Gun ownership has been a contentious issue for a long time, with some states proposing stricter restrictions and even requiring gun owners to carry special liability insurance. This has sparked a discussion about the relationship between guns and insurance.
The proposed gun-owners insurance is similar to car insurance in that owning and driving a car comes with additional responsibility and the cost of insurance. Similarly, owning a gun is considered a risky possession, and some believe that additional cost is necessary for the safety of both gun owners and the general public. However, others argue that this would violate their Second Amendment rights.
This ongoing debate raises the question of how gun ownership may affect homeowners’ insurance. Generally, most home insurance policies do not ask about gun ownership, and owning a gun does not affect your rates since guns are treated as normal property. If your gun is stolen or damaged, you will be reimbursed.
However, if you own an expensive gun collection valued at over $2,500, you may be subject to sub-limits. Sub-limits are caps on how much of your valuable property is insured. In this case, it may be wise to purchase a rider that will increase your rates in order to provide more coverage.
Some incidents involving firearms are covered under your standard homeowner’s liability insurance. Accidental shootings that either harm another person or another person’s property will be covered. However, there are exceptions, such as if the accidental shooting harms a member of your household, involves drugs or alcohol, or occurs during the commercial use of your weapon.
Most liability insurance policies cap at around $100,000. If you require additional coverage, you may want to consider umbrella policies. Ultimately, the amount of insurance needed will depend on the gun owner and their specific circumstances.
It is important to note that insurance does not replace proper gun safety training and responsible gun ownership. By taking the necessary precautions and investing in proper training, gun owners can minimize the risk of accidents and ensure their own safety as well as that of others.