Firearms & Insurance

Firearms, like many other personal belongings, can possess great monetary value and, if damaged in a fire or burglary, could leave the homeowner financially burdened to cover the cost of replacement or repair.  However, your homeowner’s policy may provide coverage for your firearms or, if the limits are not enough to cover the entire value, you may be able to add an endorsement to your existing policy to increase the amount of coverage.

Here is what you need to know about insuring firearms:

Know the Value

Whether it’s a small handgun or collectible rifle, be sure that you know the value of your firearms when obtaining insurance coverage.  Firearms, like any other possession, will have limited coverage under a typical homeowner’s insurance policy, and thereby would be eligible for replacement or reimbursement in the event of a covered peril. However, for those firearms that have a higher monetary value, be sure to discuss coverage limits with your independent agent and whether you would need an additional endorsement to insure the firearm to its total value.  Not sure how much your firearms are worth?  Have a professional appraisal and submit subsequent documents to your independent agent.

Know the Risk

Generally speaking*, simply owning a firearm will not increase your insurance premium.  However, it’s important to note that there is still a liability risk if you store it in your home. And while no one wants to imagine worst-case scenarios, accidental shootings happen every year.  In fact, according to the National Center for Injury Prevention and Control, approximately 3,800 people in the United States died from unintentional shootings between 2005 and 2010.

If you own a firearm and will be storing it in your home, follow these standard safety measures to ensure the safety of your family and visitors:

  • Keep all firearms locked in a cabinet or safe that cannot be accessed by children or anyone without your knowledge. 
  • Stored firearms should not be loaded; when not in use, empty all ammunition.
  • Equip all firearms with child safety locks.

Given today’s litigious society, it may also be in your best interest to purchase additional coverage to protect you, your family, and your assets from liability lawsuits.  Talk to your independent agent about your firearms and whether you could benefit from an umbrella endorsement.

At Preferred Mutual, we believe that taking precautionary steps to protect your possessions, your finances, and your family is crucial to living assured.  For more information about safe and responsible gun ownership, visit  And to learn more about ways to protect all yourfinancial investments with comprehensive insurance, contact your local independent agent. 

* All descriptions of coverage are subject to the the actual provisions of the policy, which should be consulted to determine whether any given loss is covered.

Optional Coverage

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