Does owning a firearm affect homeowner's insurance?

[SgtToadette 59]

I've heard from hearsay that firearm ownership will increase your homeowner's insurance payments. Any truth to this? It seems kind of sketchy me. If it helps I'm insured under New Jersey Manufacturers.

[jgofnj 5]

How will they ever know you own a gun unless you tell them?

[Malsua 1,422]

Most home owner insurance covers firearms. My policy for example covers up to $1500.00 as part of the standard policy. If you add firearms to your policy, yes, you'll pay more. There is no added premium because you have firearms in the home.

[M4BGRINGO 139]

Yes, it cost me about $25 a year more for $25,000 in coverage for the guns and no gun is covered for more than $2500. Other than that, nope.

[jgofnj 5]

Most home owner insurance covers firearms. My policy for example covers up to $1500.00 as part of the standard policy. If you add firearms to your policy, yes, you'll pay more. There is no added premium because you have firearms in the home.

 

This makes perfect sense in that you are insuring an expensive item just like anything else you might insure such as electronic equipment. But I got the sense that the original post is implying his insurance will go up because of the perceived dangers and risk of owning a gun.

 

I that what was meant?

[Midwest 28]

I am unaware of any insurance company in any state punishing gun owners and making them pay extra if they happen find out that they have firearms, carry permits, reloading supplies or NFA items.

 

Paying extra because the gun owner wants coverage (for their firearm items to cover theft and the like)...yes.

[Malsua 1,422]

This makes perfect sense in that you are insuring an expensive item just like anything else you might insure such as electronic equipment. But I got the sense that the original post is implying his insurance will go up because of the perceived dangers and risk of owning a gun.

 

I that what was meant?

 

I don't have any extra insurance on my firearms. It says right in the policy that firearms are covered to $1500.00. I have never declared or informed my insurance company that I have firearms.

 

Despite the fact that we live in NJ, firearms are common in the entire country, including NJ. Insurance companies are well aware that if your house burns down, there's a good chance you're going to have guns that burn up.

 

I am unaware of any insurance company in any state punishing gun owners and making them pay extra if they happen find out that they have firearms, carry permits, reloading supplies or NFA items.

 

Paying extra because the gun owner wants coverage (for their firearm items to cover theft and the like)...yes.

 

What he said.

[NJDrew1 0]

LOL. On the contrary, I think NJM should give a discount to homeowners who have guns. Sorta like a intrusion and fire alarm discount.

[Teufelhunden 6]

I use this company to cover my firearms:

http://www.collectinsure.com/

[Pizza Bob 1,488]

If you want more than your basic homeowners policy gives you, you will need to purchase a rider for your firearms. Most insurance companies will require, at the least, the serial numbers of the firearms you wish to insure. Many gun owners are loathe to give serial numbers to a third party. There are companies that will insure for a declared value without jumping through the hoops (serial numbers) regular insurance companies put you through.

 

Adios,

 

Pizza Bob

[NJDrew1 0]

Don't forget, the NRA membership includes $2500 of firearms insurance for your firearms, and you can purchase more if you need it.

[Kingsoverqueens 10]

I own an insurance agency, 27 years in the business.

 

1) I'm unaware of any homeowner insurance company that will charge a higher premium for the liability exposure of simply owning a gun. This isn't to say that there may be one or two out there who do. I've just never come across one.

 

2) The base HO-3 policy comes with a sublimit for firearms but that limit applies only to THEFT. If they burn up in a fire they are treated no different than your couch or any other regular personal property item. You can buy higher limits for theft much as you would for Jewlery or any other collectible or higher valued item. We call this "Scheduling" and can be done on an item specific basis where you list the item (in this case a firearm) with a value or on a "Blanket" coverage basis where you just assign a total dollar limit for that particular class of items, in this case, firearms. It can be to your advantage to schedule firearms because the coverage provided under a personal articles floater is broader than what is provided by the homeowner policy, and in some cases, there would be no deductible.

 

Naturally take what I've written here as a general guideline and always check with your insurance professional to see how your personal situation applies.

[Jon 264]

Last I talked to NJM about upping firearm limits, they offered blanket coverage, and not scheduling.

[raz-0 1,259]

I've heard from hearsay that firearm ownership will increase your homeowner's insurance payments. Any truth to this? It seems kind of sketchy me. If it helps I'm insured under New Jersey Manufacturers.

 

Depends on how many firearms you own, and if you want them covered for depreaciated value or replacement value. (this really applies to more things than just firearms).

 

My homeowners premiums are reasonable, and I'm dealing with the exact same agent who wrote my renters policy when I had a firearms rider. The reality is I want replacement cost, and they were not cost effective, so I dropped the rider and carry separate insurance. As for liability for injury.. no it hasn't made a difference in premiums as actuarial tables are powered by math, not emotions. The reality is they are on the hook for WAY, WAY more possibilities than injury from firearms that are just as likely to hit the policy limit on damages, and most of those possibilities are statistically much more probable to occur than the firearms injury.