Gun Insurance: Complete Guide

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If you plan to buy or already own a firearm, you will have to know more about gun insurance than you probably do. Most people look at gun insurance as a form of gun control, but no insurer will issue a stand-alone firearm liability coverage. And as trends suggest, you should not expect such coverage soon. 

Insurers are never interested in your guns, and most will consider them as properties. When you are applying for your home insurance, owning a firearm may change the terms of the policy. You must understand how this will impact you financially and the liabilities that you intend to cover.  

What Is Gun Insurance?

Many people own or live with a person who has a gun. According to 2019 statistics, 37% of homeowners have a firearm.  Firearms possess both value and risk, which makes them dangerous objects to have around you and your home. Gun insurance, therefore, means getting protection for yourself and your firearm.  

Guns are assets in any home. Similar to taking insurance for other expensive possessions in your home that carry a high value, gun insurance is a must. It will protect your firearm from damage or theft, among other gun liabilities. 

The threats of any firearm you have in your house is water, thieves, wind, and fire. There is little protection against natural calamities like lightning and hailstorms. 

Different states have different gun policies. At the Federal level, you are not required by law to reveal if you possess a firearm when getting home insurance. In some states like New York, owners need to have up to $1 million of liability insurance.