You own a firearm. Maybe you have several firearms in your home. Depending on the type of gun, you may have accessories or rare guns that cost quite a bit of money. If your home burns down or your firearm is stolen, you will have to claim your firearms as a loss.
This is where firearm insurance comes in.
A lot of homeowners assume that their homeowner’s insurance policy will cover their firearms, but this is often not the case.
Even if you’re in “good” standing with your homeowner’s insurance, pay your premiums on time every month and have been with the same company for years, there’s nothing that the company can do if firearms are not listed on your policy.
If firearms are listed on your policy, do you have enough coverage to be able to replace damaged or stolen firearms?
Your insurer will also want to know:
Exactly what was destroyed
Value of all destroyed items
There’s a lot that you’ll have to prove if you don’t have firearm insurance.
Gun Insurance 101
Firearm insurance is exactly what it sounds like: insurance for your firearm. When you have a policy, you’ll be able to insure both your firearm and all of the accessories that you own. Getting started with an insurance policy will require you to know the following:
Which guns/accessories/firearms you own
Which type of your policy you’ll need
I recommend starting with an entire list of your inventory. This will include writing down all of the firearms you own, costs of each firearm as well as any accessories you may have. All of this information will need to be given to the insurer because the insurance company will want to know exactly what you own.
You’ll also want to look through all of your current insurance.
Go as far as calling your insurer and asking if your current policy does have coverage for firearms. If there is coverage, what are the limits?
You may need more or less insurance based on this answer.
If you have your policy in front of you, you’ll find that the following sections (or similar) will have information that you should know:
Personal property limits
Special limits on liability
You’ll be searching for any mention of firearms, and this is where looking at a digital copy of your policy can help. A digital copy allows you to use a search or find feature that will bring up all of the uses of the term.
Policies that do cover firearms often list only very specific “perils” that will allow for coverage.
If the peril is not listed, the firearm will not be covered. Theft, for example, may not count as a peril.
The real issue is: your firearm may not be covered.
And let’s say that you meet your policy limit because of all of your other items that were destroyed or stolen. You may miss out on the coverage covering your firearm. The standard limit for a firearm loss is $2,500 for most policies, and renter’s insurance will have a $1,500 limit. High-end homeowner’s insurance will often have a cap on coverage that is $5,000, so if you have multiple firearms, some will not be replaced.
There’s also the deductible that needs to be considered.
Specialty Insurance for Firearms
You’ll often pay more on your standard insurance to add firearms than you would with a high-end gun insurer. ArmsCare (NRA gun insurance) offers protection for your:
All of your accessories and guns are covered, and they will be covered in the event of:
Of course, every insurer is different, so you’ll want to sit down and compare all of your firearm insurance options before signing on to a policy.
What you will find is that many insurers will cover firearms that are worth up to $2,500, but once you meet or exceed this threshold, you’ll need to provide further information about the firearm. Mainly, the insurer will want to know the item’s value and how much risk they’re going to be taking on.
You will not need to provide specifics in most cases, such as the firearm’s serial number.
A major bonus with a gun insurer is that they will often offer coverage for theft even if the gun was in a vehicle. Perhaps you have a license to carry, and you brought your firearm with you to the grocery store.
You decided to leave the firearm in your glove compartment, and someone broke into your vehicle and stole your firearm.
Homeowner’s insurance policies won’t cover this loss, but a firearm insurance company will cover this loss. What most firearm owners realize is that when they carry outside of the home or own multiple firearms, the insurance company falls short on coverage options.
Firearm insurance fills in all of these gaps so that you have the insurance you need when you need it most.
There’s less “red tape” and more coverage with a gun insurer.
How Much Would Firearm Insurance Cost?
If you’re considering firearm insurance, you’ll want to know the basic breakdown of how much you’ll need to pay. You’ll find that the figures I’ve listed below are estimates, and your policy premiums may be higher or lower.
If you go with ArmsCare Plus insurance, offered to NRA members, you’ll be looking at the following:
$6,500 in replacement costs
$70 per year
And this figure is around what SIAI gun insurance charges. The insurer charges $1.25 per $100 of insured items. Based off of these figures, SIAI would charge around $81 for their annual premiums, so ArmsCare does have slightly lower costs.
The value of your firearms will be a determining factor in costs, but this is generally what you would pay for $6,500 of coverage.
A lot of people will try going to their homeowner’s insurance to add in firearm’s insurance coverage if it’s offered, and you’ll often pay $100 to $200 more on your policy per year for this addition.
It’s often cheaper to get separate insurance, which offers higher limits on your coverage.
Also consider any deductibles that a standard insurer may impose that are not imposed with a firearm-specific insurance company.
Who Benefits from Firearm Insurance?
Insurance is beneficial for all firearm owners, and the more guns you have, the more insurance will be worthwhile for you. You may want to consider a lower-tier policy, if one exists, if you plan on only covering one firearm.
But as your arsenal grows, you may want to increase your policy.
Really, firearm insurance benefits any firearm owner, but it’s especially beneficial for owners that have:
Concealed carry permits or licenses
Leave firearms in their vehicle
Live in areas where fires, natural disasters or theft is common
Expensive firearms or accessories
Rare firearms or high-end firearms
Homeowner’s insurance that doesn’t cover firearms
Policies will go through an underwriting period in which you’ll receive a full policy outline and a Certificate of Coverage. You may be able to add or remove items from your policy via mail, email or an online portal.
Anyone who has invested in their own personal or home’s safety by purchasing a firearm will want firearm insurance to cover their firearms from theft, damage or loss.