Question re: NRA firearm insurance
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jrm53
Member
Thank goodness I have never had to use it but I always sign up every year with them for it. Jeff
Same here.
I certainly hope it's good. I pay a bunch for extra coverage.
Asked the same question in this thread but did not get a response.
http://smith-wessonforum.com/lounge/172162-house-insurance-gun-ownership.html
Asked the same question in this thread but did not get a response.
http://smith-wessonforum.com/lounge/172162-house-insurance-gun-ownership.html
I've used it..
Probably ten years ago I had a claim after a burglary.
The actual insurance co. was located in Iowa and they lost the info I sent them and after a couple of days they "found" it.
I had to send them a copy of the police report and copies of all the bills of sale and estimates of their condition and value.
The free coverage at that time paid me a maximum of $1000.00 after a $1000.00 deductable.
Better than a sharp stick in the eye. Still suffered a sizable loss and have invested in a heavy safe and more coverage since then.
Probably ten years ago I had a claim after a burglary.
The actual insurance co. was located in Iowa and they lost the info I sent them and after a couple of days they "found" it.
I had to send them a copy of the police report and copies of all the bills of sale and estimates of their condition and value.
The free coverage at that time paid me a maximum of $1000.00 after a $1000.00 deductable.
Better than a sharp stick in the eye. Still suffered a sizable loss and have invested in a heavy safe and more coverage since then.
Faulkner
Member
I have used the free NRA insurance and was not impressed. Three years ago I had a new in the box Walther PPKS stolen along with Galco holster and 4 magazines. The insurance does not cover anything but the firearm, no holsters or magazines. They also depreciated my unfired new in the box Walther PPKS because the gun itself was 5 or 6 years old. End result, after 4 or 5 months of dealing with it I got a check for $165 for a $400 gun.
It was not the NRA you deal with, it's the insurance underwriter, but I was not impressed.
It was not the NRA you deal with, it's the insurance underwriter, but I was not impressed.
John Ross
Absent Comrade
This should be a sticky or notable threads or whatever...
I am often asked about the best way to insure a gun collection. Many people advise insurance through the NRA or some other place that "specializes" in insuring guns. I have to say I disagree with the people who recommend this or any other type of add-on insurance. It is much too expensive per dollar of coverage.
What you want is not separate firearms coverage but a homeowners policy that DOES NOT HAVE A GUN EXCLUSION. Get "Replacement cost contents, all risks" on your homeowners policy from a company that sells a policy without a gun exclusion.
A company will sell different policies with different names, like "Prestige Plus" or "Platinum" or whatever. Different policies exclude different things. (Cash is always excluded, or excluded above a small maximum amount. Jewelry is also.) I had a policy once which for some reason excluded anything aviation-specific. The only things I had like that were two parachutes and two headsets, but if they had been stolen or destroyed in a fire they would not have been covered. Excluded items like jewelry must carry separate (expensive) riders in order to be covered. Find a policy that DOES NOT EXCLUDE GUNS.
Typically the contents on a homeowner’s policy are half the replacement cost of the house, but you can get them to make it more by paying a slightly higher premium.
Example: Your house would cost $200,000 to replace on the existing lot if it were completely destroyed, so you have a $200,000 homeowner’s policy. You are typically covered for another $100,000 worth of contents loss due to theft, fire, tornado, etc. If there is no gun exclusion on your policy, it can be up to $100,000 worth of guns. If your gun collection and the other contents of your house are together worth more than half the value of your house, get a quote for a policy on a higher contents value, if a single event could cause you to lose all of your guns and everything else at once.
If it’s written as a REPLACEMENT COST CONTENTS, ALL RISKS policy (which is what you want,) that means if you take your expensive double rifle to Africa and it gets lost/stolen/confiscated/falls in the river, it’s covered for whatever it takes to replace it. Same deal if your vehicle is stolen with a bunch of guns in it while you’re eating a meal in a roadside restaurant on a cross-country trip. (The guns are covered by your homeowner’s policy, the vehicle needs its own policy, obviously.) Ditto shipping guns to a gunsmith for repair or modification, or shipping guns ahead by common carrier to some other place you want to shoot them. Don’t pay UPS for insurance--the guns are already covered.
I was covered in this fashion for 15 years by one major company, then my agent had me switch to another two years ago because he found a policy for me with more coverage at less cost.
Take good digital photos of every gun you own and keep a file in case anything is stolen or otherwise lost. (Digital means you won’t get some mouth-breather at the photofinishers blabbing about you.)
If your agent can’t find you an "all risks, replacement cost contents policy" with no gun exclusion at a decent price, find an agent who can.
I am often asked about the best way to insure a gun collection. Many people advise insurance through the NRA or some other place that "specializes" in insuring guns. I have to say I disagree with the people who recommend this or any other type of add-on insurance. It is much too expensive per dollar of coverage.
What you want is not separate firearms coverage but a homeowners policy that DOES NOT HAVE A GUN EXCLUSION. Get "Replacement cost contents, all risks" on your homeowners policy from a company that sells a policy without a gun exclusion.
A company will sell different policies with different names, like "Prestige Plus" or "Platinum" or whatever. Different policies exclude different things. (Cash is always excluded, or excluded above a small maximum amount. Jewelry is also.) I had a policy once which for some reason excluded anything aviation-specific. The only things I had like that were two parachutes and two headsets, but if they had been stolen or destroyed in a fire they would not have been covered. Excluded items like jewelry must carry separate (expensive) riders in order to be covered. Find a policy that DOES NOT EXCLUDE GUNS.
Typically the contents on a homeowner’s policy are half the replacement cost of the house, but you can get them to make it more by paying a slightly higher premium.
Example: Your house would cost $200,000 to replace on the existing lot if it were completely destroyed, so you have a $200,000 homeowner’s policy. You are typically covered for another $100,000 worth of contents loss due to theft, fire, tornado, etc. If there is no gun exclusion on your policy, it can be up to $100,000 worth of guns. If your gun collection and the other contents of your house are together worth more than half the value of your house, get a quote for a policy on a higher contents value, if a single event could cause you to lose all of your guns and everything else at once.
If it’s written as a REPLACEMENT COST CONTENTS, ALL RISKS policy (which is what you want,) that means if you take your expensive double rifle to Africa and it gets lost/stolen/confiscated/falls in the river, it’s covered for whatever it takes to replace it. Same deal if your vehicle is stolen with a bunch of guns in it while you’re eating a meal in a roadside restaurant on a cross-country trip. (The guns are covered by your homeowner’s policy, the vehicle needs its own policy, obviously.) Ditto shipping guns to a gunsmith for repair or modification, or shipping guns ahead by common carrier to some other place you want to shoot them. Don’t pay UPS for insurance--the guns are already covered.
I was covered in this fashion for 15 years by one major company, then my agent had me switch to another two years ago because he found a policy for me with more coverage at less cost.
Take good digital photos of every gun you own and keep a file in case anything is stolen or otherwise lost. (Digital means you won’t get some mouth-breather at the photofinishers blabbing about you.)
If your agent can’t find you an "all risks, replacement cost contents policy" with no gun exclusion at a decent price, find an agent who can.
NRA Armscare is for replacement cost not actual cash value(depreciated value)
http://www.locktonaffinity.com/nrai...arms_Liability_Frequently_Asked_Questions.pdf
http://www.locktonaffinity.com/nrai...arms_Liability_Frequently_Asked_Questions.pdf
What you want is not separate firearms coverage but a homeowners policy that DOES NOT HAVE A GUN EXCLUSION. Get "Replacement cost contents, all risks" on your homeowners policy from a company that sells a policy without a gun exclusion.
Great information.
Thank you
Great information.
Thank you
I would hope 'replacement' is true to condition and vintage. I had a few go-arounds with insurance companies re: car insurance and found that there is a lot of lee-way in how they can 'replace' (not to mention 'evaluate') a vehicle. Even called the state Insurance Bureau who verified the insurer's rather 'loose ' system.
Had my '77 Cadillac hit a couple of times and the body shop told me AAA would total the car based on age but since it was in such great shape, he would get them to honor the claim which they did. Still have had to argue with insurance companies to get fair treatment; don't know why they don't just treat you fairly to begin with.
Here in Florida, most, if not all major Homeowner Insurance Companies no longer write HO insurance. After the Hurricanes pretty much everyone's HO insurance was canceled. We had been with Nationwide for 20-30 years, home car etc.
So trying to get guns covered is kinda a joke.
All the big boys of course will write you car, life, health etc but not you home even if you never had a claim.
I was a Underwriter up North for a major company so I know what a racket it is.
So trying to get guns covered is kinda a joke.
All the big boys of course will write you car, life, health etc but not you home even if you never had a claim.
I was a Underwriter up North for a major company so I know what a racket it is.
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