Author Topic: Renters insurance with costly items?  (Read 1860 times)

Holyoak

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Renters insurance with costly items?
« on: October 23, 2014, 06:25:28 AM »
Although I just want $15k worth of renters insurance for my "stuff", my firearms collection worth about $20k, is really killing the premium.  Seems as always, firearms, art, jewelry tacks on huge increases...  In my case about $700/year if i go with it.  Safe or no safe does not seem to matter, and was never even asked during the quote...  Are there any other insurance options I may be missing, rather than expensive riders added to a renters policy?  Thanks!

lakemom

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Re: Renters insurance with costly items?
« Reply #1 on: October 23, 2014, 11:49:46 AM »
$700 does seem high for just renters insurance BUT well worth the cost for the gun collection alone.  Think of the fact that it would take you 30 years to recoup the value of the guns if lost if you don't buy the insurance.  20k/700+ 28 years of saved premiums to 'replace' the lost guns.  Insurance always seems too much until you need it.  Are you sure just 15k is all you need for the rest of your personal property?  My daughter and her husband maxed out 50k in coverage when they lost their rental to a fire and they lived in a 500 sq ft 1 bed/1 bath cottage.  Keep in mind that while you may have not spent anywhere near 15k on all your possessions, you will be replacing many of them quickly at retail prices if you were to lose some/all of them in a disaster.

Gimesalot

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Re: Renters insurance with costly items?
« Reply #2 on: October 23, 2014, 01:19:44 PM »
CAn you keep the guns elsewhere?  Maybe a safety deposit box is cheaper than the insurance.

Holyoak

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Re: Renters insurance with costly items?
« Reply #3 on: October 23, 2014, 02:56:28 PM »
Thank you for the replies.  I have snooped around after I posted, and it seems there may be cheaper options, such as:

http://www.collectinsure.com/covered.aspx

And NRA members can acquire insurance too.

Insurance of some kind is a must, as not only do I greatly enjoy shooting my eclectic, historic firearms, but they have been an extremely good investment that must be protected...  Simply amazing how well you can do investing in rare/good quality firearms!  Also do well buying good quality reloading gear, that is expensive to replace...  I could sell my Dillon 550B for a lot more than I paid for it. 

Holyoak

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Re: Renters insurance with costly items?
« Reply #4 on: October 24, 2014, 04:55:17 PM »
FWIW, and I hope as a help to others, I went with the folks I linked...  $148/year for $25,000 in coverage.  Includes theft, vandalism, fire, in transport, etc.  Only water damage is not covered (and nuclear war!).  Tried USAA, and was quoted for a valuable property policy...  $394/year with a lot more hassle!  Once again, USAA is completely uncompetitive, for damn near everything!

If you wish to insure coins, stamp collections, artwork, antiques, etc, you might have a look at  Collectibles Insurance Service.

Hotstreak

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Re: Renters insurance with costly items?
« Reply #5 on: October 24, 2014, 11:43:06 PM »
I assume you have a heavy safe already, that it's bolted to the wall/floor, and it's built to resist most fires.  What do you expect to happen that you're not prepared for?

ltt

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Re: Renters insurance with costly items?
« Reply #6 on: October 25, 2014, 07:42:59 AM »
Glad you found something cheaper.  We insure one of our son's string instruments, which is somewhat pricey, but not as much as your firearms, and it's under $10 bucks a year.  It's just a rider onto our homeowners.