Owning a firearm is a major responsibility and requires significant insurance to go along with that responsibility.
If you own a firearm, it’s a good idea to know what kind of coverage is available under the standard home insurance policy. You will need to consider both the personal property and the liability aspects of the policy. The property portion of your policy will cover your firearms if they are stolen or destroyed, whereas the liability coverage applies due to the accidental discharge of a firearm causing injury up to the limits of the policy; typically $100,000 to $500,000.
Like many items that are small, valuable and easily transportable, firearms are subject to a limit. In many cases, the firearm sub-limit is $1,000 – $2,500. If you need more coverage than is normally available on the home insurance, you’ll have to look for more specialized coverage. Your options will be to add a “rider” to your existing home policy; or you can purchase a separate, stand-alone policy. Riders are very common for items such as jewelry and antiques. In the case of firearms, you will need to ask your agent just how much coverage you would have. Because of the risk factors associated with firearms, it would be beneficial to purchase an Umbrella policy which provides additional liability protection.
A few tips for firearm storage and safety:
- Store guns safely and securely to prevent unauthorized use.
- Guns and ammunition should be stored separately.
- Use a trigger or cable lock so it can’t be fired.
- Store unloaded in a lockable container.
- Don’t store firearms where visible.
- Don’t store firearms with other valuables such as jewelry or cameras, etc.
- If you have children, be EXTRA vigilant for obvious reasons.
On average, one Minnesotan dies every day by firearms while others suffer injuries. Firearms are the state’s second leading cause of traumatic brain injury deaths.
Minnesota Department of Health