Money & Insurance

My wallet hurts. I made a rather substantial and time-sensitive non-gun purchase recently (it must remain a secret for now, but I’ll tell you in a few weeks). Unfortunately, this means I had to go a bit in debt. Even though it’s for a very good purpose, I really hate being in debt. To use a metaphor, I hate being in debt with the burning fury of a thousand desert suns (and living in Arizona, I know what desert suns feel like!).
To add insult to injury, my renter’s insurance is up for renewal (hooray bills!). While Allstate has been pretty good to me ($5,000 firearms rider for $20/year [$5,000 total, $2,000/item] in addition to my normal renters policy), I’ve been switching all of my insurance (car, motorcycle, etc.) to USAA. USAA has far better rates on auto and motorcycle than GEICO, but their renters base rate is just a little bit pricier than Allstate.
Their Valubable Personal Property rider for things like jewelery is quite reasonable, but they don’t offer a blanket firearms rider like Allstate does. The renters insurance covers a certain amount for guns ($2000 total, $1000/each), but the value of my guns exceed those limits, so I had to go with the scheduled policy: each gun must be individually listed, and I have to provide the make, model, caliber, serial number, and value. While I was a bit uncomfortable with providing this information for each gun I own, I figure it’s not terribly uncommon (they do the same thing with expensive cameras and other items) for an insurance company to require it so it’s not a huge deal.
While $85/year for the guns policy was quite a bit more than the $20/year Allstate offered for their blanket coverage, my net insurance costs went down (I’m saving $300/year with USAA auto insurance vs. GEICO), so that’s fine with me. There’s also no deductible, which is nice. For anything over that limit, I have the NRA ArmsCare insurance ($1,000). The ArmsCare Plus coverage was actually more expensive than the rider from USAA.
Collectibles Insurance estimates a cost of about $47/year to cover my collection, but I have no experience with them, and am not sure how good they are. Evidently their policies don’t cover guns carried regularly for self-protection (presumably my NRA ArmsCare would cover this, but I’ll have to look into it), which is a bit of a concern.
Is the amount I’m paying for the USAA rider reasonable? It seems a bit steep to me, but I really don’t know anything other than Allstate’s blanket policy (which, I think, had a $250 deductible).

5 thoughts on “Money & Insurance”

  1. I have had good experices with USAA auto coverage, but beware of their home owners coverage.
    In March 2009 my roof was damaged by hail. The hailstorm was documented by the National Weather Service and USAA does not dispute the damage was caused by the hail. USAA sent an adjuster who says the roof is a total loss and must be replaced.

  2. Dorsey: Interesting. Is there a problem with the roof being a total loss, so long as USAA pays to replace it?
    Fortunately, I’ve not had to file a claim yet, though I’ve been looking at other firearms insurers who I don’t need to provide detailed information just for coverage (I have to individually list all my firearms with them, which is a bit of a privacy concern).
    Even so, the convenience of having all my insurance and banking with a single company who has excellent customer service is nice.

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