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.
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.