new member with questions about insuring firearms.

[shouldifail]

Hello! I've been checking out this site for some time now, and finally broke down and decided to register. I hope that in some way i can contribute to the collective good of this website.
I have been around firearms for most of my life (father is retired military) and over the years I have built a nice collection of firearms. Which leads me to my question:
Should I insure my firearms??

I am a homeowner (with USAA as my insurance provider).
I own a gun locker (locking metal cabinet bolted securely and hidden).
I am licensed to carry concealed (not that that really has any bearing on the matter).

I talked with my insurance provider earlier today and found out that should there be a break-in/theft, that I am only covered for $2000 for firearms.
Now granted, I don't own millions worth of guns, but the number is over the $2k mark.

For coverage of my firearms, I would be required to purchase an additional rider. This rider would cover up to $10, 000, with a zero deductible, and cost right around $12 a month, payable either monthly or in a lump sum. In order to purchase this insurance however, I am required to list all firearms including make, model, serial number, and descriptions (type of stocks, accessories, etc.).

On one hand, $12 a month is fairly trivial considering the piece of mind, however I am leary of there being an itemized list that someone would be able to know exactly what I own.
I know another option would be to purchase an actual "gun safe" and let that be my insurance policy. Unfortunately, that is not really possible for me right now, financially or practically (read-small house with little room as it is, and new baby coming in february).

So, I would like to know how you High Roaders feel about insurance.
I spent some time searching through back posts, and didn't find exactly what I was looking for, and I appologize if this topic has been brought up before and I missed it.

thank you all for your time.

 

[highfive]

As for me right now my insurance is my safe and of course the gun in my nightstand I don't have that many guns but if I had a lot of guns I'll probably be looking in every insurance company (major) to see options. I know NRA offers one. But as for now my insurance is my safe. Happy hunting

 

[40SW]

Your rider seems very expensive.
As an NRA member, you get $1000 automatic ARMSCARE insurance.
I purchased additional coverage. $5000.00 worth runs me $60/yr.
thats a year!!, and that covers the home and the car. So I would say contact the NRA, its cheaper.
With the NRA there is no deductible and you don't have to itemize what you own unless its over $100,000. so the choice is very clear.

 

[xsquidgator]

I also have USAA insurance and purchased the rider for what you're talking about. I may look into this NRA insurance, it's certainly less expensive than my USAA rider. Oddly, USAA didn't take into account the fact that I have a gunsafe as well as a home alarm system. Part of what I like about USAA is feeling like I can trust them with complex insurance and financial issues; it's not distrust on this it's just I'm surprised that they don't offer more competetive insurance on this thing with the high quality insurance pool they have.

 

[40SW]

The NRA insurance program certainly has strength in numbers when it comes to getting bulk rate purchasing power. I believe there are 5,000,000 NRA members, certainly at least 1/4 million have this insurance, so strength in numbers for sure. I think the $1000 free insurance as a member is also a great thing, probably buys into the bulk rate reduction and utilizes all 5,000,000 members. Good idea.
For $5,000 worth of coverage costing me $60/yr. Its not even a consideration. Its TOO CHEAP not to have.

 

[Starter52]

I agree that the NRA program is probably your best bet. I had my guns insured through them back when I rented. Very reasonable.
Now that I own, I've gone the gun safe route that highfive mentioned.

 

[Sunray]

"...would cover up to $10,000...my insurance provider..." Start by talking to an insurance broker, not the insurance company. A broker sells for more than one insurer and will find you the best policy for the least amount of money.
Most policies cost an amount per thousand or percentage of current value and there is no maximum value. It doesn't take many firearms(and the equipment that goes with them) to grow to a total value over 10 grand. Especially if you have any milsurps. Don't forget the scopes, slings, reloading equipment, etc.
Whatever policy you buy, get coverage for fire and theft with replacement value. Otherwise, if you become the victim of a crime or a tragedy, you'll get whatever the insurance company thinks your property is worth. Insurance companies think everything loses value over time. Firearms don't usually lose value.

 

[ilbob]

I found that a rider on my HO policy was cheaper than the NRA insurance, and did not require a list of the guns. So I stuck with my HO insurance company.

 

[heypete]

My renters insurance company (Allstate) offers $5000/$2000 total/per-gun riders for about $20-$30 a year on top of my $90 annual renter's insurance bill (I don't have much stuff to steal).

You can go much higher, if necessary. Unique items like machine guns should be individually insured, just like expensive jewels and whatnot. You provide identifying information like a serial number, make, model, etc. and the individual item gets covered. Very handy for expensive stuff, and I don't think there's a deductible.

 

[TexasRifleman]

The NRA coverage is what I use also. Nice thing about that is it will cover some amount if you are away from home as well... hunting trip etc.

The homeowners policies generally have a pretty strict limit on coverage away from the dwelling I think.

 

[PTK]

I use USAA for all my insurance as well. The insurance they have for firearms is, in my opinion, well worth it. For what it's worth, only my firearms purchased at gunstores, or NFA items, are insured.

 

[qbpc]

Sounds High to me I have $8000.00 for $53 a year with my insurance carrier.
BB

 

[glockman19]

+1 for the NRA policy

 

[eflatminor]

Sunray gave good advice; talk to a broker that represents many companies. Another thing to think about with a 'rider' (also called a 'Valuable Articles Policy') is that the rate differs greatly for different classes of valuables. One typical class is "collectibles", which would cost far less than a specific "Firearms" category. If some of your guns are never used in the field (especially if they're older) you may be able to convince the insurance company to list them under collectibles to reduce your premium.

The other thing to think about is the quality of the policy. The main question I would ask is if the company pays cash in the event of a loss or does their contract force you to buy a replacement gun and then submit the bill. Worse, some companies will not pay the actual value of your specified gun but something they pull out of a blue book. What you want is a cash settlement policy that pays an "agreed value" (the value listed on the policy BEFORE a loss) and that does not require you to replace the lost or stolen item. The better insurance companies like Chubb, Fireman's Fund and AIG PCG offer such coverage. Other insurance companies may also; ask the broker.

Lastly, if you live in earthquake country, make sure you Valuable Articles rider covers that peril.

Good luck,
a guy with 16 years in the insurance industry...

 

[cpttango30]

We have USAA for all of our insurance needs. I love USAA they are great people and treat you great. As for security, it is hard enough for a member to get on the web site let alone hack the thing. I am sure that there servers have even more security. I mean you have to have a member number screen name and password just to get on then you have a pin number to really access any of your information.

Trust is a big factor for me. I trust USAA they have treated us good and never tried to screw us over on anything. They even helped us determin the highest ammount we could get on a HO claim. How many INS companies will work with you so they can PAY YOU more money? I am sorry I do not trust the third party NRA ins. I have never heard of them before looking at the NRA site.

Right now I do not carry coverage on my guns. I do have a 900# safe bolted to the family room floor so they are not really going anywhere.

 

[MachIVshooter]

I have had a number of insurance companies, and generally speaking a special firearm rider policy costs about 0.15% of your coverage per month. IOW, about $15 per month for every 10K worth of insurance coverage.

In order to purchase this insurance however, I am required to list all firearms including make, model, serial number, and descriptions (type of stocks, accessories, etc.).

That's pretty standard, and actually would work to your advantage if they were ever lost. I would include detailed photographs as well. Just imagine trying to get the ins. company to pay for a pre-64 winchester in 98% condition with a real nice scope if you didn't have pictures; they'd just go book value on the rifle, probably assuming 80% condition and you'd likely not see a penny for the scope.

 

[def4pos8]

I am a USAA member. I provide them, by U.S. post, an inventory of my arms each year, with DETAILED descriptions of the items. (I also update my will with this list as an addendum annually.) Strange how the list never shrinks. . . .

This is typical of documentation required for "collectibles". The wife's collection of ceramic figurines has a similar list. If needed, having these lists makes things easier for local LEOs too. We were more concerned with hurricanes at our prior location.

USAA's rider cost per $1000 of risk might be high at first look, but I take comfort in knowing that I will (and have) received PROMPT payment on claims. Also, my end of year rebate from the Subscriber's Savings Account always reminds me that Texas statute prevents a (potential) screwball CEO/board from ripping me off!

 

[shouldifail]

Thank you all for your posts. It is nice to hear that there are other USAA members here as well, and to hear that you speak highly of them as an insurance company.

For those of you who recommended talking to an insurance broker, I appreciate that, however, USAA has always done right by me and it is VERY nice to know that if I need to talk to someone about my insurance needs, I can talk to the company and not just a middle man. Heck, i even recieve a dividend check at the end of the year! I have my homeowners as well as my vehicle policies through them so it would simplify things to get it all on one bill.

I will inquire about the NRA insurance though.

As far as making claims goes, (I hope that I would never have to in regards to firearms) I have the utmost confidence in USAA. Several years ago, my car was broken into. Thieves got my cd player, a cd book with a decent amount of cd's in it, a jacket, sunglasses, not to mention the broken window.
Faxed USAA a copy of the police report, a list of the cd's that were taken, make and model of cd player, sunglasses, and jacket. About a week later, I recieved a box in the mail full of BRAND NEW cd's, a new jacket, glasses, and a check for not only the cost of the window, but also for the cd's that were out of print or unavailable. I have faith that they would do right by me again.

I do plan on getting an ample gun safe eventually, but right now my spending must concentrate on furniture for the little one due this february.

Thank you all again for the responses, it definately gives me some different outlooks and insights. I appreciate it greatly.
chris