Gun spend much of their lives living in a gun safe, but that doesn't mean they can not be damaged or stolen. To protect yourself from financial loss it is best to know the options you have to insure your gun.
Will my home insurance cover my gun?
Your homeowner insurance will cover you guns, to an extent. Typically, your homeowners insurance will only cover $2,500 (or so, could be higher or lower depending on the carrier) for theft of unscheduled guns that you own. This is covered under your personal property portion of your home insurance policy. You will want to check your policy for the exact sub limit in your policy when it comes to firearms (while you are looking you may want to check on your jewelry limit as well). This sub limit means your insurance carrier will only cover the sub limit if your gun(s) are stolen or lost.
If your guns are damaged from a fire or perhaps it fell from your deer stand (assuming your policy covers damage), your policy will cover them up to the limit of your personal property coverage on your policy. If you have a large amount of firearms it is worth looking into scheduling them (more on that later on). Scheduling will allow you to not dip into your personal property coverage in the event you have a fire that destroys your home and firearms inside and help you replace all of your other belongings as well (couches, TVs, clothes, pots & pans)
How do I know if my policy covers damage to my gun?
This is going to be different for every carrier. You will either have to read your policy and verify or talk with your local independent insurance agent. Some policies will cover all risk while others may only cover theft or fire. If gun coverage is important to you, be sure to discuss this with your agent.
Does my home insurance policy cover my guns away from home?
Yes, most insurance policies cover your guns away from your home. If your guns are stolen from your vehicle you would need to file a claim on your homeowners insurance policy. It is again important to verify this with your actual policy and talk with your local independent agent about what is covered by your policy and where they are covered at.
What if I need to increase coverage on my homeowners policy for my guns?
You can make sure your guns are properly insured by scheduling them on your policy. For the extra premium you can make sure that all your guns are covered in the event they are stolen or damaged. You will need to provide your insurance carrier with:
-A list of all your firearms. Including make, model, and serial number.
-The value for each of your firearms. You can use a recent appraisal or perhaps an invoice for newer guns.
-A list of accessories that you would like to insure. Scopes, rings, magazines, after-market products
Your insurance carrier will then add them to your policy for a certain amount of premium for every $100 of coverage. Generally it is around $.80-$1.00 per $100 of coverage.
You may be best with a seperate policy for your gun.
After talking with your agent you may find that it is best to get a seperate policy for your firearms. This maybe the case if you have antique or collector firearms. Your typical homeowners policy may not be best at that point. Due to the large dollar value of collector firearms, it is probably best to work with an insurance carrier that specializes in collector style guns.
How should I shop for my gun insurance?
As always I suggest working with a local insurance agent to fully determine your needs. They will be able to shop your insurance among a variety of carriers to find what coverages and premiums meet your needs. You can talk to Clark Carroll Insurance Agency at 815-244-1570.