Are your guns covered in the event they are stolen or lost to fire or natural disaster? Many people never think about it, but most homeowners insurance policies only cover up to $5,000 towards firearms. Some don’t provide any coverage at all. If you only have a few guns and don’t want to buy insurance specifically for them, check with your insurance policy to make sure you are getting some type of standard coverage for them.
If not, you may need to find insurance for your guns. I’ve spent my career investigating crimes, and firearms are a hot item for thieves. Felons can’t buy guns legally so stealing them is about the only way to get their hands on a gun. Safes help keep them secure, but unfortunately, that doesn’t always keep them safe.
There are companies that specialize in providing insurance for gun owners. But with all the knock-off companies and scams going around, which ones are the legit ones? We have done the homework for you and listed some of the most recognized insurance companies out there that specialize in insurance for firearms.
Gun & Trophy Insurance Company
Gun & Trophy Insurance is owned by the Cushman Insurance Agency and is partnered with the Hanover Insurance Group. Based out of Virginia, they provide insurance for your firearms but also for the trophies you collected with those firearms. The Hanover Insurance Group has been around since 1852 and was listed by Forbes on the top 50 list of trustworthy insurance companies in the nation.
Gun & Trophy insurance offers three levels of insurance for firearms. The first policy (silver) covers up to $20,000; the second (gold), up to $48,000; and the third (premium) is for anything over $48,000. The first two plans range from $115-$150 per year. Under these two plans, each gun is covered for up to $10,000. If you have a single gun that costs more than $10,000, they recommend you purchase the premium plan.
You do not need to give them your serial numbers unless you have a firearm worth more than $10,000. The process of getting a policy through them takes about five minutes. Ammunition is not covered under these plans. If you are an avid hunter and want to cover your firearms and trophies, they have plans for that as well.
Lockton Affinity Outdoor
Lockton Affinity is on the expensive side for the amount of coverage you get, but they have a good reputation for settling claims. They offer pre-set plans for coverages up to $5,000 ($62.50 per year), $7,500 (93.75 per year), $10,000 ($125 per year), and $15,000 ($187.50 per year). For someone that just needs basic coverage of less than $7,500, this may be a good choice.
When you get into the custom quotes, however, they are much higher. A policy that would cover just over $40,000 in firearms with Lockton Affinity Outdoor would cost more than $500 per year. One thing I like about this company is they make it easy to get ahold of them. You can find their phone number on every page of their website, and they have online forms for filing a claim.
CIS (Collectibles Insurance Services)
Unlike the other companies, CIS is not focused on guns only. They offer insurance for other collectible items like comic books, art, and sports items. They do not have set pricing but require the applicant to fill out a questionnaire in order to receive a quote. By talking with others, it looks like their insurance rates fall between Gun & Trophy and Lockton Affinity Outdoors prices.
They don’t require you to send them your serial numbers and there is no deductible on most claims. Their policies are flexible, and you can update them at any time. This would be a good choice for someone that has firearms and other collectible items that need to be insured.
SCI Insurance Group
The SCI group offers insurance for firearms and trophies. They offer great coverage and even allow for custom work on guns, scopes, and other firearms-related gear. Their premiums are based on a $1.25 per $100 value scale. For claims, they use the new price of firearm models still being sold and never go lower than 95% of the book value for other older models.
They are a primary insurance company and do not require you to file claims on your homeowner’s policy first. They have a claims form online making it easy to file a claim. Their minimum policy premium is $25 which makes it easy to cover just a few guns. But they do get pricey when covering larger amounts. This may be a good policy for someone wanting to cover just a few guns or even a few thousand dollars worth of firearms.
Summary
A lot of major insurance companies that offer homeowners insurance will offer firearms policies as well. Before selecting which one to go with, you may want to check with a local agent to see what their rates are and what information they require. Some people may not feel comfortable giving their insurance company a list of all their serial numbers.
None of the companies listed here require serial numbers unless you have a single firearm worth more than $10,000. A couple of them require some detailed information about your criminal history and location while the other two ask for very minimal info. They all require that you keep your own list of firearms and serial numbers. There are apps that help you do this, or you can use an Excel sheet.
I would recommend keeping a copy at your home, one online somewhere such as Dropbox or Google Docs, and one at a separate location. A safe deposit box or family member’s home is just fine. When you compare the size of a gun to its value, they are expensive little items. The last thing you want to do is come home to find them all stolen or destroyed. If you own any firearms, I would start out by speaking to your insurance agent. If you do not have homeowner’s insurance, check out one of these and make sure your guns are covered.
