Did you know that most homeowners policies cover firearms?
Did you know a minimum home insurance policy may not offer enough coverage in the event of an accident?
Here’s what you need to keep in mind if you have a firearm in your home.
If I Own a Firearm, Will I Pay a Higher Insurance Premium?
Typically, a homeowner does not pay a higher insurance premium if a gun is present in the home. But gun owners should take heed regarding extenuating factors. For example, if you own expensive or antique firearms, your policy may not cover their full value in the event that your home is destroyed or burglarized.
If an accidental gun discharge in your home injures or kills someone, you could find yourself facing a wrongful death lawsuit or something similar. If you lose the case, you could be responsible for paying monetary damages like attorney’s fees, medical costs, and even loss of expected income. A minimum $100,000 policy is unlikely to cover all of these expenses, so it is important to speak to a ReduceMyInsurance.Net independent insurance agent as soon as you make the decision to purchase a gun to initiate any necessary changes to your policy.
Some gun owners collect guns as a hobby or use guns to hunt. But many use guns as a form of protection. Would you be penalized if you shoot an intruder who is trying to rob your home? Some home insurance policies contain “intentional injury” exclusions, which don’t cover any intentional act of harm. On the other hand, some policies feature a standard coverage for intentional loss within “reasonable force.” But whether an act is “reasonable” would remain unclear until after the incident occurs.
As always, you should take safety precautions if you own a gun. A ReduceMyInsurance.Net independent insurance agent can be the best resource if you want to ensure you maintain the right coverage to protect yourself and others.