance agent to be sure you're getting the coverage you want.

 

[hoz53]

I received an email today from an online forum providing a link to an insurance company covering firearms. I know my homeowners policy provides very little coverage.

What has your experience been with insurance on your collection? Is it worth checking in to?

thanks for posting this as i need more insurance on my guns to. One thing it seems and i know its true with my HO company is that most HO requires the serial numbers and list and The NRA plan doesnt and evidently this eastern company doesnt either.

 

[IdahoSharpshooter]

I have Farm Bureau insurance here in SW Idaho. I just give them a coverage amount, and they quote me a yearly premium as part of my Homeowners Insurance. I have a disc in my safe deposit box in the bank with pictures and serial numbers highlighted. Easy-Peasy...

 

[MOTORSPORTS55]

What is the cost of this insurance roughly

 

[JMayo]

Eastern ...covers all shooting/ gun related equipment & reloading supplies, 150.oo =40k coverage no questions asked.
Kinda the bottom line coverage they offer.....

 

[Jdne5b]

I also have Eastern. Cheaper than NRA/Lockton, and much cheaper than a rider on my Homeowners, who wanted an itemized list with appraisal for each item insured.

 

[C.E.Smith043]

Imo, you need to have at least $20,000 worth of value to make it worth actually paying someone to insure it. Anything under that, I would just insure it yourself.

 

[Joe Salt]

Why not do like I did years ago, raised my content insurance to $300.000 it was cheap.

Joe Salt

 

[Straightshooter1]

Why not do like I did years ago, raised my content insurance to $300.000 it was cheap.

Joe Salt

First . . . not all policies are the same from company to company. Changing the limit of the contents coverage usually does not change the Sublimit amount (if there is one, which typically there is). One needs to check the details of the policy to see or consult one's agent to be sure.

BTW and FYI, I only have some idea about this as many years ago, I used to be an agent.