Have heard all about it. Exactly why I said no drywall or fire board type safes. Location makes a difference as well. Did countless hours of research on this and There are very few gun safes if any that handle a fire for very long if at all. Sturdy seemed to be the most bomb proof(fire) and combine that With a more optimum placement. Some Times it's not about insurance when you have priceless pieces. Between what it costs for Insurance and what you can't sentimentally ever get back where do you draw the line? Only way to make sure you don't loose anything is to not have anything to loose in the first place.
Firearm Insurance
- Thread starter Muddyboots
- Start date
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Just talking the premiums rising. I'm tired of paying a bunch people for what if's that drag you through the mud if you ever make a claim anyways. Half my firearms are of sentimental value anyways. Knock on wood no fires.
Regardless of type, insurance (retirement/financial plans) is an actuarial science that applies mathematical and statistical methods to assess risks. It is like a safety net that we can buy into and hopes we never need it. I know I am underinsured for all my firearms and other collections that my wife and I have. The wife probably has a jewelry, crystal, and figurine collection that is more valuable than my firearms. Since we are updating our estate planning, we are also updating our asset list.
fnlights
Well-Known Member
I agree with Mike - Being a math and numbers guy, I have ran the numbers in my head over and over again lol.
If you own $50k of guns/reloading/etc with Eastern Insurance - that is only $175/year... Doing the math on those payments and assuming that if I invested that $175/year in a fund that earned a consistent 4%/year - my break even point for ONE custom gun would be 23 years (value then is $6,408).
Point being, I think it is CRAZY to at least not consider getting some type of insurance. I would just make sure you run the numbers to see if the cost outweighs the benefit. I know many people that think something like a house fire would never happen to them, but in reality it happens everyday. It's something that you hope you never have to use, but will be glad you had it if you ever need it.
fnlights
Well-Known Member
exactly! I imagine that the majority of people on this form and on this thread have a strong passion for hunting - I am willing to pay a small premium to get the piece of mind that if something like this happens I would still be able to do what I love.
Just like any type of insurance, it's all about hedging your risk.
I just submitted a quote through Eastern, see what numbers come back. Appears to be cheaper than what i have...
cohunt
Well-Known Member
If I had a whole house fire-- I'm not sure I could afford to shoot for years after....with the total loss deductibles, then ( look at the fine print on your homeowners policy)-- the demolition costs and the code upgrade fees( if actually re-building) it would probably wipe me out. My firearms would probably be the least of my concerns.
We had a good friend that went through all this years ago during the black forest fire--- they never realized what the total loss deductible was --- and then found out their insurance did not cover demolition permits and fees-- and it also didn't cover "code upgrade" fees on a rebuild since their home was about 30 years old----- they used all their savings to pay for the demolition/permits--- and then had to sell a burned piece of property off at pennies on the dollar and walked away with the insurance $ minus the deductible. They probably had a home/property worth 1.25-1.5 mil before the fire and walked away with about $300000. Clearly they should have read the fine print, updated their policy and done their homework
Their burned piece of property value was ridiculous since the whole area burned-- nobody wanted to buy property in that area for quite a while so they had to take quite a hit on the sale.
I checked with my Farmers agent. They can do a firearm rider for $4.33/$1000. They need descriptions and values of each.
Muddyboots
Well-Known Member
First be aware if you go through your homeowners, prob require documentation. I went this route first until local bank carrying my mortgage called me to inform me they got copy of my firearms rider with all firearms listed as part of annual verification of having Homeowners insurance. Luckily they let me know, destroyed it for me. Called insurance and oops.... so I went to NRA Lockton Affinity years ago. Easy Peasy! Very reasonable. You insure for a total so rates based on that. No firearm specifics needed.
I recall though over certain value might need.
I recall though over certain value might need.
They require all guns $2500 and over to be scheduled. My quote from them was $1000/year!
Muddyboots
Well-Known Member
I wonder if optics can be covered under homeowners as personal belongings so you only have to insure the firearm? Could drop values a ton.
With the eastern policy it's a blanket policy. All firearms accessories are covered as well. You can even get a separate rider for reloading equipment as well as ammo/reloading supplies.
If you are going to insure your firearms, don't put up with the homeowner's snoopy policies; get one from a company that specializes in firearms and such.
Good call, if I took stock of my reloading equipment and ammo/powder/bullet supplies, I'd need to add some more $$ to the premium.
