Your Arsenal is a Store of Wealth, So Treat It That Way

collectibles insurance guns

According to TTAG’s 2016 survey, our average reader owns six or seven guns. If you’re in that group, you might not think of your gun collection as an “investment” – however, your arsenal is, functionally, a store of wealth.

It is reasonable to have some kind of insurance to protect that store of wealth against theft, damage and loss. The NRA knows this, which is why they offer a small amount of firearms theft/damage coverage as a membership benefit. That’s nice, but there are some downsides to the NRA plan: the NRA will not cover your ammunition, knives, rifle cases, gun safes, un-mounted optics, or other gear. Also, of course, you have to support the NRA to get their insurance.

Another option is to work it into your homeowners’ policy. By default, homeowners’ policies deliberately exclude firearms beyond a very small payout (under $2,000), but you can expand your coverage to protect firearms. The downside there is that, by and large, homeowners’ policies are very limited. They’ll almost never cover any kind of accidental damage.

Then, there’s this surprisingly under-the-radar company called Collectibles Insurance Services.

Besides with people who collect sports memorabilia, comics, and stamps, gun owners make up a big chunk of their customer base. That’s not by accident. Despite the low profile, they really do offer the best arsenal insurance at the best prices, and we’re happy to spread the word about them.

Here are some of the advantages of Collectibles Insurance Services:

Accidental damage coverage. Homeowners’ policies are usually limited to burglary or fire. In contrast, if a shotgun accidentally meets its doom at the bottom of a lake, Collectibles Insurance Services can provide protection.

No serial numbers or appraisals required. Only individual items valued at $25,000 or more need to be scheduled by simply listing the make, model, and estimated value. (Under a homeowners’ policy, you may be asked to appraise and schedule all items as well as document serial numbers).

Coverage extends to ammunition and knives along with accessories such as rifle cases, holsters, optics and gun safes (basically everything the NRA plan excludes).

Pay less. Collectibles Insurance Services allows you select the coverage you need, not a generic clause bracketed into chunks of $5,000 or $10,000. Most people will pay less for more coverage through Collectibles Insurance Services compared to a homeowners’ policy.

All firearms are eligible, not just antique/collectible ones.  Unlike other collectibles insurance policies, Collectibles Insurance Services does not have any stipulations on types of firearms.

Work with people who definitely know what they’re insuring. Collectibles Insurance Services is run by people who understand the value of firearms and ammunition. The agency has been around for over 50 years. You can rest assured that they’re financially secure. All protection is provided by a carrier with a group rating of “A” (Excellent) by A.M. Best, the leading rating agency for the insurance industry.

You don’t have to be a “collector” to obtain protection through Collectibles Insurance Services. If you have guns, these people are here to discuss your insurance options. Call them.

comments

  1. avatar Southern Cross says:

    And for the Aussies on the site, look into the SSAA’s optional insurance. At $25 per year it is a good option.

    1. avatar frank speak says:

      certainly true if you have any class 3 items…and, yes…I already use and recommend this company…they’ve already paid off on one claim….

  2. avatar FedUp says:

    How long before they agree to pay NY a $5mil fine and never insure guns again, in exchange for being allowed to remain in business?

  3. avatar former water walker says:

    My meager collection is covered…

  4. avatar Ralph says:

    I’m one of those “Superdoopercollectors” that the gungrabbers are always talking about, and I own eleventy-seven magillion guns. Where can I get insurance? And where can I get a gun safe that holds eleventy-seven magillion guns?

    1. avatar Geoff "Mess with the Bull, get the Horns" PR says:

      “…and I own eleventy-seven magillion guns. Where can I get insurance?”

      Contact LLoyd’s of London.

      “And where can I get a gun safe that holds eleventy-seven magillion guns?”

      Any contractor experienced in building bank vaults can handle your needs.

      Contact Lloyd’s of London again for references.

      You’re welcome… 😉

    2. avatar Doesky2 says:

      Concrete corner of basement and a safe door.

      1. avatar frank speak says:

        put them all in one place and you risk losing them all at once…ever heard of burglars with badges?….

    3. avatar barnbwt says:

      I sure hope you have a gorillion dollars for the premiums, pal…

    4. avatar Nigel the expat says:

      Former missile silo?

      Play it right you can hedge your silo investment into place where really stupid rich people will give you money for a “Premium Survival Apartment” (that you never actually build).

      1. avatar barnbwt says:

        LOL.
        “The bombs are falling! Where’s my shelter?”
        “Uh, yeah; we never made one for you, we just took your money.”
        “I’ll sue you, you lying cheats!”
        “Uh, yeah; good luck with that in about…oh, five minutes. Bye.”
        *clank*

  5. avatar Gov. William J Le Petomane says:

    ‘According to TTAG’s 2016 survey, our average reader owns six or seven g uns.’

    Well at least I’m above average at something.

    1. avatar Just Sayin says:

      You’re also two years older than average.

      (Nuthin but love for ya Guv…)
      ((‘Cuz I’m probably older than you.))

      1. avatar Gov. William J Le Petomane says:

        Well, lets just say that when I buy beer at Walmart they’ve stopped asking me if I’m over 40 now. (Never understood why they ask that when it’s nearly double the legal drinking age, but they ask…)

        1. avatar Big Bill says:

          It’s a CYA thing. In many jurisdictions, local LEOs send older-looking under-age people (or younger-looking legal drinking-age people) into stores to see who sells to minors.
          When I buy ammo locally, even though I’m 70+ with gray hair, I’m asked my age. It’s one of those “if we single out those who look young, we are accused of being ‘ageist'” things.
          Lawyers are everywhere.

    2. avatar neiowa says:

      You told the truth of a gun survey? You’re far away from average owner.

  6. avatar Just Sayin says:

    “…America’s firearms super-owners — part of the 3 percent of American adults who collectively own 130 million firearms, half of the nation’s total stock of civilian guns.”

    “…That top 14 percent of gun owners — a group of 7.7 million people, or 3 percent of American adults — own between about eight and 140 guns each. The average is 17.
    These super-owners include collectors with elaborately curated selections of historical firearms, serious hunters, firearms instructors, gunsmiths, people who love tinkering with and customizing their firearms, and Americans worried about feeding or defending their families in the wake of a disaster scenario. But you don’t have to be prepping for the breakdown of civilization to end up with 17 guns. In fact, gun enthusiasts say, it’s surprisingly easy to get to 17 — especially because many Americans inherit multiple guns from their parents and grandparents.

    “I’m from Texas, and I just have an assload of guns,” said John Risenhoover, a retired agent from the Bureau of Alcohol, Tobacco and Firearms who now lives in Colorado.”
    From thetrace.org 9/20/16
    RisenHOOVER… perfect name, huh?,
    LoL
    Yes, I have an effing assload of guns.
    Life is good.

    1. avatar Gov. William J Le Petomane says:

      I wouldn’t dispute that there are 7.7 million Americans who own 130 million firearms, but I think they’re grossly underestimating the number of Americans who own 3 or 4, and therefore the total number of privately owned firearms in the country. Pretty much anyone who hunts is going to have at least 3 or 4.

      1. avatar BLAMMO says:

        Anyone who lives in a household where a gun is present, and has legal, authorized access to it, is a gun owner. The only exceptions are guns that are registered to a specific individual; then that person is the owner of that gun.

        My wife only occasionally uses any of my guns and didn’t buy any of them. She owns all my guns as much as I do. Same goes for the food in the refrigerator and all the household contents. Same shit. Of course, I hope she would use one of my guns if someone was skulking around in the back yard or pounding on the front door.

        Gun “ownership” surveys and statistics are way under reported for many reasons.

        1. avatar Gunr says:

          You must live in one of those states where the wife gets half of everything, and her attorney gets the other half, in a divorce.

        2. avatar Big Bill says:

          Our government has funny ways of figuring who does something.
          Take car crashes, as an example: if anyone involved in any way with the crash has been drinking (not drunk, just drinking), the crash is “alcohol involved.” Driver, passenger, passer-by hit with a fragment of glass, it doesn’t matter.
          Gun ownership is much the same way. If a prohibited person is in a car where there is an unsecured firearm, he can be (and often is) charged with possession of that gun. He may have never touched it.
          Got a gun in your home?

    2. avatar frank speak says:

      recently found out a former county sheriff has about 600 guns…hope he bought them all!

    3. avatar Muhammad says:

      Only 140 guns on the top end? So what does that make me, an Uber-Mega-Super-owner?

    4. avatar Andrew Lews says:

      If the average number of guns owned to reach “super ownership” is only 17, then I’m only two guns away. Huh. I never thought I would make the grade.

  7. avatar Pepperidge Farm says:

    Nice to see TTAG is calling a spade a spade now and actually identifying sponsored content as such. Remember when some asshole tried to pass off a Taser advertisement as a real article?

    I remember.

    1. avatar Gov. William J Le Petomane says:

      I went to school with Sponsored’s brother, Adult.

      1. avatar Pepperidge Farm says:

        I remember that, too.

  8. avatar neiowa says:

    Who audited their financials? This sounds like Tesla.

    1. avatar Gov. William J Le Petomane says:

      The simply astounding thing about Tesla is that it’s now the most valuable (by current market capital) automaker in the USA! More than GM, Ford or Fiat-Chrysler. Twice what Fiat-Chrysler is worth. As P. T. Barnum used to say, ‘there’s a sucker born every minute’.

  9. avatar beefeater says:

    Guns are not investments or stores of wealth. While they can be valuable, and you may need to insure them in certain circumstances, thinking of them as a store if wealth is financially stupid.

    1. avatar uncommon_sense says:

      beefeater,

      I disagree. Suppose you were wise enough to purchase two cases (quantity of 20 in each case) of military surplus Mosin-Nagant rifles in 2008 for about $2,000. You can sell the contents of those two cases today for about $10,000.

      Even common firearms appreciate modestly in value over the years if you keep them in excellent condition (which mean good cleaning and storage practices and relatively few rounds fired). For example you could have purchased a Ruger GP-100 stainless steel revolver in 2005 for about $450 give-or-take. In great condition that revolver will sell used today for well over $500. Expanding that concept to 10 common (in demand) firearms would represent over $5,000 of REAL VALUE. That isn’t chump change to most of us.

      I would call that a store of wealth, especially if you managed to acquire common firearms at a discount.

    2. avatar frank speak says:

      class 3 is doing well!…

  10. avatar sam_everett says:

    Sounds great.
    So what happens after I shell out tens to hundreds of thousands of dollars to the Insurance Company and they arbitrarily decide one day that “firearms” are a liability?
    Do I get my money back?
    I mean they are already going after gun groups and cities as bankers.
    Insurance is a scam across the board whatever you do it is not enough and the companies will fight you not to pay you. It is free money and will go to banks. Who will then turn around and try to disarm the populace further than they have.
    Follow the money…

    1. avatar frank speak says:

      it’s a large percentage of Collectables business…although I have other items covered by them as well…

    2. avatar Big Bill says:

      “So what happens after I shell out tens to hundreds of thousands of dollars to the Insurance Company and they arbitrarily decide one day that “firearms” are a liability?
      Do I get my money back?”

      You don’t understand how insurance works.

  11. avatar RCC says:

    As Southern said SSAA has good comprehensive insurance for gun owners in Australia that includes optics, slings and gun cases etc. $25 on top of membership per year.

    I looked at a lot of insurance over the years and I still can’t figure out though why only about 15% of shooters are members and less than half use the insurance.

  12. avatar Dog of War says:

    Heh. Maybe your guns are a store of wealth. Most of what I’ve got is rebuilt junk. All fully functionally, but if I’ve got more than a grand or two in my collection I’d be surprised.

  13. avatar Shawn says:

    Six to seven? That’s it? I thought it would be almost double that. 10 would be respectable.. There are some old farts that owns several dozen. One guy I met has over 150; very few of them inherited. Before the recession I bought more than that in one year.

    1. avatar uncommon_sense says:

      (tongue-in-cheek) You bought more than 150 firearms in one year? I am duly impressed!

      1. avatar Gunr says:

        His gun shop must be right across the street, where he views it every day.

      2. avatar Shawn says:

        You know what I mean. At the last half of 2007 and first half of 2008 I wound buy a gun every other month. I would not know what to do with 150 guns. But then again it’s not a question of needs.

        One of the stores I go to bought a collection from a single individual of about 90 guns and were selling them; Including some better example M1 Garands and carbines. A bunch of older rifles.

        1. avatar uncommon_sense says:

          Shawn,

          I do know what you mean — hence my “(tongue-in-cheek)” qualifier!

          Have a great weekend.

  14. avatar rosignol says:

    I realize that online ad-supported websites are not hugely profitable, but this is a lot like letting someone rent your hard-earned credibility.

    Please, try something else. The website is called “The Truth About Guns”, not “The Truth About Guns, But Anything Goes For Accessories”.

  15. avatar el Possum Guapo says:

    Here’s a handy helpful hindsight hint. Never put your store on a houseboat.

  16. avatar RedRed says:

    Need a rating by a REAL rating agency. A.M. Best has rated insurance companies with their top rating right before they collapsed. A.M. Best does the 3 Monkey Test: See no evil, hear no evil, speak no evil!

    I am not saying this company is bad, just that the A.M. Best rating is useless for evaluating it.

  17. avatar frank speak says:

    will they pay?…the answer is yes…although they will try to work your homeowners policy into the equation….

  18. avatar KMc says:

    I just purchased 2 policies with CIS, firearms and bikes. $178 for $25K coverage for 12 months. No list of firearms or inspection required. Bike coverage was, uhm, slightly more……

  19. avatar Rick says:

    I keep a database with info on my collection, but the insurance company no longer needs the list, but recommended I keep it as proof of what I owned and to establish the coverage required on my home owner’s insurance. I have two safes with only one firearm not locked up. The home invader will need to guess where that one is….. Other things to put into the data base are whether or not you filed a 4473 to buy the firearm, when and what condition and what you paid for it and what you think it’s worth. An excel spreadsheet can be shorted by any column. I also keep track of my reloading and any accessories that go with any firearm. I also track those that have left the collection.

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