Gun & Firearms insurance, like many other personal belongings, can possess great monetary value and, if damaged in a fire or burglary, could leave the homeowner financially burdened to cover the cost of replacement or repair.  However, your homeowner’s policy may provide coverage for your firearms or, if the limits are not enough to cover the entire value, you may be able to add an endorsement to your existing policy to increase the amount of coverage.

Whether it’s a small handgun or collectible rifle, be sure that you know the value of your firearms when obtaining insurance coverage.  Firearms, like any other possession, will have limited coverage under a typical homeowner’s insurance policy, and thereby would be eligible for replacement or reimbursement in the event of a covered peril. However, for those firearms that have a higher monetary value, be sure to discuss coverage limits with your independent agent and whether you would need an additional endorsement to insure the firearm to its total value.  Not sure how much your firearms are worth?  Have a professional appraisal and submit subsequent documents to your independent agent.

The homeowners policy provides limited coverage for firearms liability. Accidental losses are generally covered. For example, if you are cleaning a handgun, do not realize it’s loaded and the gun accidentally discharges and injures someone, there would be coverage.

The homeowners policy, however, excludes criminal acts and intentional injury. If a person uses a gun in a crime and shoots someone, even in self-defense, it’s not covered. Similarly, liability for intentional injury or property damage is excluded, even if the injury or property damage is different from what the person expected or intended.

To better protect yourself from a potential lawsuit due to a self-defense action, purchasing an umbrella could help provide a stronger financial safety net. This kind of policy can help you pay any outstanding costs related to a claim or lawsuit against you after your homeowners insurance pays out its coverage limit.