Gun Theft Insurance: 4 Top Options, Plus What to Watch Out For

Some kind of insurance policy against firearm theft and damage is a good idea for most gun owners. Every year, more than 230,000 firearms are stolen from people who most likely thought “it’ll never happen to me.” And that number doesn’t include loss due to fires, floods, or USPS incompetence.

Even for a small gun collection, the replacement cost adds up: a $700 rifle, plus the $400 scope you’ve got on it, plus your $500 handgun… you can do the math, but the answer is “ouch.” So, here’s a straightforward guide to help you insure your prized possessions.

The limits of your homeowner’s insurance policy

Your standard homeowner’s policy probably does cover firearms as valuables or ‘personal property.’ However, those policies have lean payouts. For any given homeowner’s or renter’s policy, $2,000 is generous. There’s also (probably) a lot of fine print in that big umbrella policy, which you should read before trusting it with your firearms. You could be denied coverage for not registering your weapons’ serial numbers with the insurance company, storing them in a certain way, etc.

Wouldn’t ANY insurance company need serial numbers, to verify ownership?

Nope. At most, they should ask for a description of the items to be insured. Of course, it’s a good idea to keep evidence of your ownership handy (you get to take photos of your arsenal… oh, the horror!). Receipts are a good thing to keep, too, but, because so many firearms are heirlooms, they shouldn’t be required.

Figuring out how much your guns are worth

Getting an approximate value of your arsenal is a good way to figure out whether it’s worth insuring. The Blue Book of Gun Values will give you a fairly accurate number for most gun models, new and old. If you have a really rare or collectible gun, you should get that appraised by a professional.

The 4 best options for gun theft insurance 

Based on our research (we’re NOT insurance agents, please do your own), these are the most reputable options and an outline of the coverage offered. The prices of all these policies are in the same ballpark ($10-15 yearly per $1,000 of collection value).

1. CollectInsure

Although they don’t market themselves as a firearms insurance company, CollectInsure has the most inclusive policy offering we’ve seen.

Items covered: firearms, air guns, accessories, gun safes, ammo, knives, edged weapons.

Paperwork required: Minimal. You don’t have to inventory all your guns separately or pay to get them appraised. Itemization is required only for valuables worth $25,000+.

Covered incidents include: Accidental breakage, theft, burglary, fire, flood (except Zones A & V), loss in the mail, natural disasters. (See exclusions here).

Minimum collection value: $0

2. NRA Armscare

Basic Armscare ($2,500) is a free benefit for NRA members. You can also pay an additional premium to expand your Armscare policy.

Items covered: Firearms, air guns, bows and arrows, accessories that are attached to the firearm.

Paperwork required: Minimal. You don’t have to provide serial numbers.

Covered incidents include: Loss, damage, flood, fire, theft. (See exclusions here).

Minimum collection value: $0

3. Core-Vens Gun Insurance

Core-Vens is the choice program for serious collectors who regularly buy, sell, trade, and travel to maintain their large firearms collections. Policies start at $100,000.

In addition to firearms owners and collectors, Core-Vens insures shooting ranges, gun dealers, sportsmen traveling outside the United States, and professional taxidermists.

4. Crosby & Crosby

Crosby & Crosby advertises enhanced homeowner’s insurance coverage that includes up to $5,000 worth of firearms payouts, so you don’t have to buy a supplementary policy. You can get a competitive price on gun insurance if you buy home and/or auto insurance through them.

Items covered: Firearms

Paperwork required: Minimal, as long as you get a blanket policy. You can insure individual firearms worth up to $10,000 under such a policy without having to inventory them.

Covered incidents include: “All risk,” including accidents, loss, and theft.

Minimum collection value: $0

More options

Any insurance company you’re currently doing business with, including USAA, might have options for you. You’ll want to ask them about ‘additional property insurance’ and/or ‘collectibles insurance’ pertaining to firearms. If you have a number of antique firearms, you may want to check out Eastern Insurance, which has a specialized program for historic firearms.

comments

  1. avatar Tom in Oregon says:

    Very timely article, personally speaking.
    Think I’ll be contacting collectinsure

    1. avatar frank speak says:

      had “collectables” insurance for awhile now…they’ve even payed out on one gun theft…do like to work your homeowners policy into the mix though…best to up your deductable to eliminate that….

  2. avatar Craig in IA says:

    You’d better do some checking on the NRA policy- there have been problems since Parkland that are being worked out…

  3. avatar Twisted Swifter says:

    Excellent information! Please continue to provide this type of content.

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