Cost of Firearm Insurance Rider??

[mcapo]

What are people paying for the firearm riders on their policy? Not asking anyone to publicly disclose coverage amounts but what is your cost to coverage ratio? i.e. $100/per year premium on $100,000 covered is a 0.001% coverage cost ratio. Though I am looking at MUCH MUCH HIGHER rate upon renewal than that (about 2%).

I ask as mine is going up more than I like...so is the jewelry rider. Same company for 32 years - zero claims. We do not live in a expensive home or high loss area. Maybe I have just been spoiled but there is a risk analysis decision here...

Has anyone used a secondary policy like collectinsure.com?

 

[Ziggidy]

I'd be interested to see some examples also....

 

[PGRChaplain]

If you've been with the same Insurance Company for 32 Years you are Paying too much. I switched Motorcycle Insurance last year. Same Company for 10 years, No Claims. They raised the rates 2 years ago and tried last year. I Switched, More Coverage for Less Money. If your Shopping look for a Company with A+ or A++ Ratings.

 

[Cameramonkey]

Look at standalone insurance. At least with State farm, the riders are ridiculous.

I could get a separate policy for double the coverage and less deductable for half what the rider would cost. Even with the same company. (my agent warned me upfront to go with a separate policy)

Bottom line, shop around. And ask questions:

What is required to file a claim/prove what was stolen? (receipts? model/serial? Photos?)
What is the payout method? (actual replacement value or depreciated value)
Do they require proof of what you paid for them? (receipts)
Do they require an upfront inspection/appraisal or an itemized list up front? BIIIIIIG red flag on the latter; there are companies who will only demand to know what you have after the fact when its time to pay. They have no business knowing what you have beyond what they are worth/covered for IMHO. Agree to pay for $X,000 worth of guns if and WHEN they are gone provided you can show proof of possession. Thats it. Thats all they need. Avoid anyone that wants a list.
etc

 

[Mark 1911]

NRA offers firearms coverage to members but I've never looked into it seriously. Probably should at least to understand what they offer.

 

[tsilveus]

My family pays about .0125 (according to the 1st post calculation) a year for coverage of firearms and jewelry (engagement ring only). State farm separate policy.

 

[Cameramonkey]

NRA offers firearms coverage to members but I've never looked into it seriously. Probably should at least to understand what they offer.

Look VERY closely at that. Ive seen several reports of them charging more than the rest of the market for anything of serious coverage. And several reports of them not being very willing to pay out claims.

 

[Spear Dane]

It's not NRA insurance any more than NRA runs an airline. Or ran one. It's called Lockton Affinity out of KC, KS.

 

[Mgderf]

I'll turn the question around.
What is the cost of NOT having firearms insurance?

May not be what you want to pay, but what about the alternative?

 

[boogieman]

I've got a policy through collectibles and pay about .8% of what my policy value is. So if you had 10k worth it would e $80 per year. That is about 1/3 what my homeowner policy wants for a rider. I am required to keep a list of serial numbers with description and photos but do not have to give it to them unless I have a claim. Thankfully haven't had a claim but have been happy with them so far. Been with them about 4 years.

 

[Leadeye]

When you look at insurance, compare that to things like the cost over time of a safe and an alarm system. Like Cameramonkey says, shop around.

 

[indiucky]

"I know you rider gonna miss me when I'm gone..."

 

[Sniper 79]

I bought a safe and figure it a one time premium.

 

[LockStocksAndBarrel]

I showed the NRA policy to my Allstate rep and he said he couldn't come close to that deal. I'm still trying to decide what to do.