Best Gun Collection Insurance

Collecting firearms is a passion for many enthusiasts, but it also carries significant responsibility. Whether you're a passionate collector or own a single high-value gun, gun insurance can help safeguard your investment from potential risks such as theft, fire, or natural disasters. That's where gun collection insurance comes into play. With the right coverage, you can safeguard your prized possessions. Read on to discover some of the best gun collection insurance providers to protect your collection this year. 

Quick Look: Best Gun Collection Insurance

• Best for Firearms Insurance: Gun & Trophy Insurance
• Best for Affordable Collectibles Coverage: WAX Insurance
• Best for Legal Defense: LegalShield - Gun Owner’s Supplement
• Best for Niche Collectors: Collectibles Insurance Services
• Best for Antique or High-Value Collections: Nationwide Private Client

5 Best Gun Collection Insurance

Here are five of the best gun collection insurance options for this year.

1. Best for Firearms Insurance: Gun & Trophy Insurance

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

This specialized insurance provides a comprehensive firearms insurance plan designed to protect your valuable gun collection against a wide range of perils, including theft, fire, natural disasters, and accidental damage.

Premiums are calculated based on the total value of your collection and the level of coverage desired. Typical premiums range from 0.5% to 2% of the insured value annually. You can benefit from no deductible for covered losses, ensuring you receive the full insured value in case of a claim

Gun & Trophy Insurance offers coverage for firearms, ammunition, related equipment, and accessories, including:

• Agreed value coverage, ensuring your guns are insured for their full appraised value.
• No deductible for covered losses.
• Automatic coverage for newly acquired items up to a specified limit.
• Worldwide coverage for your collection, both at home and while traveling.
• Optional coverage for hunting trip cancellations or interruptions.

2. Best for Affordable Collectibles Insurance: WAX Insurance

WAX Insurance is a unique program covering valuables, watches, jewelry, and more, protecting you from fire damage, water damage, loss, or theft, even if your pet takes a bite out of your favorite collectible. You can get started in minutes with coverage in over 30 categories. WAX insurance offers premiums as low as 0.4% for other categories such as handbags, trading cards, or guns and firearms. Average premiums range from 0.4% to 1%.

Benefits of this collectible insurance program include the following:

• Collectible 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

3. Best for Legal Defense: LegalShield - Gun Owner’s Supplement

LegalShield is a unique provider offering a range of policies for homeowners and businesses. Unlike stand-alone gun owner's insurance, LegalShield is a type of supplement that protects you and your collection from a variety of situations. Instead of offering direct insurance, LegalShield is a legal subscription plan that allows you to get the legal help you need, anytime. You will be connected with an established provider law firm that can assist with personal legal situations. 

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. LegalShield’s Gun Owners Supplement helps you deal with situations unique to gun owners. 

This gun owner’s supplement can assist with:

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

4. 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 benefit of obtaining gun collector’s 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.

5. Best for Antique or High-Value Collections: Nationwide Private Client

Nationwide Private Client is a specialized insurance provider catering to high-net-worth individuals and collectors. For example, if you need to insure an antique gun collection with comprehensive coverage for valuable and rare firearms, consider Nationwide. You'll need to provide a detailed inventory and meet minimum collection value requirements, which are typically $100,000 or more.

With Nationwide Private Client, your antique guns are insured for their full appraised value. It includes coverage for accidental damage, theft, fire, and natural disasters. You'll benefit from worldwide coverage and flexible deductible options for your needs. With Nationwide, you can collaborate with specialized appraisers and experts to evaluate the value of your antique firearms. 

Premiums are calculated based on the total value of your collection and the level of coverage desired and typically range from 0.75% to 1.5% of the insured value, paid annually. You can choose a deductible from $500 to $10,000 or more.

What Is a Collectible Gun?

A collectible gun is a firearm that holds significant value due to its historical, cultural, or artistic significance. These guns are often rare, antique, or unique in some way, making them highly sought after by collectors and enthusiasts.

Collectible guns can range from vintage military firearms used in historical battles to rare and limited-edition sporting or hunting guns. Some collectors may also value guns for their intricate designs, craftsmanship, or association with notable figures or events.

How Does Gun Collection Insurance Work?

Gun collection insurance is a specialized type of insurance policy designed to protect your valuable firearms and related equipment from various risks, such as theft, fire, natural disasters, and accidental damage. These policies provide coverage tailored specifically to the unique needs of gun collectors, ensuring that your prized possessions are adequately insured. 

Gun collection insurance works similarly to other types of insurance. You'll typically need to have your gun collection evaluated or appraised before securing insurance. To secure gun collection insurance you'll follow these steps: 

• Inventory and Valuation: You will need to provide a detailed inventory of your gun collection, including make, model, serial number, and current appraised value for each item.
• Policy Coverage: Based on the inventory and valuation, the insurance provider will offer a policy that covers the agreed-upon value of your collection.
• Premium Calculation: The insurance company will calculate the premium you need to pay based on the total insured value of your collection, the level of coverage desired, and other factors such as your location and security measures.
• Compare providers: Research providers and coverage options to find the best coverage for your collection and specific needs. 

In the event of a covered loss, such as theft or damage, you will file a claim with the insurance provider. After meeting any applicable deductibles, the insurance company will reimburse you for the insured value of the lost or damaged items.

Here's an example: Suppose you have a gun collection valued at $100,000, consisting of rare antique firearms, limited-edition sporting guns, and valuable accessories. You purchase a gun collection insurance policy with an agreed value of $100,000 and a premium of $500 per year. If a portion of your collection worth $20,000 is stolen, you can file a claim with the insurance provider. After paying any applicable deductible, the insurance company will reimburse you for the $20,000 loss, ensuring that you can replace or repair the stolen items.

How Much Does Gun Collection Insurance Typically Cost?

The cost of gun collection insurance can vary depending on several factors but typically ranges from 0.5% to 2% of the insured value of your collection per year. For example, if your gun collection is valued at $50,000, you can expect to pay between $250 and $1,000 per year for insurance coverage. However, this is just a rough estimate. Actual costs may differ based on factors such as:

• Value of your collection: Higher-value collections will generally result in higher premiums.
• Location: Insurance rates can vary depending on your geographic location and the associated risk factors, including whether you will travel with the firearms
• Security measures: Insurance providers may offer discounts if you have implemented additional security measures, such as safes or alarm systems.
• Coverage limits and deductibles: Choosing higher coverage limits or lower deductibles will typically increase your premiums.
• Insurance provider: Different insurance companies may have varying pricing structures and underwriting criteria.

It's important to shop around and compare quotes from multiple insurance providers to find the best coverage at a reasonable cost for your specific needs.

How to Insure a Gun Collection

Protecting your valuable gun collection is crucial, and there are several options available when it comes to insuring your firearms and related equipment. Whether you choose to add your collection to an existing policy or opt for a stand-alone insurance plan, understanding the pros and cons of each approach will help you make an informed decision. Here are the best options to consider. 

With Your Home or Renter Insurance Policy

One option for insuring your gun collection is to add it as a rider or endorsement to your existing homeowner's insurance or renter's insurance policy. This approach can be a convenient solution as you're already familiar with your current insurance provider, and the coverage may be more affordable than a separate policy.

The table below provides an overview of the pros and cons of insuring your gun collections through your home or renters insurance.

Collectible Insurance 

Another practical option, especially for high-value collections, is to purchase a separate collectible insurance policy designed specifically to cover your gun collection. These policies are tailored to the unique needs of collectors and offer specialized coverage options and higher coverage limits 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. 

A stand-alone collectible insurance policy can provide more comprehensive coverage for your gun collection. Here is a table summarizing the pros and cons.

Using Specialized Gun Insurance Providers

For serious gun collectors with high-value collections, using a specialized gun insurance provider may be the most comprehensive choice. These providers offer insurance policies specifically tailored to the unique needs of gun enthusiasts and collectors, with coverage options and services designed around firearms and related equipment.

While specialized gun insurance providers offer tailored coverage, it's essential to carefully assess the pros and cons of this option to determine if it's the right fit for your needs.

When Should You Buy a Stand-Alone Policy?

While the decision to purchase a stand-alone insurance policy for your gun collection will depend on your circumstances, several scenarios may warrant a dedicated policy:

• Example 1: If you have a high-value gun collection, a stand-alone policy can provide higher coverage limits and specialized protection tailored to your needs.
• Example 2: If you frequently travel with your firearms for hunting trips or exhibitions, a stand-alone policy may offer better protection and coverage for your collection while on the move.
• Example 3: If your existing homeowner's or renter's insurance policy has limitations or exclusions that do not adequately cover your gun collection, a dedicated policy can provide the comprehensive coverage you need.

How to Choose a Gun Collector Insurance Policy

When selecting a gun collectors insurance policy, it's crucial to consider the following tips:

• Valuation: Determine the total value of your collection and ensure the policy provides adequate coverage limits.
• Compare providers: Compare quotes and coverage details from multiple insurance providers to find the best value and most comprehensive protection for your collection.
• Review policies: Review the policy's coverage options and exclusions to ensure they align with your specific needs, such as coverage for accidental damage, theft, or natural disasters.

Final Tips on Securing Gun Collection Insurance

Investing in a valuable gun collection requires proper protection to safeguard your prized possessions. By understanding the various insurance options available, you can make an informed decision that provides comprehensive coverage and peace of mind.

When securing gun collection insurance, carefully research, keep accurate records of your collection, ensure safety and security protocols, and research providers. 

Remember, your gun collection represents a significant investment, both financially and emotionally. By securing the right insurance coverage, you can protect your passion and enjoy your collection with confidence, knowing that your valuable firearms are safeguarded against potential risks.  You can check out Benzinga's comprehensive insurance guides to protect your property and learn more. 

Frequently Asked Questions