Does Owning a Firearm Affect Your Homeowners’ Insurance Policy?

By Ready to Fire News On Mar 5, 2018

Most insurance companies don’t ask homeowners if they own a firearm or gun before insuring their homes, but what happens in case the insurance provider learns that you are a gun holder? A homeowner whose property lacks an alarm system may end up paying more for his/her homeowners’ insurance policy since the house is at high risk of being broken into.

So, does owning a gun make you pay more for your homeowners’ policy since the gun also raises the risk of someone being shot? This is a controversial topic that has been discussed for many years. So, what is the connection between owning a gun and your homeowners’ insurance policy? Read on to discover the truth behind this controversy.

Guns and Liability Coverage

Home insurance companies assess different risk factors while determining your homeowners’ insurance policy premium rates. If you’re living in a home that has a gun, the risk of homicide increases by at least 40 percent — at least, that’s how insurance companies think. This means that if you keep a firearm in your home, then the insurance company may adjust your premium rates based on the potential risks.

Some insurance companies may request you to adhere to certain requirements that involve gun safety and store for them to cover your home while other providers may opt not to cover you at all. Your insurance provider will most likely raise your premium rates if you have a criminal record suggesting the use of your firearm. In most cases, homeowners may fail to disclose to the insurance company that they own a gun at the time of getting the policy.

So, what happens if you don’t disclose that you own a gun in your home? Failure to disclose such crucial information means that your insurance provider will deny you any future claim involving your rifle. However, these cases vary from one insurance company to another.

Gun Accidents and Home Insurance

Typically, if someone gets hurt or killed due to an accidental gun discharge that occurs on your property, your home insurance policy will most likely cover it just as it would cater for the other instances involving a slip and fall case in your home. However, only a small percentage of accidental discharges are reported in the United States.

Things aren’t the same with intentional gunshots. For instance, what happens if you shoot an intruder inside your home? In this case, the home insurance provider will trigger what is commonly referred to as the intentional injury exclusion clause of your policy. This clause allows the provider to skip covering any intentional act of harm, or damage.

Guns and Personal Property Policy

The good news is that if you own a gun and you disclose the information to your homeowners’ insurance provider, then your standard homeowners’ policy will cover will cover damage to and loss of the gun. Most of the standard homeowners’ insurance policies cover up to $2,500.00 of loss, but most providers insist that the gun must be either destroyed by a covered event or stolen. You may be forced to consider getting an extra insurance coverage if you own a large firearm collection.

~ Ready to Fire News