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Discussion Starter · #1 ·
There was another thread recently about insurance for firearms. I mentioned that I have a rider on my homeowners policy for about $5 a year - it covers up to $5k worth of firearms.

However, as I will have a custom 1911 soon, I was looking at other options, and I was looking at the NRA Gun Insurance. The price per year isn't that bad...

Then I saw this:

The firearms listed hereon for coverage are my personal property and I understand that if any insured firearm is fired or otherwise discharged the insurance for that particular firearm will become void. I understand coverage is in excess over any other applicable insurance. All information is true and accurate to the best of my knowledge and no pertinent information has been withheld.
So apparently, you can only get this and use it for true COLLECTOR guns that will never be fired.....

It appears that ya get $1,000 worth of firearms insurance just for being an NRA member (but I think you have to fill out a bit more info after you join - you may not actually have it until you enroll in their free program).
And, I don't know if the free $1k policy has this restriction as well.

But, with that particular restriction that the NRA puts on their insurance, it won't help the majority of gun owners... Too bad...
 

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Discussion Starter · #2 ·
Ok - It appears that they have TWO different types of policies. The pure collector insurance is much cheaper. There is an additional type for gun owners who DO shoot their guns. However, the rate is $0.0174 per dollar of value.

The Collector's version was $0.0067 per dollar of value....


So, cleared that up...
 

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I prob have a couple of grand just in ammo....I know i prob have several grand in guns.... :oops:
 

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Discussion Starter · #4 ·
I checked back with StateFarm about that $5k policy. Mags, ammo and scopes are not counted in the value of the firearms. That is good. So, even though any accessories may be affixed to a gun - they aren't included in that $5k max limit of insurance you can get as a rider on your homeowners policy here in Texas.

Ammo, mags, holsters, cases, lights, lasers, etc - these are all personal property and are covered under a person's regular homeowners insurance (minus the deductable). That's good too.

Now, the homeowners policy is only for theft and fire basically.

One can insure specific guns 1 by 1 (for full replacement cost) for a higher fee - but then its covered if it breaks or is lost, which is cool.

I think I will insure that custom 1911, when I get it, that way - but just leave the rest of my coverage as is with that $5k maximum. That's still cheaper than the NRA insurance. And, for any claim, I've always had good luck with them. Its nice having a local agent, and its not like pulling teeth to get your claim processed (I've had that experience with other comapnies).

After trying to get life insurance thru AAA for my wife, and going thur that entire debacle that dragged on for months, I don't like dealing with agents who don't live in my town.
 

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a fire would be bad with all my ammo lol
 

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I don't like dealing with agents who don't live in my town.

Opposite for me. I've never even met any employee of my insurance company (USAA) in person. They are on the other side of the state from me. Their customer service is top notch though.

Insurance agents in my town wear giant cowboy hats and talk like used car salesmen.
 

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Here is another little summary. You have three options:

Option 1, let your standard homeowners policy cover the guns
Problems:
--Your base homewners policy only covers your guns for fire and other limited perils, PLUS there is generally a limit on "theft" of anywhere from $2,000 to $3,000 depending on your company.
--There may be problems collecting a fair value for collectible price, antique value, sentimental value, rarity value, etc.
Advantage:
Already included in your premium so no cost.
Ick's notes:
If you have a lot of value this is a very poor way to protect your firearms and related equipment.

Option 2, purchase a higher theft amount on your homeowners
Problems:
--Your base homewners policy will STILL only cover your guns for fire and other limited perils, SUBJECT to a limit on "theft" based on what you purchased.
--There STILL will be problems collecting a fair value for collectible price, antique value, sentimental value, rarity value, etc.
Advantage:
Simple and cheap.
Cost:
Generally nominal cost, Shipwreck said a $5,000 limit cost $5 a year on his State Farm policy.
Ick's notes:
If you have a lot of value this is a very poor way to protect your firearms and related equipment.


Option 3, purchase separate insurance from NRA "collector not shooter" program
Problems:
--The policy language that shipwreck found is limiting and possibly would result in no coverage for most guys guns? Doesn't sound like a clean transaction to me. Sounds like you are paying for something and not getting much coverage.
Advantage:
--You CAN insure the items for a true fair value a collectible price, antique value, sentimental value, rarity value, etc. under this program?
Cost:
--Cost is $6.70 per $1,000 of value which is good, but I have serious concerns about policy language though.
Ick's notes:
If you have a lot of value this is a very poor way to protect your firearms and related equipment especially when there is a very broad option available for only a few dollars more.

Option 4, purchase separate scheduled insurance from your homeowner program or the NRA's broader program.
Problems:
--You likely need to get some kind of written appraisal from a local gun broker. This is generally NOT a big deal.
Advantage:
--The coverage is very broad and covers all sorts of things like flood, dropping the firearm down a cliff, leaving it at the field dressing sight by accident and it is lost, etc.
--You CAN insure the items for a true fair value a collectible price, antique value, sentimental value, rarity value, etc. under this program.
Cost:
--Ick's homeowners in PA with local agent and Pennsylvania company is $11 per $1,000 of value, I have three other companies at about the same cost.
--NRA's program is $17.40 per $1,000 of value
--Shipwreck's State Farm in Texas with local agent $17 to $22 per $1,000 of value (This is a VERY high price, not sure why State Farm is so high).
Ick's notes:
Most of my customers do not list every firearm they own. Generally they list the most expensive and valuable firearms, optics, lasers, etc. this way.
 

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Discussion Starter · #9 ·
Well, I am sticking with Option 2 - It covers the majority of my stuff, as I paid the extra $ for the slightly higher value. As scopes, mags and ammo (and other stuff) are covered under the standard home owners policy - one needn't worry that much about ALL gun related items exceeding that $5k limit that Statefarm has (in my case)... Unless you just have tons of stuff. In my case, its okay.

Then, when I get my custom 1911, I'm just going to insure that 1 gun seperately. Yea, it's cost per $1k is kind of high. But, I'm still coming out cheaper with insuring that 1 particular gun, and then paying that extra $4 or $5 per year for the $5k total on my homeowners insurance.

If I get the NRA insurance for my entire collection, and cancel that extra Homeowners policy - this would cost me more per year.

Now, that seperate policy on that 1 gun covers actual replacement costs, and covers it if the gun breaks, is lost, or stolen or destroyed in a fire. So, that's more covereage than the homeowners policy on the rest of my stuff, which is covered for just fire and theft.
 

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Yeah, that sounds like the thing to do Ship. Like I said, most of my guys use the more limited fire and theft coverage for most of their stuff and then ADD coverage for one or two items that are special in nature like your 1911.
 

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Discussion Starter · #11 ·
Well, I thought it interesting that it is covered in case it "breaks." I think the gun warranty covers the gun enough. Although, I guess if you had a kaboom - then you'd like to have that extra covereage. However, I do not use reloads.

And as for "losing" the gun... I can't imagine I'd ever do that.

Instead of paying it all at 1 time, I can just add it to my regular monthly auto insurance payments, and just pay a few bucks each month.
 

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Death AND Dismemberment!!!

Am I the only one who thinks the NRA ads should not boast that joining gets you thousand of dollars worth of DEATH and DISMEMBERMENT insurance?!?!? :-?
 

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Discussion Starter · #13 ·
Re: Death AND Dismemberment!!!

Winston Smith said:
Am I the only one who thinks the NRA ads should not boast that joining gets you thousand of dollars worth of DEATH and DISMEMBERMENT insurance?!?!? :-?
:lol: :lol:
 
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