A typical homeowners policy will cover items lost due to a catastrophic event or theft, and guns would be included just like your other household possessions. However, due to their higher value, most standard insurance policies limit how much they pay out for guns and other high-ticket items. You may have a gun collection worth $6,000, but your standard home insurance policy may only allow for a loss of up to $1,500.
To make sure your collection is fully covered, there are a few things you can do. You can add on scheduled coverage that is based on the real value of each gun and will cover the full loss if something happens. This might require you to list each gun individually and have each appraised to arrive at an agreed-upon value that the insurance company is willing to cover.
If you have a large collection, your best bet may be to add on blanket coverage. This places a total value on all your guns and would cover each individual firearm or the entire collection up to a specified dollar amount. Sometimes scopes, lenses, and other accessories will also be covered in a blanket policy. Usually a deductible will not apply to a blanket or scheduled coverage policy.
Another option is to look at an enhanced homeowners policy. This type of policy will usually have higher limits for items like firearms and can provide extra reassurance without needing to add on separate policies or coverage just for your gun collection.
If you own any guns and you want to make sure you have the right insurance coverage for those guns, give us a call. We can help you find the policy that provides you with the coverage you need.