doublegunshop.com - home Forums General Discussion DoubleGun BBS @ doublegunshop.com Canadian Question - Gun Insurance

I used to carry a separate policy on my guns. Paid a premium based on per 100$ coverage. You may need an appraisal and at the least good quality pictures. Try going through a broker and shop it around. It became such a hassle and cost I upgraded my security system and storage and dropped the insurance.

Years ago, when I looked at scheduled property insurance for guns and rare books the rates came back at 2 to 2.5% of value in Canada.
Underinsurance leads to proportionate lowball payout of claims, so the cost of recurrent appraisal is non trivial.
Issues surrounding appraisals and potential for disputes over valuation, if I did have a claim, led me to spend my money on security rather than further insurance also.
It would be more than frustrating to pay large sums over many years for insurance, only to have difficulty collecting when/if a claim arose.

More than anything, if buying insurance, is to know the company has a reputation for no-hassle compensation.

I don't know what the exact situation is in Canada but the insurance providers here all have a $1,000 deductible. This means if you lose 1 or 2 guns you're going to eat the loss.
Jim

We pay $126 per year for $40,000 of coverage - firearms valued at $10,000 or more must be scheduled, the rest are covered under the blanket coverage.

Last month my wife and I carried about $20,000 of shotguns to the Southern SxS - that's a heck of a lot more than my deductible. And no amount of enhanced security at home will protect your guns when you are away from home using them. My wife and I are users of firearms, not a collectors, so ours are often in cars and motel rooms. The one major exclusion in our coverage is an "unlocked" car, so you'll often see me check every door to be sure they're locked.

I would check with Eastern Insurance. Possibly they have coverage in Canada. Here in the US Im paying $3.24 per $1,000.00 with a $250.00 per incident for a deductible. The clqim department is absolutly hassle free and very proffesional. If you experience the loss or damage of even one gun $250.00 is an amount most of us can easily except. In the case of a fire or theft the loss of all or most of your guns is a high possibility. On a final note my policy only requires declaring any gun valued over $10,000.00.