What Kind of Insurance Does a Gun-Owner Need?
When talking about firearms, does insurance cross your mind? You mostly likely only practice in safe, designated places when it comes to shooting. Perhaps you keep your guns under lock and key when not in use. It's probably safe to assume that there's very little chance of an accident or a burglary when it comes to your weapons. But legally speaking, there are certain risks and liabilities we automatically take on when we own firearms, no matter how responsible you may be.
This is where insurance comes in...
The Good News
Let's start with the good news. Your home insurance provider probably doesn't care if you own a firearm. If you want to get your weapons covered as valuables under your home insurance policy, great! Most home insurers are not going to boost your premiums because you own a firearm or two.
Furthermore, you're not legally required to buy insurance. There has been some talk of requiring gun-owners to carry liability insurance, but for the time being, it's just talk. At this point, if you're going to invest in insurance related to your firearms, it's really to protect yourself.
What Kind Of Insurance Should Be Considered?
Essentially firearm insurance is going to come down to two basic categories: property insurance and liability coverage.
Property insurance is covering the losses if your firearms are stolen. Liability coverage will protect you in the event that you are held responsible in an accident.
Your home insurance policy may possibly allow for up to $2,500 in coverage for firearms, which is typically enough an average owner. However, if there is a firearm accident, your homeowner's policy is unlikely to provide any type of coverage. Your plan may cover you from burglary inside the house, but it won't offer much protection beyond that.
No matter how safe and responsible you may be, you can't always control what's going to happen during your next hunting trip or out on the street. From theft to accidents, it's a good idea to carry some form of property and liability insurance as a general rule.
To cover your firearms under a property insurance policy you'll need an inventory for your insurer. This would include:
- Receipt or proof of purchase
- Pertinent data, make and model, etc.
- Photos of your firearm(s)
You can cover your firearms through most insurance companies that offer property policies. When it comes to liability, you'll have better luck going through groups that specialize in firearms liability insurance. My NRA Insurance comes highly recommended, while many CCW permit-holders sign with the USCCA for extra legal protection.
Insurance is really about peace of mind (for now). If someone wants to hold you responsible for property damage or an accident, you don't want to sit there worrying that you've just lost your house due to an occurrence that wasn't your fault.
Getting covered means that you can rest easy knowing you're covered against the unforeseeable.