People collect guns for many reasons, such as hunting, sporting, historical interest, home defense and self-defense. You may be wondering if your insurance covers loss of or damage to your guns. What about liability protection in the event of a firearm-related injury or accident? Review your current homeowner’s or renter’s insurance policy to determine if your firearms are covered in the same way as other household property.
Homeowner’s Insurance Coverage of Firearms
Your current policy may address firearms differently than other personal property. Special conditions, exclusions or limitations may determine whether or how much you may recover in the event of a loss. What about liability coverage in the event of an injury or accident in which one of your firearms was involved? Does your homeowner’s policy provide such coverage?
These are important questions. As with anything that relates to insurance or your legal responsibility with respect to firearms, you should consult your insurance agent (and perhaps an attorney) concerning your needs and available coverage options.
Firearm Property Insurance
Homeowner’s insurance usually has some sort of coverage for firearms. However, if you have multiple firearms and/or firearms with significant value, it might not offer enough.
If that is the case, you’ll need to find an insurance provider that offers firearms property insurance.
Keep Track Of Your Firearms’ Value
In any case, it’s prudent to keep track of the worth of your gun collection and any associated accessories. You will need this to show the insurance company your realized loss and receive a check. You can determine the general monetary value of your firearms through a variety of reliable sources. Several books cover the subject — many of them “annuals,” whose information is kept up to date as values fluctuate. Additionally, searchable online databases such as FirearmsGuide.com, FirearmsPriceGuide.com and BlueBookOfGunValues.com provide another valuable resource.
Further, it may be useful to record the make, model and serial number of each item in your collection. Take photos if possible, and store all the information somewhere secure. Fireproof safes are good for physical security. Services such as iCloud, Dropbox or Google Drive provide excellent storage for digital files.
Responsible Gun Ownership
Furthermore, responsible gun owners should exercise safe gun-storage protocols to avoid unauthorized access to firearms. This will help minimize the risk of theft of your valuable firearms collection and, most importantly, reduce the potential for firearms-related accidents or injuries.
