Firearms

Firearm insurance is important to consider when thinking about a holistic insurance program.

All of our carriers offer gun insurance as a separate policy from the home policy. There are many benefits of packaging the two policies together including companion policy credits.

Firearm insurance is of paramount importance to any successful client with a collection, considering the total value and significance of their firearm collections. Understanding the unique risks associated with these possessions is crucial in providing comprehensive coverage. Most companies want to itemize this coverage for an individual and will want to know what safeguards are in place to make sure handguns and/or shotguns don’t end up in the wrong hands, which is good loss prevention.

Itemized coverage provides a detailed list of each individual firearm with its corresponding value, ensuring more precise protection. For high net worth clients with valuable and often unique firearms, itemized coverage is often the preferred choice, offering a more accurate reflection of the collection’s worth.

Many assume there is coverage under their homeowners policy under the contents limit. However, home insurance policies may have limitations on coverage for firearms, especially high-value or antique pieces. Every homeowners policy, no matter the carrier, has what they call sublimits. This can limit the amount of coverage for a stolen shotgun to only $1,000 or maybe $5,000 (depending on the carrier) but it’s also subject to the home deductible.

A dedicated firearm insurance policy allows for specialized coverage, addressing the unique risks associated with these items. Moreover, it provides a clear and transparent understanding of the collection’s value, facilitating smoother claims processes and avoiding disputes over valuation.

Current trends in shotgun and antique firearm purchases highlight the evolving landscape of firearm collections among high net worth individuals. Shotguns, often sought for sport and collection purposes, are subject to changing market values and trends. Antique firearms, valued for their historical significance and craftsmanship, are also popular acquisitions. Recognizing these trends is crucial for tailoring shotgun insurance or rifle insurance coverage to the specific needs of clients, ensuring their collections are adequately protected against market fluctuations and potential risks.

In addition to market trends, the risk landscape for firearm owners is continually evolving. High net worth clients may face unique security challenges, making them potential targets for theft or other criminal activities. Specialized firearm insurance accounts for these risks, offering coverage for theft, accidental damage, or other unforeseen events, providing clients with peace of mind regarding their valuable and often sentimental possessions.

Curious what the best gun insurance is for you and your collection? Reach out and we can discuss!