A fine gun collection not only provides for better peace of mind and enjoyment of the great outdoors, it’s also a valuable investment. The value of scheduled and unscheduled rifles, pistols, collectibles, antiques and accessories quickly adds up.
When you have valuable guns and accessories at home, it’s important to think about whether you have adequate insurance coverage in the event of theft, fire, and other damage or loss to your property. Be sure to know if your homeowners insurance will protect your guns.
What Homeowners Insurance Covers for Guns
Many gun owners will look to their homeowners insurance to protect their guns, but a general homeowners policy may not be the right coverage for every gun owner.
Many homeowners policies limit firearms coverage, both in the type of loss that is covered (generally just theft) and in the dollar amount covered per item and per policy. For example, many homeowners policies limit firearm collection protection to no more than $2,500.
Depending on the company you have your homeowners insurance through, you may be able to purchase a rider to insure your firearms and accessories more fully, but in some cases that means having to provide serial numbers and/or get an appraisal.
In short, your homeowners insurance policy may be able to provide some coverage for your guns, but it may not be the best way to protect your investment.
What Firearm Insurance Covers for Guns
Lockton Affinity Outdoor Firearm Insurance is specifically designed to protect your guns and their attached accessories from damage, theft or loss, up to their fair market value. This coverage protects your legal guns and gun accessories with broader coverage than a typical homeowners policy.
Consider this real-life example: a gun owner in Missouri was targeted by burglars who stole $11,584 worth of firearms from his home. His homeowners insurance paid $2,500 for the loss, while his firearm insurance covered the difference of $9,084. Under Lockton Affinity Outdoor’s new Firearm Insurance policy, it is no longer required to file a claim on your homeowners insurance first. You can file directly with your Firearm Insurance, saving yourself the time and headache, while also enjoying a much lower deductible than your homeowners policy offers.
Lockton Affinity Outdoor Firearm Insurance can provide you with tailored coverage for your exact needs, including:
– Fair market value coverage for scheduled and unscheduled firearms.
– Fair market value coverage for scope, ring, mount, sling and sling swivel accessories.
– Coverage for damage, loss, theft or destruction in a fire or flood.
– Coverage for your guns at home and when you carry them with you.
– No requirement to provide serial numbers or appraisals to insure your guns.
– No requirement to file a claim on your homeowners policy first before accessing coverage.
– Available with a $250 deductible that’s lower than a typical homeowners policy deductible.
While it’s true that homeowners insurance may be able to provide some coverage for firearms, some gun owners may find it isn’t enough. Be sure you know the terms of your homeowners insurance policy regarding your firearms so you can make sure you have the proper protection before you need it.