Best Gun Collection Insurance

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Contributor, Benzinga
November 29, 2021

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If you own a gun collection, you may be wondering how to protect it. As a firearms collector, you face more risks than some other collectors might. These risks make it especially important to find the right coverage for any situation. Here’s what you need to know about gun collection insurance and how to buy it.

Quick Look: Best Gun Collectors Insurance

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Key Points

  • Homeowners and renter’s insurance policies might offer some coverage for your firearms.
  • Most insurance providers require a list of your inventory and each gun’s serial number to get an insurance policy.
  • If you’re a vendor or exhibitor, you may need a commercial insurance policy for proper protection.

    The Best Gun Collection Insurance

    Several providers out there offer gun collection insurance. Here are some of the top options for you to consider.

    Best for Firearms Insurance: Gun & Trophy Insurance

    Gun & Trophy Insurance provides comprehensive policies for shooting enthusiasts. Whether you're a collector, hunter, sportsmen or another stripe of gun enthusiasts, Gun & Trophy is likely to offer a policy for you. Gun & Trophy offers both gun coverage and trophy coverage.

    Pros

    • Designed for hunters and trophy collectors
    • Serves sportsmen well
    • Also works well for professional marksmen

    Cons

    • Coverage may not offer everything you need

    Best for Affordable Collectibles Insurance: WAX Insurance

    • securely through WAX Insurance's website
      securely through WAX Insurance's website
      Best For:
      Affordable Collectibles Coverage
      Rating:

    WAX Insurance is a unique program for valuables, watches, jewelry and more that protects you from fire damage, water damage, loss or theft and even when your pet takes a bite out of your favorite collectible. Benefits of this collectible insurance program include:

    • Watch and jewelry coverage up to $100,000 (fine art up to $250,000)
    • No inventory requirements
    • Up to 150% replacement costs paid
    • Pricing as low as 1% of the item’s value
    • High limits
    • Insures accidental damage

    Pros

    • No need to document your inventory
    • Will pay more than the item’s value
    • Will cover accidents and other perils

    Cons

    • More expensive policies may require high premiums
    • securely through LegalShield's website
      securely through LegalShield's website
      Best For:
      Trial Defense
      Rating:

    LegalShield is a unique carrier that offers a range of policies for homeowners and businesses. The gun owner’s supplement is especially unique because it helps with:

    • Home intrusion and self defense
    • Sport hunting and accidental discharge
    • Trial defense services
    • NFA Gun Trust

    When you purchase this supplement from LegalShield, you pay a low rate each month in the event of an act you commit in self defense. You can protect yourself if you hunt with your weapon, and you can even receive legal support. Additionally, weapons (and acts involving those weapons) regulated under the NFA (shotguns, automatic weapons, destructive devices, etc.) are protected under this supplement. Safeguarding yourself, your family and your gun collection is an essential for everyone, and LegalShield makes it far more affordable.

    Pros

    • Backed by strong financing
    • Supports regulated weapons

    Cons

    • This is merely a supplemental policy

    Best for Niche Collectors: Collectibles Insurance Services

    Collectibles Insurance Services offers policies specifically for guns, knives and accessories. These policies protect both modern and antique guns as well as ammo and gun safes. Deductibles for these policies start at $0 unless you’re a dealer, in which case you’d have a dealer policy with a $200 deductible. 

    One of the benefits of getting your gun collectors insurance from Collectibles Insurance Services is that it does not require serial numbers to insure a collection. This provider also provides coverage when your collection is away from home. You’ll receive coverage for your guns when they’re at exhibitions and traveling to and from these exhibitions. If you store your gun collection in a storage facility, you can also add coverage for storage facilities at an additional cost.

    Pros

    • Serves both modern and antique firearms and ammo
    • Low Low deductibles for individual policyholders
    • No documentation required

    Cons

    • Dealer policies require a deductible

    What Is a Collectible Gun?

    A collectible gun is judged by its condition, rarity, historical significance, unique features and overall interest from the collecting community. The condition of the gun may be the most important factor — the better the condition, the more value the gun is going to have.

    Other factors that can make a gun collectible are its historical significance and uniqueness. For example, if a gun played an important role in history or was the first gun to have a specific element, these factors might increase its value.

    Finally, the gun must have an interest to be considered a valuable collectible item. If there is little interest and little demand, the value of a gun will decrease.

    How to Insure a Gun Collection

    To insure a gun collection, you’ll need to purchase an insurance policy from a company that covers your collection. Depending on the size and value of your collection, you might have a couple of options available to you.

    With your home insurance policy

    Your homeowners insurance policy likely provides some coverage for your personal belongings, which can include guns. You can call the insurer that you purchased your home insurance policy from to see what coverage your current policy provides. In some cases, your home insurance company may suggest that you add a rider to your insurance policy to offer more protection for your gun collection. 

    Collectible insurance

    For larger gun collections, you may want to consider getting a separate collectible insurance policy. These policies are specifically meant to protect gun collections as well as other types of collections.

    To purchase a collectible insurance policy, you typically need to provide an itemized list of the items in your collection.

    You’ll also need to provide the insurance company with the monetary value of your collection, which you might get from an appraiser. The insurance company will use these details to help you select a collectible insurance policy that will give you all the protection that you need. 

    Using specialized gun insurance providers

    Some insurance providers not only specialize in collections but focus specifically on gun collections. If you want to use a specialized gun insurance provider, you need to make sure that the provider specializes in what you use your guns for. Some providers might focus on dealers, historic firearms or hunting collections, for example.

    To sign up for a policy from a gun insurance provider, you will likely need to provide the value of items in your collection just as you would with a general collectible insurance provider.

    How to Choose a Gun Collectors Insurance Policy

    Before you purchase a policy, you should define what you do with your gun collection. This exercise can help you narrow down your options to only the providers that provide coverage that will protect you in most situations. You can compare free insurance quotes to find the best policy for your gun collection. 

    Frequently Asked Questions

    Q

    Does homeowners insurance cover firearms?

    A

    Most homeowners insurance policies do cover firearms as personal property. However, it may not offer enough coverage for your full collection.

     

    Q

    Does renters insurance cover firearms?

    A

    Yes, like homeowners’ insurance policies, firearms can be covered as part of your personal property coverage.

     

    Q

    Am I required to carry firearm insurance?

    A

    Some states — including California, Massachusetts and New York — require gun owners to carry firearm insurance.