Insuring Guns & Homeowners Insurance

Are insurance companies anti-gun? No, but people who own firearms need to know the common limitations in homeowners insurance policies for guns, and how to discuss getting the proper coverage with insurance companies, without getting their homeowners insurance canceled.

Some gun owners feel insurance companies are sending a political message, when they may refuse to offer homeowners insurance, or cancel coverage, for firearms owners keeping guns in their homes. Insurance companies are not really concerned with 2nd amendment rights, but they are concerned with paying out large claims regarding the use of guns, such as a wrongful death lawsuit, if someone is accidentally killed by the use of your gun.

The good news is insurance companies differ as to how concerned they are with their customers owning guns, and many insurance companies have no problem with responsible gun ownership, and do not ask you a lot of questions about your firearms. For most gun owners, getting homeowners insurance is no problem.

A greater concern for you should be if your homeowners insurance policy will protect you from lawsuits, if you have to use your gun to defend yourself, your family, or your home or property. Whether you have coverage in this situation depends on the insurance company you choose, and other factors, and I will discuss this matter in a separate blog post.

In the mean time, shop around for homeowners insurance where the policy says specifically you are insured for using reasonable force to protect yourself and your home. Have your insurance company show it to you in writing. Don’t get ripped off by buying a homeowners insurance policy without the coverage you need as a gun owner.

This blog post will tell you how the basic homeowners insurance policy limits coverage for the loss of your guns, how to insure your guns properly, and what to say to insurance companies to avoid problems, and cancellation of your coverage.

The usual limitation on a basic homeowners insurance policy is limiting coverage for your guns to a certain dollar amount if they are stolen.

For example, you may have a $1,000 limit for ALL your guns (not per item) if they are stolen.

If you have 3 guns, worth $5,000 to replace with the same kind and quality (make sure your homeowners insurance has the replacement cost option, like most customers have) and all of your guns were stolen, you would have a property loss of $5,000. Subtract your deductible from the property loss.

For this example, we will say you have a $500 deductible. $5,000 minus $500 leaves you with a claim for $4,500.

But since your policy has the $1,000 limit for guns in the event of theft, you get only $1,000 for all 3 guns. Whether one or all your guns were stolen, the most you could get for the claim is $1,000.

Now, if all your guns are damaged in a fire, you don’t have the limitation, since it applies only to theft, so you would get $4,500 ($5,000 cost to replace or repair the damaged guns, less your $500 deductible).

Why is there limited coverage for guns on your homeowners insurance? It is not because insurance companies hate gun owners. Guns, like certain other types of personal property (jewelry, watches, camera equipment, stamp & coin collections, etc.) are targeted by thieves, but not every homeowner has these types of property.

Every homeowner has the risk of their house burning down, but not every homeowner has the risk of theft of $50,000 of jewelry, and does not want to pay higher homeowners insurance rates to cover these types of claims. Customers usually have the option to adjust their insurance coverage to cover their high value items, if they need it.

Do you need to adjust your homeowners insurance coverage to properly cover your guns? Here is what you need to consider to make this decision:

1. How much would it cost to replace all your guns with the same kind and quality if they were stolen, and compare the cost to your deductible. Do you really need insurance on them?

It may cost $5,000 to replace your guns, but if you have a high deductible, like a $2,500 deductible, the most you could collect from a claim is $2,500 — without considering the dollar limit for guns on your policy.

You could pay more for a lower deductible, and more gun coverage, but if you have a claim, it could also increase your rates a lot.

Paying more for homeowners insurance to cover smaller claims, which will increase your rates even more if you file them, is rarely a good idea. Having 2 claims in 5 years can often get your homeowners insurance canceled, leaving you to purchase a high risk policy to insure your home, with limited coverage and very high rates.

Paying out of your own pocket to rebuild your stolen gun collection is no fun, but it may be a better option than losing your homeowners insurance.

If the cost to replace your guns, if needed, is bearable for you, you may decide you don’t need to have insurance for them.

I can’t speak for all homeowners insurance companies, but most companies limit coverage for guns only if they are stolen. The best option for you may be to better protect your guns by buying a gun safe.

2. If you think you need insurance coverage for your guns, contact your insurance company and find out about your homeowners insurance policy’s limitation for guns, and what you can do about it.

What is the limit for all guns? Is there a per item limit, too? Does the limit apply to anything other than theft?

The answers to these questions will depend on the details of your own homeowners insurance policy, so you need to ask your agent or insurance company. Ask about the cost to increase your guns coverage.

For example, you ask about increasing your $1,000 gun limit to $5,000. Even though you have $5,000 for all your guns, there may be a $1,000 per item limit. If you have one gun worth $4,000, the $1,000 per item limit makes this a poor option for you. Are accessories, like scopes, and ammo also included in the gun limit?

Some insurance agents & insurance company representatives make the mistake of subtracting the deductible from the coverage limitation.

For example, your agent may tell you with a $5,000 gun limit and a $1,000 deductible, the most you can collect for the theft of your guns is $4,000.

However, you can collect up to the full amount of the limit amount, as long as the property loss, less your deductible, is the limit amount or more. That is if you have $6,000 or more worth of guns stolen, and a $5,000 gun limit, and a $1,000 deductible, you can collect $5,000 for the claim.

Some insurance companies may not offer higher limits beyond $5,000 for your firearms. Some insurance companies may allow you to schedule your guns (list the items specifically, for a specific amount, based on an appraisal or bill of sale) for expensive guns or large gun collections.

3. When you contact your insurance company and ask about gun coverage, they may ask you questions about the guns you own and how they are kept. If the insurance company decides your situation poses a “substantial increase in hazard,” you can see your homeowners insurance canceled, and you will have difficulty getting replacement coverage.

Usually, this applies in less common situations, like if you have an assault rifle, or a shooting range on your property. Though, if you are an avid gun enthusiast, this may apply to you. I never had an issue with it in my work experience, but I have read complaints about some insurance companies refusing to insure people keeping loaded guns in their homes.

You never want to lie to an insurance company, but you don’t want to volunteer information they are not asking of you.

I suggest, if you need to find out information from your homeowners insurance company about guns, you ask about your insurance company’s policy towards guns on behalf of a “friend.”

Ask if the insurance company has any concerns regarding guns, and how they cover guns. This is even more important when you talk directly to the insurance company, and not your agent.

If you have an extensive gun collection, contact an independent insurance agent, representing several insurance companies, who does NOT insure your home. Ask about a separate insurance policy to insure your guns. These types of policies are called inland marine policies or personal property floaters. A separate policy for your guns can keep you from having problems with your homeowners insurance, and avoid higher rates or cancellation of your homeowners insurance due to claims.

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