So, if you're already have a covering homeowner's policy, the AMA insurance gets a free ride, as you cannot collect under both for the likely claims. Also, all policies have deductibles before any coverage kicks in, including the AMA, and paying two deductibles drastically reduces the coverage on a $1,200 drone that wouldn't hurt a flea if it fell on it from outer space! I'd like to see a list of all paid claims the AMA has actually paid out that exceeded the annual premiums. Those huge figures quoted are only offered because they never come into play. The best insurance is self insurance. Neither policy will cover replacement or repair of the aircraft due to a crash, which is the most likely occurence. Now you have insurance on an aircraft you cannot fly, and the AMA offers no prorated refunds after any crash. Not as good a "deal" as it seems, as you have to buy it for a year, but may only need it for two weeks until you crash. Call me a cynic.
You're a cynic. Thing is I'm not a spokesman for the AMA...you stated you had to fly at an event or field, which isn't correct. Just pointing that out.
Many people don't have homeowners or rental insurance...or have limited coverage, or have exclusions that does not cover aircraft. For those, The insurance included in the AMA membership is a good value. If that isn't value to you, then perhaps the other benefits they offer may be...perhaps not.
And it's not really "non-cynical" to say the AMA gets a free ride...they aren't the ones paying out the claims, it is their insurance carrier. You are likely right that many claims that are primarily covered by those that already have homeowners/renters insurance reduces the cost of membership wide insurance to their members...so really the ones getting a free ride are those that have limited personal coverage using the AMA coverage to fill the gaps...and that's a good thing. It's all an insurance game, and the winners are the insurance companies, not the AMA. And BTW, AMA deductible for fire/theft is $100.00. Not hard to research. Of course if you want crash coverage, the AMA coverage will be just like your homeowners...non existent. No better, no worse.
The reason I belong to the AMA has nothing to do with insurance, although their 2.5Mil coverage exceeds my own...I can't imagine doing 2.5mil of damage with my drone (but if I do...I'll be happy I've got it). The reason I belong is because they are a good advocacy / lobbying group for model aircraft (drones included). It's in fact because of the AMA lobbying efforts that "model aircraft" are currently by law excluded from most FAA regulations due to the 2012 Aircraft and Aviation Reform Act. It didn't just mysteriously appear in the laws, it was lobbied and advocated for. And that's a good thing. They also provide youth education and scholarship opportunities, and facilitate a great amount of information flow between their members.
A fairly valid complaint is members of the AMA have historically (to the limits that drone history goes back) not been overly welcoming in some cases to drone enthusiasts. This however is changing, and there is plenty of evidence towards their shift in that regard.
So...yeah, if you've got great homeowners/renters insurance...and don't care about anything other than insurance, don't join the AMA. If you are in the other category, it may be of good value.