Firearms are popular in many different forms. Some individuals enjoy them for hunting, some for collecting, and some for personal and family safety. No matter your individual reasons for investing in firearms, if you have them and want to secure home or renters insurance then there are a few things you should know:
- You must disclose to your insurer that you have firearms, even if you have a policy already issued. If you have guns in your home and you choose not to disclose this to your insurance company, you run the risk of having your policy rescinded after it is issued. Guns add additional risks that must be reviewed and calculated when determining an accurate home insurance rate. By hiding gun ownership, you don't allow your insurance company to appropriately measure risks and set premiums.
- If you are a renter or live in a condo or townhouse, make sure that you aren’t violating your lease or association rules by having guns onsite.
- Guns must be properly secured in order to get decent home insurance rates. Your home insurance company will likely favor gun owners who have safety locks and proper storage that helps keep the firearms out of the hands of children and other untrained individuals.
- Expect extensive liability coverage and premiums. One of the biggest risks with insuring gun owners is in facing wrongful death suits due to accidental gun usage. Your policy may even limit gun-related liabilities more aggressively than general home insurance liability coverage.
- You may have separate limits for damage or theft. Guns can be an expensive item to collect. It's possible that your home insurance policy will limit the replacement coverage for guns that are damaged or stolen although some policies may limit this coverage only in the event of theft.
It’s not impossible for a gun owner to secure affordable Memphis home insurance coverage. In fact, some insurers are more accommodating of gun owners than others. When you work with an independent agency, you gain the benefit of the agent’s ability to search for premiums from multiple companies and find the one that will work best for you. When you’re ready to begin looking for renters or home insurance coverage for you and your guns, give us a call at 866-429-8705.