How Homeowners Insurance Covers Firearms

Firearms and homeowners insurance have a complicated relationship. The issues related to the topic range from policy limits to criminal or non-criminal acts to individual state regulations.

Firearms and Insurance Rates

Many insurance companies don’t hike the premiums on homeowners insurance because of gun ownership. These carriers may not even require this kind of disclosure. Other insurance companies do see firearms in the home as a risk and raise the rates or decline coverage. This inconsistency is one good reason to compare several insurance companies and policies before making a decision.

Policy Limits

Because they are often valuable and easily transportable, firearms can incur policy limits. A standard policy limits firearms to about $2,000, and only for theft. This can be very inadequate coverage, especially for collectors.

Since policy limits are relatively low, policy holders often add to their insurance with liability insurance, umbrella insurance and/or insurance riders.

Liability Insurance

Most homeowners insurance provides liability coverage, but the amount, typically around $100,000, can usually be increased. Liability coverage can be complicated because, although policies may cover gun-related injuries or deaths on the property as long as it is not a criminal act, the definition of some terms, such as a criminal act, intentional damage or reasonable force, can vary from state to state.

Umbrella Insurance

For added financial protection, policy holders may protect themselves from possible liability concerns with a personal umbrella policy, which provides extra liability coverage for guns and other incidents for which the insured might be found liable.

Home Insurance Riders

An additional safety net for valuable possessions such as firearms is an insurance rider. This makes sense for policy holders with standard  insurance coverage limits who keep an expensive firearms collection in the home. Should the firearms be stolen or damaged, the rider offers extra protection.

If you’re considering purchasing a new homeowners policy, or just want to see what your options are for your current policy, find out more and get free homeowners insurance quotes. Be sure to also check out the Einsurance Homeowners Insurance Journal.