Do you want to know the maximum cost of getting your firearm insured in Texas? If your answer is yes, then you’re in the right place. Here, we’ll present you with a couple of options, depending on how much coverage you want in return.
You could pay more now and get a bigger insurance claim in the future or pay less and get even lesser in return.
The most common route most people take to get their personal property insured is a homeowner insurance policy. This policy would place your firearm in the same category as any other property in your home. You would pay a standard fee for its insurance, but this could put you at a disadvantage with the insurance claims.
In the absence of a “limited liability” policy for firearms in Texas (available only in California) , you’ll have to explore other means. We’ve suggested a couple of such means here, and they can help you make informed decisions about your firearms insurance.
Homeowners Insurance Policy
This insurance policy will cover your house and everything inside it. With this option, you can get insurance for your jewelry, laptop, or firearms by paying a standard fee of about $1500-$5000.
The major issue with this option is that you barely get enough money from an insurance claim on your property.
Itemized Personal Property Coverage
With this option, homeowners can make special provisions for their personal property. It means they can single out each of their valuable belongings and get special insurance. They can also get decent compensation in case of theft, accident, or loss of the insured property.
Under “replacement cost insurance,” you pay nearly the actual value of the firearm when you get it insured. Doing so will qualify you for claims that match its current valuation whenever the need arises. You could also be paying an annual premium on the firearm, a small amount that depends on the actual value of the firearm.
On the other hand, an “actual cash value” insurance will cost less. However, the depreciation on your firearms is subtracted from the claims.
Concealed Carry Liability
This option mainly applies to armed security, Law enforcement officers, or others who use firearms for duty or self-defense. It will cover a large part of the costs of the legal fallout from an intentional shooting carried out in self-defense.
Depending on the plan and the provider, it can range from a few hundred dollars to about $700 per annum.
Does Firearm Insurance Cover Liability
When a firearm is used to cause bodily harm to someone inside or outside of an insured home, the insurance claim will border on two factors. The first is with a deliberate shooting, in which case your homeowner’s insurance policy will be unable to cover it.
With your homeowner’s insurance policy, you can only qualify for compensation when the shooting is accidental.
Still, it can only go as far as the minimum range allowed. For a more comprehensive coverage package, you’ll have to opt for an “Umbrella Insurance.”
An Umbrella Insurance policy accounts for all personal liabilities that result from shooting incidents around an insured home. Its coverage area makes it different from a homeowners policy, and the compensation is more extensive in comparison.
This type of insurance will account for bodily harm to oneself or to another person on the condition that it is proven to be accidental. All additional costs that result from an unintentional shooting will also be accounted for under this provision.