What kind of firearms insurance do you have?

[Guest 70below]

I've become more and more interested recently in purchasing a stand alone insurance policy to cover my guns and accessories in case of fire or burglary.

I rent currently, and have a renters insurance policy, but its minimal, and would cover belongings other than my firearms, but probably would be inadequate or poorly designed to cover loss of my collection.

I've heard a lot of stories of insurance companies refusing to insure firearms beyond standard limits and raising other homeowners policies due to a perceived liability increase due to firearms on the premise.

The NRA has an additional coverage provider (beyond their minimal, but appreciated, protection) that insures collections up to $500,000. However they expect the firearms to be part of a collection that will not be fired. I won't own a gun that I can't fire at least occasionally.

Do you feel your investment is covered well by your insurance? Have you found a reliable and affordable plan to cover your collection, accessories, tools, and ammo?

[Guest Mugster]

What you'll have to do is, put a rider on your homeowners or renters policy. There's probably an exception on your basic policy limiting firearms losses to $100 or $250 or something. They won't jack up your original policy. You'll pay plenty for the rider though. What you'll have to determine is, is the cost of the rider worth it over some arbitrary period, like say 20 years. There's probably some cost/benefit ratio for some number of guns. Its like insuring a 3rd car, once your number of guns increases to a certain point your rate doesn't rise as much.

In terms of feelings, I feel like i'm getting forked by the insurance company. What else is new? I won't know if the insurance is worth spit unless the house burns down, and that hasn't happened yet.

In security, there's a term called "psychological acceptability". In a nutshell, its the amount of security thats necessary to give people a warm fuzzy. Your guns are either covered or not, but there's no warm feeling associated with an insurance policy in my book. Its a business transaction.

Also, while i'm not an NRA member, you've got to be careful insuring the same thing under 2 policies. There's some kinda gotcha with that, but you'd need to talk to an insurance agent to sort that out.

[Guest 70below]

I just found that the company that does the collectors insurance for the NRA also has a "standard" firearms policy, and is the same company that provides members with their "free" $1000 policy for being a member of the NRA. If you purchase additional protection from them they subtract off the $1000 policy that you're already provided and only charge you for the additional coverage.

Just playing around on it, it appears that about $10K in additional coverage is about $190 a year. How much does a homeowners insurance rider cost for that much coverage??

NRA Endorsed Insurance Program - ArmsCare Plus Firearms Insurance Application

[Smith]

It would cost you a heck of a lot more than $190 per year.

[DUXBUSTER]

Can you say "GUN SAFE" !

[Guest Crunchman]

$20k worth of insurance through the NRA cost me $340/year (about $100 less than I could get it from home owners). All of my firearms are shooters.

[Warbird]

The NRA insurance is excellent. And it's a great deal.

[cannoncocker]

My insurance company, USAA, charges $1.50 per hundred for all risk coverage on a replacement cost basis without a deductible.

[Guest JHatmaker]

There's a member here, Rhodes is his last name, with Nationwide who will do special firearms insurance. I assume we get a discount.

[gregintenn]

Buy a quality safe...or three, with fireliner and bolt it to your floor. Any rider for firearms I've priced has been ridiculously expensive.

[lowbud]

I spoke with my agent about this not long ago. he said as long as most of the guns were locked in a reasonable safe. He wouldn't worry about it. He said in most cases intruders wouldn't bother the safe.

Most burglers are in-and-out and don't bother with things that can delay their departure.

Now having said that.. I'm sure it does happen where safes get stolen and/or destroied but I guess that's something we have to deal with if we have more weapons then our policies allow. I personally feed the insurance companies enough already and choose to not worry about it.

It's not often my house is empty anyway. someone normally always around.

[Guest tnvolfan]

I simply added my on to my homeowner's policy -- like jewelry, electronic equipment, etc. that you want to specifically itemize. I also have a gun safe, which is wonderful -- I use it for a lot of things. I DO WISH that when I bought my gun safe, I would have bought a bigger one, because I keep buying guns and other things that I feel better if I keep in that safe. If you do wind up buying a safe, especially since you're renting. get as big a safe as you possibly can. YOU WILL eventually fill it up! A great investment!

[Guest 70below]

I currently have a safe, and my guns, minus a couple, are always locked up within it. A better safe will be had when I have someplace that I can really build it into. However, as a renter, I can't just go tearing into walls and drilling concrete.

Until that time comes, I'll probably feel better having some insurance. I'm lucky enough to live in an area that has several people always around that watch out for each other. But, with the economy in the shape its in, things will probably get worse, and I hate to take a chance. Even though a few firearms are irreplaceable to me, I'd like to know I wasn't just stuck altogether.

[Guest Swamprunner]

3/8 HY-80 Steel, epoxy anchored to Both the basement floor, and the poured concrete wall that is behind it. + Large biting dog. + Wife that is a dead shot. + Really nosey neighbors.

[Guest Mugster]

I just found that the company that does the collectors insurance for the NRA also has a "standard" firearms policy, and is the same company that provides members with their "free" $1000 policy for being a member of the NRA. If you purchase additional protection from them they subtract off the $1000 policy that you're already provided and only charge you for the additional coverage.

Just playing around on it, it appears that about $10K in additional coverage is about $190 a year. How much does a homeowners insurance rider cost for that much coverage??

NRA Endorsed Insurance Program - ArmsCare Plus Firearms Insurance Application

I'd call that a fair deal, from what I know of it. However, make sure you are comparing apples to apples. Insuring for replacement cost vs. current value can be huge in firearms.

Best bet is price up 3 or 4 different companies.

The other thing is, I've never had a claim on a homeowners or renters policy. To me, its for catastrophic loss. Others file claims all the time. The insurance companies are starting to get better at making note of that and charging frequent claimers more across the board.