When it comes to insurance, you’ll want to treat it as you would a precious jewel or expensive electronic equipment. Standard homeowners insurance can cover it to an extent if it’s stolen, for reimbursement or replacement. But you may need to take further steps.
Standard homeowner’s policies typically cover firearms up to $2,500 against theft. For the household with one or two firearms, that’s likely enough coverage. But what if you need insurance for a special collection or for antique guns?
Gun ownership can have an effect on your insurance premiums – or ability to even get coverage.
Most homeowners’ insurance policies treat guns as a possession. But your policy underwriter might opt to increase how much you pay for coverage based on the increased liability risk associated with a shooting on your property. You might be denied coverage altogether. Gun storage and safety measures could restore your eligibility for insurance or at least mitigate how much more you might pay for coverage.
Other gun-related factors that could impact your premiums and eligibility for coverage include the following:
- Criminal record: If you have a record that involves a firearm, your insurance company could deny future claims that involve guns.
- Nondisclosure: If you don’t tell your insurance company you have a gun, it will likely be difficult to file a claim for it. Failure to disclose might even nullify the policy.
We invite you to discuss your current situation with one of our insurance professionals.