Tuesday, December 01, 2009

Insure Those Firearms

Homeowners policies usually have special limits on firearms that are $2000 to $2500 total value. That might just be one or two collectible guns!

I suggest that you photograph them, record the serials, and note the replacement cost. Then purchase a policy extension ("rider") for that amount. One might factor in an additional 20% for appreciation. Optics and accessories normally do not count as firearms usually covered under the standard policy. The NRA offers both Armscare Plus (application here) and a Gun Collectors insurance.
This insurance covers your firearms for their rarity, historical value or artistic merit. Accessories include scopes, rings, mounts, slings and sling swivels, which are attached to the insured firearm. Items covered under this plan cannot be fired or discharged and used only for exhibition, collection and/or display purposes. This specialty policy insures against direct physical loss or damage to your gun collection including theft from a vehicle that resulted from breaking and entering a locked vehicle or locked portion of a vehicle.
One can apply for the Gun Collectors insurance here.

However, you don't need to go through the NRA for insurance. Joe Reikers of TARSPORTING.com recommends Sportsman's Insurance Agency in Ormond Beach, Florida.

I now have a record of all firearms that pass through my hands (ownership) and take photos of them as well. I'm going to redo all my photos very soon. I suggest this anyway, as I'd be very upset if I were to die and Nana were to be snookered by some "good samaritan" buyer.

Some of you have written asking for an inventory software to help you with this task for firearms and other valuables.  Clint Bryant found a free inventory program that State Farm offers (I am NOT a spokesperson for State Farm Insurance and am NOT compensated by them for this mention).  They also give advice on how to do the inventory and document the values. 

1 comment:

Tony said...

Hobie, this is an item that I’ve neglected over the years, thanks for bring it to our attention. I’m planning on attending a match in AZ in February and never gave much thought about it until my wife arrived home from a recent trip by plane—where the luggage never did show up.

Guess I’ll manage my fears, buy some more insurance, and not worry so much about a baggage handler snagging my pistol case.