Protecting Your Firearms
Coverage Limit for Firearms
Most homeowner’s policies limit coverage for theft of firearms to $1,000. If you have a large gun and/or ammunition collection that you keep at your house, that you want covered, the best bet is to schedule them or purchase an inland marine policy.
Schedule Firearms on Your Policy
Most insurance carriers have the option to schedule your firearms on your homeowners or renters’ insurance policy. Your insurance carrier will just need a list of all your firearms, the value, and the serial number(s) to add them to policy. The benefit of having your firearms scheduled on your home policy is that you will only have one policy to keep up with and one payment to make. However, if you ever file a claim for your firearms it will show up as a claim associated with your home insurance policy. In Texas, this can be important since homeowners’ insurance companies can be very picky in our area.
Inland Marine Policy
Another option is to purchase a separate policy for your gun collection, called an Inland Marine policy. Inland Marine policies do not have anything to do with water or boats. The benefit of having an inland marine policy is that should something happen to your gun collection the claim will not attached to your homeowner’s insurance policy. However, you will have another policy to keep up with each year and another payment to make. You can also schedule other special items on your inland marine policy such as jewelry, sports equipment, and fine art. If you have several items that you would like covered it may make sense to have them on a policy unrelated to your home insurance policy.
It is important to remember that your firearm collection over $1,000 is not covered under your personal property insurance. So, if you have more than that, please schedule them or have a conversation with your agent.