Do You Own a Gun or Are You Thinking to Purchase One?
Make Sure You’re Protected With Firearm Insurance
Gun sales hit record highs in the past few months. According to TheTrace.org, July 2020 saw the second highest number of guns purchased on record with 2.61 million, a 136% increase from last year. Experts attribute this increase to the COVID-19 pandemic and civil unrest. No matter where you stand on the political spectrum, it’s a reality that more and more people are feeling the need to purchase a firearm.
Why do people buy guns in uncertain times? PewSocialTrends.org lists protection as the number one reason. During the current environment, The National Shooting Sports Foundation reports that 40 percent of firearms buyers are first time gun owners.
Should You Tell Your Insurance Company When You Buy a Gun?
At Galezano Insurance, we cover what matters to you, and what you value. Whether that’s your home, your car, or firearms—it’s our business to protect your property. To prevent financial loss, it’s a good idea to consult with your agent or carrier to find out what your responsibility is as a gun owner.
How Does Gun Insurance Work?
In most cases, your homeowners or renters policy covers your guns, along with other possessions like jewelry, artwork, and coins. However, each policy has sublimits on the amount these items are covered for. Depending on your policy, if the firearms you own exceed a specific predetermined value, you may need to purchase a separate insurance rider for them or a standalone policy. This ensures you’re shielded from financial costs due to theft, damage, or loss.
What Happens if You Shoot Someone on Your Property?
It depends on whether or not the shooting was accidental. Most policies cover accidents that involve people outside your family, and some even include hunting and shooting range accidents. In each incident, the insurance company evaluates whether factors like drugs or alcohol were involved, along with the details surrounding the shooting.
If you intentionally shoot an intruder who breaks into or forces their way into your home or property, it’s deemed an intentional act. Whether justified or not, if the intruder survives the shooting and sues you—your homeowners insurance does not cover the resulting legal costs.
Are There Insurance Plans that Cover a Burglar Breaking into Your Home?
Some insurance plans offer a self-defense policy to fill in the gap that homeowners insurance doesn’t cover. Many of these plans will reimburse you for legal costs to defend yourself if your home is breached by an intruder. If you were hurt while shooting an intruder on your property and the shooting is deemed justified, these insurance plans may also provide bodily injury protection and coverage for property damage.
Here’s What You Need to Know About Possessing Firearms in Your Home:
- Training is Crucial. As soon as possible after purchasing a gun, enroll in a gun safety and training course. Practicing at a shooting range is important too, but it doesn’t take the place of firearm safety classes. When you own something that has the power to take a human life, it’s always a risk.
- Know the value of your firearms, so you are aware of how much coverage you need. If you are unsure, you may need an appraisal.
- Even though your guns might be covered, they can still be a liability. Sadly, accidental shootings happen all the time.
- Don’t tell people about your guns. Many homes are broken into for the sole purpose of stealing firearms. Keep your gun possession private and don’t advertise what types of guns you own.
- Lock your guns in a safe, unloaded. According to The Harvard School of Public Health, guns that were stored loaded and weren’t locked in safes caused higher rates of accidental deaths. Firearm safes can be pricey but are a must-have if you’re a gun owner. If you can’t afford a safe, you shouldn’t own a gun. Statistics show the risk of tragedy is too high.
If you’re thinking about buying a gun, or recently purchased one, find out what gun insurance plan is best for you. Talk to an independent agent at Galezano Insurance today.