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Thread: Let's talk Firearms Insurance
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August 20th, 2016, 07:32 PM #1
Let's talk Firearms Insurance
My collection has grown to the point where if anything happened to it, it would be quite a hit. Looking to buy some firearm specific insurance and was curious where people here went for theirs. The site below supposedly insures $40,000 worth of guns for $135 per year. Anyone use it? If not, I would be curious where you went for coverage.
https://www.easterninsurance.com/ins...toric-firearmsThe USA is now a banana republic. Only without the bananas....or the Republic.
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August 20th, 2016, 07:39 PM #2
Re: Let's talk Firearms Insurance
I used to have insurance through Collect Insure but changed to Eastern a couple years ago. So far, no complaints, though fortunately I haven't had to file a claim. Customer service is okay and you don't have to supply a list although they say you can if you want to (helps with claims I suppose; I keep a list of serial numbers and pictures). I like supplemental insurance like this for the peace of mind but also because it covers me during shipping and I buy/sell a lot.
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August 20th, 2016, 07:39 PM #3
Re: Let's talk Firearms Insurance
NRA memberships offer a free $2500.00 fire arm insurance with the ability to upgrade it for your level of coverage and I believe they have reasonable prices.
NRA doesn't require a list or appraisal of each insured firearm.
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August 20th, 2016, 07:43 PM #4
Re: Let's talk Firearms Insurance
The USA is now a banana republic. Only without the bananas....or the Republic.
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August 20th, 2016, 07:44 PM #5
Re: Let's talk Firearms Insurance
Last edited by ShooterInPA1; August 20th, 2016 at 07:49 PM.
The USA is now a banana republic. Only without the bananas....or the Republic.
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August 20th, 2016, 07:57 PM #6
Re: Let's talk Firearms Insurance
No, they don't require a list. Collect Insure wanted to know about any single pieces worth over $5,000 but Eastern doesn't require any itemization at all. When you call to get a quote, you'll probably talk to Jack Richardson directly (or at least, I always did) so you can double check. If I remember correctly, he said he welcomed a list for their records if you wanted to supply one but it wasn't necessary. I keep a database of my own but thinking about it, my renewal is coming up so maybe I'll ask them about sending a list when I call to pay. Just might make things easier if the worst ever happened.
I am currently insured for 65% of my collection roughly. It was a higher % when I first signed on but as the collection value increased, I didn't increase coverage. probably should look into that too, though it's doubtful I'd ever go to 100%.
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August 20th, 2016, 08:03 PM #7
Re: Let's talk Firearms Insurance
Odd... I just looked at their application and now it's different: they do have a place to list all items to be covered. Serial numbers aren't required unless the individual item is valued at $10,000 or more. I think I'll send them a list when I renew just for my peace of mind. At the end of the day, I'm paying them for coverage and if I ever needed to be compensated, I'd want to make sure my lost items were documented with them. Nothing to hide from them really.
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August 20th, 2016, 09:04 PM #8
Re: Let's talk Firearms Insurance
Does this still apply as far as you can tell?
Collectors or Eastern will absolutely spank your homeowners or the NRA, both in rate and coverage.
Collectors is about 0.7%, Eastern about 0.33% For the math challenged, 0.3% is $330 for $100,000 of coverage.
And they cover when is use, transit, or shipping, which is where you have a lot of risk. They also don't require a list or appraisals for most guns.
Eastern gives a discount to NRA members.
https://forums.1911forum.com/showthread.php?t=442848The USA is now a banana republic. Only without the bananas....or the Republic.
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August 20th, 2016, 09:16 PM #9
Re: Let's talk Firearms Insurance
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August 20th, 2016, 09:16 PM #10
Re: Let's talk Firearms Insurance
I'm guessing it does. Following their "request a quote" link brings up a 2-page PDF. First page is about storage condition (type of home, type of safe, etc.) but second page has the following:
The Historic Firearms, Collectibles & Sporting Arms Insurance Program
PROPERTY TO BE INSURED (Not required when insuring by the UBC – Unscheduled Blanket Coverage option)
1). List all firearms and/or collectibles that you wish to be insured in the program. Serial Numbers are not required; however, you may includethem to substantiate the appraised value. If UBC Option is desired, only items in excess of $10,000.00 need to be scheduled.
2). Notice - For individual items valued at more than $50,000, please include a recent appraisal or bill of sale.
Item (Make & Model) General Descriptionincluding gauge or caliberDeclared Value (round eachfirearm value to the nearest dollar)
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