Insuring Personal Firearms
How to Insure Personal Firearms (Properly)
The cheapest way to insure your firearms would be to solely use the coverage provided to you in your standard homeowner’s insurance policy. Typical homeowner’s policies (HO) include firearm coverage of $2,500. With respectable bird gun prices starting at $2,500 and a nice side by side Peter Hofer costing from $200,000 to $500,000, the basic coverage included in the HO policy is not adequate to cover most families gun collections, at least here in Texas. Although this is the cheapest way to cover your firearms, it is most certainly not the best way.
Choosing to rely on the coverage provided to you through your homeowners policy will only protect your firearms in the event that they are stolen; damage is not covered.
This portion of your HO policy is also subject to a deductible, meaning that if you have a $2,500 deductible and a $2,500 sub-limit your firearms technically have zero coverage. One more important factor to consider is that this allotted coverage is not per firearm but the entire collection.
Even the best high net worth homeowner’s insurance policies may have a higher sub-limit such as $5,000 up to no limitation at all, but this also only covers theft.
Now, let’s get to the right way to insure your firearms:
Our personal insurance advisors encourage their clients with firearms to either schedule each individual gun or to apply blanket coverage on their valuable articles policy. These types of coverage will provide protection in the event of theft and damage during a hunt.
Another reason why choosing to schedule your firearms or to apply blanket coverage is preferred, is due to the coverage territory provided. HO policy coverage is limited to the United States, Canada, Puerto Rico and other U.S. territories. If you choose to go on a black rhino hunt out of the country or upland bird hunting in Argentina and damage your firearm, certain carriers will provide worldwide coverage to scheduled and blanket covered items. Be sure to speak with your trusted insurance advisor if this is important to you as it is not available through all carriers. Also speak with your insurance advisor if scheduling your firearm is of concern to you as some carriers require scheduling rather than blanket coverage.
The financial reasoning behind scheduling your gun collection is that when looking at the probability of loss and the highest and lowest rates provided for scheduled and blanketed firearms, you would have to go 40-90 years without a loss for the coverage cost to not be worth the expense. Call us today if we can help you insure any of your hunting gear and enjoy your time in the field!