Cup of Joe: Theft of Guns

In our great country, the second amendment to the gun collection insurance United States Constitution protects the rights of individual Americans to keep and bear arms regardless of service in a militia.

Did you know that nearly half of all Americans report that they have a gun on their property? According to the Bureau of Justice Statistics, 232,000 firearms are stolen each year in the United States. In the world of insurance, guns or firearms are treated like any other piece of personal property and are covered under your homeowners’ policy.  They are covered for theft and damage whether at your house or at another location such as in your car or in a hotel room.  The typical coverage limits range from $1,000-$2500 total per occurrence.

For your average gun enthusiast, these dollar limits probably would not be enough to cover their entire collection of guns.  In this case, you could add a rider and schedule or list your guns onto your existing policy.  This will ensure that you have adequate coverage for each gun and for the correct values.

It is a good idea to get a written professional appraisal to supply to the insurance company.  You should additionally take pictures and document the serial numbers.  If possible these records should be kept off site and in a secure place such as a safety deposit box.

As always read your homeowners or renters policy thoroughly and ask your agent to clarify anything that you do not understand.

Please feel free to contact us if you have any questions or want to get a no-obligation quote.