Firearm possession has become incredibly popular in the state of Texas. Today many people choose to possess firearms as a means of personal protection and self-defense. Now when it comes to ensuring your firearms, things can get a little confusing! So in this article, we’ll briefly cover the concept of Gun Insurance and the significance of homeowners insurance.
Homeowners Insurance and Firearms Policy
Personal Property Coverage ensures that personal items within your home receive coverage should they require replacement or repair. Personal Property Coverage covers belongings such as furniture, laptops, and yes, even firearms, all included in most homeowners’ insurance policy covers. So if you’re a home and firearm owner with home insurance, then your guns are subject to coverage. Now before you worry about your insurance premiums and deductibles coming up, don’t worry! Insurance agencies often don’t increase premiums for those who own firearms.
So the big question remains how does your insurance policy work to cover your firearms?
Well, as we mentioned above, firearms designed for protection are considered part of your personal property. Now, most insurance companies will only set limitations for replacing or repairing a firearm should it be stolen from your private property or damaged on your private property.
To give an example, if belongings were taken from your home, a gun included, then your homeowner insurance may provide up to $5000 in coverage for replacing lost goods where a small portion of the money provided would go towards replacing your firearm. Now some guns can cost a lot more than, say, $5000. In cases like these, we highly recommend homeowners look into adding a scheduled insurance policy to receive additional reimbursement for guns lost through theft.
Does Firearm Insurance Cover Liability?
Personal liability for the use of a firearm is somewhat of a controversial and confusing topic. In short, shooters that are considered accidental either in the home or outside the house will be covered by homeowners’ insurance. When there is intent behind a shooting, things get a little more complicated. In these instances, homeowners insurance will often not cover the intentional bodily harm towards another person. Regardless of which insurance agency chosen, it’s crucial to remember that no insurance policy will cover shootings with an intent. If a gun owner were to shoot a person out of self-defense intentionally, then their homeowner insurance policy will not cover bodily harm to another person.
Umbrella Insurance: Adds an Extra Layer of Liability Cover
Homeowners can purchase Umbrella Insurance in addition to their homeowners’ insurance policies. Umbrella insurance provides coverage for personal liabilities, including accidental shootings, personal injury, and bodily injury to another. An Umbrella Insurance policy increases the limit of a homeowners insurance policy. For example, if an accident shooting occurred, then your homeowners’ insurance policy would pay its required limit. If you acquire any additional costs, then the umbrella insurance would pay the remainder.
Gun Insurance: Concealed Carry Insurance and Self-Defense
The use of guns for self-defense can get you into some murky water. Some insurance agencies offer self-defense policies such as concealed carry insurance. This type of policy may only provide gun-owners with some level of legal protection. If an adult uses a gun as a means of self-defense, they can be liable for further police investigation and incarceration. Understanding firearms insurance can be a tricky topic! so when it comes to knowing what’s the best insurance policy for you and your firearms, talk to one of our representatives for more information.