I own a gun, do I need firearm insurance?

Having to deal with a home insurance claim can be frustrating and time consuming. Regardless of whether your home suffered a fire, burglary or other major cataphoric event, repairing your home and replacing your personal possessions that were damaged or destroyed will be your first priority. 

If you are a hunter or sport shooter, it is possible that your favorite shotgun or other firearm were damaged or destroyed. Wondering how homeowners insurance deal with firearms claims? We thought it might be a good idea to look at how your guns are insured and how what to do if they are damaged or destroyed by a covered peril. 

Insurance and Firearms

When it comes to firearms, they are typically covered under the Coverage C, or unscheduled personal property insurance part of your policy. They are covered against the same perils as your other personal property and if damaged or destroyed they should be protected. 

The big question is how they are covered. A homeowners policy can offer replacement cost or actual cash value and there is a major difference between the two so it is important to fully understand your policy. 

• Replacement value: Replacement value coverage will replace your firearms with brand new ones regardless of how old they were. If the exact gun is no longer available, the policy will replace it with one of similar quality. 
• Actual cash value: An actual cash value policy takes depreciation into account when setting a value for your firearms. If they have declined in value over the years your insurer will only cover the value of the firearms at the time of their destruction. This means you may have to dig into your own pocket to replace your firearms. 

While replacement value polices tend to be a bit more expensive, they are well worth the cost if you experience a major claim. If possible, always choose a replacement value policy. It should be noted that many homeowner policies have a value cap on high value property and firearms often fall into that category.

Catalog your guns

It is important to keep a detailed inventory of your firearms as well as your other personal property. This will help make sure you are paid quickly and fairly if you have to make a claim. Keep a detailed list of the firearms, include photos, serial numbers, and make/model/caliber in your list. There are a number of apps out there that will help make this process quick and easy. Keep your inventory somewhere safe, in the cloud, a safe or even a safe deposit box.

Is theft covered?

While theft is typically covered, there are “special limits of liability” that caps the coverage of certain high value items such as art and jewelry, firearms are often included in this coverage cap. Caps can range from $1,500 up to $5,000 and vary between policies so make sure you are aware of the coverage caps with your specific policy. A coverage cap simple means this is the most you will be paid for your firearm if it is damaged or destroyed by a covered peril, regardless of the value of the firearm. It may be possible to purchase a rider that will increase coverage limits for high value items, it varies by insurance company. 

Do You Need Gun Insurance?

In order to fully protect your firearms, you may want to purchase gun insurance through a specialty insurance company. There are specialty insurers that offer firearm specific policies which may be the best choice if you have a large collection. These policies typically cover your firearms against:

• Accidental Breakage
• ​Burglary
• Fire
• Flood (except in Zones A & V)
• Loss in the Mail
• Natural Disasters
• Theft

Firearm insurance can be expensive, ranging from $1.50 to $1.80 per $100 of gun value in many cases. Like all insurance products, it is always a good idea to shop around to find the best fit of coverage and price for your specific collection. 

It is best to contact at least five different firearm insurers to get quotes. Always make sure you are comparing apples to apples when it comes to coverage levels and deductibles.