Insurance Read Time: 2 min

Gun Ownership and Your Homeowners Policy

If you own a gun, you need to consider whether you are covered in the event the gun is stolen or destroyed and protected against any potential liability should your firearm cause an injury.

Gun ownership is a big responsibility and having the proper insurance coverage is an important element in meeting that responsibility.¹

Personal Property

For most standard homeowners policies, guns are considered personal property and are covered as such. However, they may be subject to sub-limits that are lower than the overall property limit, primarily due to the fact that they are small, usually valuable and easily transportable.

You should check with your insurance agent to determine the extent of your coverage. If you need additional coverage, you can obtain it through a rider if your current provider offers it. If such a rider is not offered, you may want to ask about a separate policy for your firearm.

The liability risk that gun owners face is a complicated issue since it turns on the circumstances of any injury and the prevailing state laws and court decisions. Having said that, you may want to consider higher levels of liability coverage to protect yourself from this unique risk.

Speak with your agent to discuss how to raise the personal liability protection on your policy, including asking him or her if an umbrella policy may be an appropriate solution.

1.The information in this material is not intended as legal advice. Please consult legal or insurance professionals for specific information regarding your individual situation.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.

 

Related Content

Insuring Your Second Home

Insuring Your Second Home

There are unique risks of owning a second home and obtaining the proper coverage may protect you from financial risk.

Inflation and the Real Rate of Return

Inflation and the Real Rate of Return

Learn about the role of inflation when considering your portfolio’s rate of return with this helpful article.

8 Financial Milestone Birthdays

8 Financial Milestone Birthdays

Get ready to celebrate your financial birthdays in this informative infographic.

 

Have A Question About This Topic?







Thank you! Oops!

How Financial Professionals Are Compensated

Read this overview to learn how financial advisors are compensated.

Estate Strategies of the Rich and Famous

The examples of famous celebrities underline the need for a clear estate strategy.

Practical Moves to Safeguard Your Financial Progress

Explore these strategies to help protect your purchasing power in a world of rising costs.

View all articles

What Rate Would I Need to Earn on My Savings?

Work backwards from your savings goal to find the rate of return you'd need to get there.

Historical Inflation

See how the purchasing power of a dollar has changed over time due to inflation.

Social Security Tax Estimator

Estimate how much of your Social Security benefit may be subject to federal income tax.

View all calculators

Are Alternative Investments Right for You?

With alternative investments, it’s critical to sort through the complexity.

From Boats to Brokers

From the Dutch East India Company to Wall St., the stock market has a long and storied history.

Dreaming Up an Active Retirement

When you retire, how will you treat your next chapter?

View all videos