Ever wonder if your personally owned firearms are completely covered by insurance? Or if you are paying a competitive premium for this coverage? Both coverages and premiums vary wildly. Here are a few thoughts to help you with this issue.
Ø All homeowners insurance policies provide some coverage for firearms but there are severe limitations for theft of a firearm and this differs dramatically from insurance carrier to carrier. There is typically no coverage for simply losing a firearm and policies include several other limitations or exclusions.
Ø All homeowners policies contain deductibles that would apply to any loss. These deductible can often times be more than the replacement value of the firearm.
Ø Pricing for specifically scheduling a firearm can vary by as much as 300%!
Ø Consider actually scheduling your firearms to your homeowners policy. Scheduling means purchasing specific insurance directly for you firearms. When you schedule firearms, you not only insure receiving either full replacement or full value for the firearm, but you also eliminate the deductible completely. Scheduling also adds coverage to the point that almost anything that can happen to the firearm is covered.