Will My Home Insurance Cover a Burglar Stealing My Firearm?
You purchase insurance for things of value to you: cars, homes, healthcare, life insurance, and even firearms.
In fact, it’s estimated there are over 67 million gun owners in America, with an estimated 270 million firearms. According to these figures, the average gun owner has four or more firearms. Value, liability, and the possibility of the insurance you count on when it comes to owning firearms is something many don’t consider.
In recent years, guns have become a polarizing topic. States like California, New York, and Connecticut are becoming notorious for making “an example” of firearm owners. Because California is especially litigious, it’s important to consider all aspects of gun ownership—including insurance. If you have homeowner’s or renter’s insurance, it will cover the cost of reimbursement should a covered peril take place and damage your firearm. However, there are additional aspects that need to be put in place when it comes to someone stealing your weapon.
There is an exclusion on many home/renter’s insurance policies for negligence. The issue here is the definition is left to the interpretation of the claims adjuster at the time of loss. It would be unfortunate to find out after the fact that you are not covered. Risk is evolving, and insurance products evolve at the same pace.
Firearm liability is a relatively new product to the market, one that provides specific coverages which other policies don’t. For example, if an intruder takes your gun and uses it against someone else, you could be found liable for negligence for failure to have your firearm secured. It’s possible that your homeowners/renter’s coverage may not include this type of liability if you are found negligent. However, a firearm liability policy MAY step in to provide coverage.
Aside from the liability aspect, there is the property value of your firearms. Most homeowner policies have specific sub limits when it comes to insuring your firearm. For example, your insurance may only cover up to a certain amount of value. Typically, a policy will cover any firearm around $2,000 (give or take a few hundred dollars) in value. However, if your gun or collection of firearms is worth more, it is required to schedule those specific items.
Owning a firearm is a great and fundamental freedom we have as Americans. As such, it’s your duty to ensure proper protection. Because of this, we at i80 encourage you to speak to our professionals about the coverage available. It’s important to remember that homeowner’s insurance doesn’t cover everything when it comes to owning or using a firearm.
If you have questions or concerns about your insurance liabilities, give us a call today—we’d be happy to walk you through it. If you would like more information on Firearm Liability, we suggest this platinum policy.
If you have a firearm and need to make an adjustment to your current policy, simply click here to update your terms.
Call Shane direct at: 707-402-8887.
Or shoot him an email at Shane@i80insurance.com.
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