Do you insure your GUNS???

S

skizzums

New member
just wondering how many folks buy additional coverage for their guns. I know most, if not all, home insurance excludes guns from coverage from theft or destruction. I know that state farm will actually drop your home coverage if you shoot on your own property. who has gun insurance? how much does it cost? I own my home, but is there insurance available for renters? I cringe at the thought of ever having my firearms stolen or destroyed n a fire/flood and be left high and dry, but not sure how economical it would be to cover a few grand worth of guns. I probably have mor $$ in reloading equip/supplies than actual firearms themselves

thanks
 
I've thought about adding them to my homeowners' policy, but the only way to do that is to insure against "all hazards" (including just me stupidly losing them) so the premiums are really high.

They are covered up to some rather-low limit (I think $2500) against theft, fire, etc. by the regular policy.
 
I had a friend once who was a super-smart insurance actuary, and he told me never to buy insurance on something that you can afford to pay for yourself. He used the extended warranty offered for electronics at store like Best Buy (basically the same as insurance) as an example; chances are that you'll lose money on the deal. If you always turn down the store's offer of the extended warranty and instead pay for repairs or replacement out-of-pocket, you'll always come out ahead in the long run.

On average, you're going to lose money on insurance. But often insurance covers things we couldn't afford to pay for out-of-pocket. In my lifetime I'll probably end up paying a lot more in car insurance and health insurance than I'll ever get back, but if something crazy happens I could end up owing more than I could ever afford to pay. That's why insurance like that is often useful.

Like almost all forms of insurance, chances are you'll save money if you don't insure your guns. And unless your gun collection is so valuable that you'll never be able to come even close to replacing it yourself, it probably isn't worth insuring (unless you can get it them added to an existing policy for cheap). It probably makes more sense to take the money you would have spent insuring your guns, and then use that money towards buying more guns and accessories.
 
Yes, the NRA does have insurance with the membership. I think it's $30,000 coverage at no cost, might not have that number correct.

If you can replace $5,000 or $10,000 worth of firearms out of pocket over a few years, you don't need to buy insurance, your homeowner's policy will cover about $2,000 or so, but if you have more than that at risk, it's something to purchase. The NRA membership will get you good coverage for the price of the annual dues.

A couple hundred a year is enough to purchase additional insurance above the NRA limits.
 
State Farm will drop your homeowners insurance IF you shoot on your own property? That's a new one. I don't even want to ask my agent such a question.

To answer your question, I am self insured. I don't think it's worth the price to buy insurance through a typical insurance company. I have heard that USA is very good however.
 
I do carry an extra policy that is specific to firearms. My homeowners covers $5000 coverage. That dosent even come close.

All my NFA stuff is covered. Zero deductible and covered against any loss or damage. Lost by the airlines... Covered. I lose it in the desert...covered

I understand that it might be a long term losing financial proposition, but the piece of mind is worth it. At least to me. Less then the cost of LOW cost pistol per year, and i dont worry
 
kilimanjaro said:
Yes, the NRA does have insurance with the membership. I think it's $30,000 coverage at no cost, might not have that number correct.
Click to expand...

NRA coverage is $2,500 with membership, provided by Armscare. You can buy additional coverage if you like. Your NRA coverage must be activated here:

https://nrainsurance.locktonaffinity.com/ArmsCareActivation/activation

As a benefit provided by the National Rifle Association, you are automatically eligible for $2,500 ArmsCare Firearm Insurance.

Developed exclusively for NRA members, ArmsCare Firearm Insurance is a safety net for your firearms, protecting them against theft, loss, and damage. This firearms coverage is yours at no cost but it must be activated to take effect.
Click to expand...

My son's apartment was broken into back in February. He lost about $4,500 worth of gun stuff. Renter's insurance covered the first $2,500, the NRA coverage covered the rest. Good deal for that $300 life membership! They covered scopes, sights, slings, etc. Good people to deal with.
 
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I carry a rider that insures our competition guns---the ones
we take "on the road" to matches and sometimes entrust
to the airline baggage monkeys. :)
 
I believe it is included in your house Ins. You just have to let them know the Value of guns to Ins. I am sure they is additional Ins you can buy on top of that too
 
NRA coverage is $2,500 with membership, provided by Armscare. You can buy additional coverage if you like. Your NRA coverage must be activated here:

https://nrainsurance.locktonaffinity...ion/activation
Click to expand...

Thanks for the link, 45 Auto. Even though I've been a NRA life member for twenty years I don't think I've ever activated the insurance provision. I have now.
Years ago I asked my home owner insurance rep if I needed to document my proof of ownership with him in case of loss of my firearms. He said no, but since then my collection has grown multiple times. I do have everything documented on hard drives and in the cloud, so if needed, I can show serial numbers and photos of my guns. Hopefully I'll never need to.
 
Typically, home owner's insurance doesn't cover firearms or high-end jewelry. Separate insurance riders are available, but can be expensive.

Of course, this varies from one company to the next. A good friend of mine was into photography in a big way, and had some expensive equipment in his home.

They had a fire and it was pretty much a total loss. His insurance company wouldn't cover the photo stuff cause he didn't notify them he had it and it didn't fall under the general coverage of the home.
 
I have the NRA insurance, and plan on getting the upgrade from them for my Browning that's over the limit. If a firearm is valued at more than "X" (I think 2500) you have to schedule it, the basic free plan is called ArmsCare, and the special rider version appears to be called ArmsCare Plus http://www.locktonrisk.com/nrains/armscareplus.htm

They're quoting 65 a year for 6500 in coverage. For 5 bucks a month, I'll insure my thousands in firearms, accessories, compound bows, and so on for as long as they'll let me.
 
I believe you can get a non-itemized contents rider on your home owners. In case of a total loss it's your money to use. Anything less than a total loss and you best not make a claim unless you want to pay it back twice over.
 
disclaimer: i am a customer and no way associated with this company

i use:

http://www.collectinsure.com/


they are very reasonable
have a sliding scale
dont ask for, (but i do give) serial numbers
dont send appraisers

cover other things too like jewelry, teddy bears, knives etc
 
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