If you are reading posts in this topic, you more than likely own a gun or some guns. If you own a gun (or some guns) than I'd like to discuss a subject that's near and dear to all our hearts and that's Insurance. Nope, I'm not an ins agent and I'm not exactly all giggly about the thousands of $$ that I spend every year on insurance. But I do carry it because like most of you the threat of an uninsured loss is greater than my greed for $$.
I recently did some research and found out some information that might prove beneficial to at least some of you. First, although your homeowner policy more than likely will pay for a loss of a firearm or multiple firearms, MOST policies have a very low limit on firearms lost to theft. It's usually less than $5,000. total. That's really not a lot of $$ if you happen to have a large number of firearms. Five grand can be quickly eaten up by owning a couple of O/U shotguns and a couple of nice rifles. Poof, all gone. Leaving anything else stolen a complete loss to you.
I contacted my insurance carrier (a major carrier) and asked some pointed questions. I didn't like the answers to all of them, but I learned that in my case and insurance rider might be a good idea. A rider is simply an additional specific addition to your homeowner policy that covers selected items such as jewelry, guns, camera equipment, etc., just to give you some examples.
Now, to get a rider on good-sized gun collection takes a little work and some professional involvement. Here's why. My carrier need some very specific information on each and every firearm I owned (or wanted coverage on). They needed serial numbers and descriptions of all guns and also estimated values. Now, they also wanted this value information to come from a professional. I ended up hiring a man licensed as an FFL and owner of a custom gun business.
He came to my house, performed an inventory and graded each and every firearm in my collection. This information was a requirement for my insurance rider. His very professional looking and in-depth list of my firearms contained a condition grade for each gun along with two separate values: Value and Replacement Value.
As I said his work was excellent and the moment my carrier took possession of his list, they told me it was just what they were looking for and would be perfectly acceptable for their needs. For the record, the scopes were NOT included in the guns' values and all my scopes are covered as replacement value, added to the gun values. My rider covers all types of loss whether fire, theft or even if one simply gets... lost. Same as a good jewelry rider.
I'd highly recommend that those of you out there that have collections worth several thousand dollars follow through and contact your carrier to get up to date info on what YOU own. In some cases, perhaps, the cost of additional insurance might be better spent buying a good safe, but for me it was not an alternative. I am willingly paying the additional premiums and am glad to do so knowing how much better covered I now am.