From Fur Babies to Fire Hydrants: Your Home Insurance Premiums

When I got my kids a dog, I had no idea that it could affect my homeowners insurance. I happened to run into my insurance agent in the store when I was buying dog food and he asked me what kind of dog we had. When I told him, he said I should stop in the office the next day. I had no idea that things like this could affect premiums, so I started asking what else could do it as well. I created this site to help others understand some of the finer points of homeowners insurance and what they should think about to manage their rates.

Why You May Need More Coverage For Your Firearms

Insurance Blog

If you are considering purchasing a firearm, you should also consider revisiting your home insurance policy. You will want coverage for personal property, and you may also want to consider coverage for liability.

You Don't Have To Do Anything

You will not have to tell your homeowner's insurance policy that you own a gun unless you need more coverage. If the homeowner's insurance company knows that you own a firearm, this is unlikely to affect your rates.

Coverage for Personal Property

Home insurance coverage for personal property will protect you in the event that your firearms are stolen. Many insurance policies have a sublimit. Because firearms are easily transported and very valuable, home insurers are sometimes reluctant to offer full coverage on a standard policy. For this reason, you may not receive the full value of your firearms if they are stolen. Also, many insurance policies will only cover firearms that are stolen and not those that are lost for some other reason, such as if they are ruined in a flood.

Riders for Gun Owners

To protect expensive firearms, contact your insurance provider to discuss riders. This is an extra form of coverage that can be very generous and can be used to cover small valuables, such as firearms and jewelry.

If your insurance provider does not offer riders for firearms, there are other insurance providers who offer specialized coverage. These companies are often associated with gun organizations such as the NRA. 

Liability for Gun Owners

Liability insurance will protect you in the event that someone is injured by a firearm on your property. For instance, if you invite a friend over to engage in target practice and he or she accidentally sustains a gunshot wound while handling a gun, you may need coverage for liability. You are responsible for making sure that your firearms are secure, and you are also responsible for preventing children from accessing your firearms.

Another way you may be held liable is if you are acting in self-defense and it is argued that you did not use reasonable force. Each state has it's own understanding of what would be considered reasonable force. Depending on the circumstances, you may be sued for wrongful death. Home insurance policies will typically cover you for $100,000. Because self-defense liability cases can sometimes be messy and expensive, you may want to also purchase umbrella insurance to ensure that you are sufficiently covered.

Contact a home insurance agency such as Bishop Insurance Agency for more information.


22 July 2018