People collect firearms for a range of reasons — from hunting and sport shooting to historical interest and, increasingly, for home defense and self-defense. But does your insurance policy provide enough protection for your collection?
Does your homeowner’s or renter’s insurance cover theft, loss of or damage to your guns. What about liability protection in the event of a firearm-related injury, accident or incident involving lethal force? 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.
Gun insurance can cover property loss, theft, damage and in some cases, legal defense after a self-defense incident involving firearms. Specialized coverage is recommended for high-value collections or for liability protection following a use-of-force event.
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. If your policy does cover firearms as personal property, it may have a limit as low as $2,500, whether for a single handgun or a full collection of high-value firearms.
More important is liability coverage in the event of an injury or accident in which one of your firearms was involved. If a gun-related accident occurs on your property or if you’re involved in a justifiable self-defense situation, will your current policy protect you? Many policies do not extend to acts involving deadly force, especially if criminal charges are filed — even if you acted lawfully.
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. Some companies offer standalone policies or policy riders to ensure better protection against theft, fire, or damage.
And in a high-stress self-defense situation, documentation matters. You’ll need to provide proof of value to receive compensation for your loss.
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
Gun insurance is about more than just replacing damaged or stolen property. It’s about planning for every scenario. 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.
