Around 45% of American households have at least one firearm, but it might be safe to say that many of these gun owners do not have the proper insurance coverage. Some may not even be familiar with gun owners’ liability insurance.
Owning a gun is a great responsibility, and you should always handle it with the utmost care. Gun owners must also take the necessary steps to protect their firearms from potential harm or theft. That includes working with a trusted firearms insurance company to secure the proper coverage.
In today’s article, let’s review some of the basics of homeowners insurance and firearms. We’ll also discuss gun owners’ liability coverage and whether you should consider it for protection.
Homeowners Insurance and Firearms
Homeowners insurance policies typically cover gun theft and accidental or unintentional damage caused by firearms.
On a homeowners insurance policy, $5,000 is the average coverage limit for theft of firearms. You can also schedule your guns under itemized personal property coverage for additional protection.
It’s possible that some homeowners insurance policies may not cover any firearms and will require you to purchase additional coverage. However, this varies from company to company, so you must review your policy carefully and contact your insurance provider if you have any questions about coverage limits or exclusions.
Insurance Premiums and Firearms
One of the biggest misconceptions about firearms and homeowners insurance is that owning a gun can increase your insurance premiums drastically. That isn’t necessarily the case, as premium increases usually depend on various factors, such as the age of your home, the size of your deductible, and the discounts you qualify for.
Signing up for additional firearm coverage can increase your homeowner’s insurance premiums, but simply owning one shouldn’t significantly impact your premium. Your premium also depends on the type of coverage you have and the amount of coverage you need for your firearms.
Always read the fine print of your policy to know exactly what is and isn’t covered.
Gun Owners’ Liability Insurance
A popular option for gun owners is to purchase a separate policy specifically designed to cover firearms and related incidents. Gun owners’ liability insurance provides coverage for liability claims resulting from using a firearm, such as damages or bodily injury caused by someone using your gun.
For instance, gun owners’ liability insurance will cover the costs if you are legally responsible for an accidental injury or damage caused by your firearm. Additionally, this policy may cover other legal expenses associated with defending yourself in court.
This can be a powerful form of protection, especially if you are in an area where firearms laws are strict and liability claims are common. Gun owners’ liability coverage is usually quite affordable and can vary depending on the insurer. The types of coverage you can purchase can also vary, so it’s essential to compare different policies to ensure you get the coverage you need.
Talk To Your Insurance Provider
Responsible gun ownership involves understanding insurance’s role in protecting you against unintended consequences. While most may consider homeowners insurance enough, investing in proper gun owners’ liability insurance can help address the gaps in most policies. Consider speaking to your trusted insurance provider about finding the right policies.
Joseph Chiarello & Co., Inc. is a trusted name in the firearms industry. We have 35 years of experience providing quality policies to over 3,000 clients. Contact us today to find the right insurance solutions for your business.