Although homeowners insurance typically covers firearms, there are some coverage limitations that you should know about. For example, you should know that:
There Is a Monetary Limit
The first thing you should know is that there will be a monetary sub-limit on how much your insurer can compensate you in case you lose your guns. This isn't surprising given that home insurance typically has a limit and specific items also have a sub-limit in standard auto insurance coverage. Therefore, the sub-limit for gun loss is nothing extraordinary. Since the limit may be in the region of a couple of dollars or so, it might be enough to cover a single firearm but not several guns. Therefore, you should consider increasing your coverage if you own several guns or if you are a gun selector.
Not All Losses Are Covered
In most cases, firearm coverage only applies to theft cases, but not other forms of loss. For example, you might not be compensated if your gun is accidentally damaged or if you accidentally drop your gun in a well. However, this depends on the specific insurance company you are dealing with. Therefore, get clarification on the covered and excluded loses before buying coverage.
Injuries Arising Out Of Crime Aren't Covered
Your homeowner's insurance coverage also applies to liabilities arising out of accidental shootings caused by a firearm. However, you should not be surprised to know that you won't be compensated for gun injuries that occur in the course of the crime. For example, if you assault someone and end up shooting them, don't expect your home insurance carrier to compensate the victim or pay their medical bills.
You should also know that gun-related crime isn't always as dramatic as that; in some places, failing to secure or store your gun properly is a crime. Therefore, your insurance carrier might not come to your rescue if you are careless with your gun and a child uses it to shoot another person.
Self Defense Injuries May or May Not Be Covered
Lastly, you should also know that home insurance companies differ in how they handle injuries incurred during self-defense. Some companies will compensate you when you get injured defending your home while others exclude such injuries. Actually, this isn't entirely down to the insurers; state law also factors in the insurance companies' decisions. For example, you may be compensated for injuries arising out of self- defense actions in stand your ground states, but not in other states.
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