Eli Porter
Approximately 42% of households in the U.S. have a firearm. If you’re living in a rented property and you own a gun, it is very important to be well aware of how your insurance policy addresses this issue. Technically, the answer is that it does, but the catch that results in many gun owners losing thousands of dollars after a theft is enough for the majority of them to be completely unaware.
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Does Renters Insurance Cover Firearms?
Indeed, the majority of typical renters insurance policies will cover firearms as part of personal property. However, it is important to note that there will be certain limits and conditions that you, as a gun owner, should inquire about so as not to wrongly assume that you have full protection.
What Your Standard Policy Actually Covers
Basically, renters insurance considers firearms in the same way as other personal items. Therefore, your guns are insured through the personal property portion of your policy and only against a limited number of defined events called named perils.
Commonly, the events covered include:
- Theft — burglary when your firearm is stolen
- Fire and smoke damage — including damage resulting from the house burning down
- Vandalism — malicious damage to someone’s property
- Wind and hail — damage to your belongings caused by severe weather
- Water damage from burst pipes — excluding flooding from outside sources
Not only are your firearms insured within the premises, but in many cases, you are also covered even when you are outside your home. If the gun gets stolen from your car or a locker, your renters policy may still be applicable up to the limits set.
The Theft Sub-Limit Problem
Here is an element that most gun owners do not see coming. A standard renters policy will typically have a section named Special Limits of Liability. This means irrespective of how much total personal property coverage you may have, there are certain property categories for which your insurer will pay up to a particular amount only.
Most of the time, this theft sub-limit for firearms is set at around $2,500. This limit will be enforced irrespective of your total insurance coverage amount. If your flat is entered illegally and the firearms are removed, a standard renters policy may only pay you $2,500 for your guns, less your deductible. This may be the reason you would have to pay thousands of dollars from your own pocket.
Normally, this sub-limit is only theft-related. Fire or other covered damages usually fall under your broad personal property limit, giving a bit more freedom.
Firearms Coverage at a Glance
| Scenario | Standard Policy Response |
| Gun stolen from home | Covered up to theft sub-limit (~$2,500) |
| Gun damaged in a house fire | Covered under general property limit |
| Gun stolen from your car | Often covered up to policy limits |
| Accidental discharge injures someone | Liability coverage may apply |
| Intentional or criminal use of a firearm | Not covered |
| Collectible or high-value firearms | May exceed standard limits; rider needed |
| Gun accessories (scopes, cases) | Often grouped under firearm sub-limit for theft |
What About Liability Coverage?
Your renters insurance policy will provide you with personal liability coverage. This is very important as far as gun owners are concerned. In case a firearm is accidentally discharged and a person is hurt or property is damaged, personal liability coverage can take care of legal defense costs and damages.
However, this type of protection is not valid in the case of intentional acts or criminal use. A self-defense scenario may turn into a gray area depending on the facts, so many gun owners purchase a separate legal self-defense coverage on top of their renters insurance.
The potential amounts of liability lawsuits involving firearms may be extremely high. Many insurance advisors recommend that gun owners have liability limits of at least $300,000 to $500,000. An umbrella policy can provide you with even more protection beyond those limits of renters insurance.
Accessories and Ammunition
Scopes, magazines, gun safes, and carrying cases are usually considered personal property. In case of theft, they are most often included within the firearm sub-limit, i.e. they constitute the same $2,500 component. In the event of a fire, they would be covered under your general personal property limit.
A gun safe is also personal property. If it is destroyed in a fire or gets stolen, your policy may cover it as a separate item from the firearms inside.
How to Get Full Coverage for Your Firearms
With a standard renters policy you will be underinsured if your guns are worth more than $2,500 combined. Here are some solutions:
- Schedule your firearms one by one — This method implies that you insert each weapon into the policy at its appraised value. Thus, you will be able to cover the full cost of replacement without sub-limit applying to theft.
- Get a personal property rider — A firearms rider substantially increases your gun coverage beyond the existing cap, which usually results in a small added amount per month.
- Invest in a separate gun insurance policy — Specialist insurers provide policies that include the current market value of your collection, as well as collectibles that are undervalued by a standard policy.
Note that some insurance companies have different policies for treating firearms. For instance, Lemonade have been unwilling to provide additional firearm coverages, so it is worth finding out your present insurer’s position before you simply decide to add a rider.
Documents You Need to File a Claim
Proper documentation will lead to a speedy settlement. Soonest possible preparations include the compilation of a list of your firearms, comprising the following:
- Serial numbers for your guns
- Purchase invoices or other proof of sale
- Pictures of each weapon
- Written professional valuations of collectible or valuable pieces
- A copy of the document kept in a different place other than your home
You may also read: Does Home Insurance Cover Furnace Replacement?
The Right Way to Protect Your Guns
Renters insurance offers you a basic level of firearm coverage, but quite often, it is not sufficient by itself. The $2,500 burglary sublimit quite often surprises gun owners more than any other coverage gap.
Check your policy, be aware of your sub-limits, and list expensive firearms separately. Secure your weapons in a locked safe and keep your paperwork up-to-date.
Looking for a renters insurance policy that really meets your needs as a gun owner? Go to insurancheck.com to compare different insurance companies, verify coverage limits, and ensure your firearms are getting the proper protection.
