Guns in the home: How insurance works
Your insurer may not ask if you have firearms in your house, but it's a good idea to bring it up yourself.
This post comes from Mark Chalon Smith at partner site Insurance.com.
Most standard homeowners policies cover rifles and pistols if they're stolen or damaged in a fire, but usually up to a maximum of $2,500, according to Pete Moraga, a spokesman for the Insurance Information Network of California. If you have a large collection of guns or ones that are particularly valuable -- perhaps a group of antique side arms -- then you may have to buy a policy rider to ensure they'll be replaced or that you'll be reimbursed, he says.
It's much the same process as with other big-money items, such as jewelry and fine art, where you discuss the pieces with an agent and come to a reasonable coverage figure.
Safety always an issue for gun insurance
To keep premiums for the standard policy from soaring, the owner may have to show that the rifles and pistols are properly secured in locked gun cases, have trigger locks, and, of course, are out of the reach of children, says Michael Barry, a spokesman for the Insurance Information Institute.
"It's all about proving to an insurer just how responsible you are when it comes to firearms. It's clear that insurers are more likely to look favorably on the gun owner if they take special precautions to store the weapon and have a gun lock on the gun," Moraga says.
Moraga adds that insurers usually don't bring up firearms when writing a policy. But it's a good idea to tell them upfront if you have any.
"Although insurers may not specifically ask about weapons on their policy questionnaire, because of the higher liability risk of a gun, homeowners should make sure to let their agent or insurance company know," he says. "If an insurer does not know that a homeowner owns a gun and the homeowner files a later claim, the claim may be denied."
What happens if you accidentally shoot someone or yourself while in the home? The Insurance Information Institute says your standard policy will cover some or all of the damages, including medical bills, property damage and liability claims, depending on the amount of coverage you have.
But the American Institute of Certified Public Accountants says on its 360 Degrees of Financial Literacy website that you may need to buy additional coverage -- such as "sporting firearm insurance," "collector's firearm insurance" or "gun club liability insurance" -- to guarantee you're fully protected.
More on Insurance.com and MSN Money:
Pete Moraga is flat wrong! With over 30 years in the insurance industry, I can tell you that there are no exclusions in a standard liability policy or homeowner's policy for accidents involving firearms. If someone is accidentally injured or killed by your firearm (not intentionally shot), your liability insurance will pay up to the policy limits, without exception. However, with that said, we should pass a law to make stand-alone firearm liability insurance mandatory. You have a right to own a firearm, but you you also have a responsibility to bear the risk that guns pose to the community. The amount of risk can be controlled or reduced by responsible gun ownership, like training, trigger locks, gun safes, etc. But gun owners should primarily bear the risk associated with gun ownership. Mandatory licensing with insurance could establish a fund to compensate victims of gun violence. The greater the the risk, the higher the premiums. Want to own an assault-style weapon? OK, then you should pay relatively a very high premium to insure it. Owning the gun without the required insurance would be a Felony.
Can one of you liberals answer this question? Who or what gave you and I the right to practice our freedom of religion and who pr what can alter or take that right away from us?
Leave it to the hacks who call themselves journalists that work for MSNBC - totally not true - by the way the piece about gun laws in England - they forgot to mentiona bout the guy who shot a burglar IN HIS HOUSE with a shotgun that wasn't registered they charged him with murder, if he pleaded down to manslaughter he would only get 10-12 years and be out in 7 - is that where we are headed?
This is not journalism - this is clearly biased anti-gun agenda by Obama's favorite "news" organization - these guys couldn't get jobs at the Enquirer with their resume - I only hope that someday this will come back to haunt them - I don;t watch anything on thier network - thats the best i can do right now to avoid giving them $$ - how they sleep at night amazes me - maybe someday someone will have the guts to come forward and expose them for what they are - emails, directives, etc. saying how this is how they should report news - that person would get a job with any credible news organization in a heartbeat and paid a lot more than MSNBC is paying them
REGARDLESS..Of How You feel...
ABOUT tHE iSSUE..Of INFORMING Your Insurance Compnay about Your Firearms..
KEEPING Your FIREARMS..ALWAYS ...LOCKED..
in Child proof...THEFT PROOF...SAFE..is just Common sense ..and a Respect...for Family ,self. and Neighbors...
Can't afford a Good Safe..? Buy Individual Locks.....Better Than Nothing
More crap from a lib. rag...What about the gun and homeowner that shoots the armed robber before he gets away with your wife's diamond rings and necklaces, thus preventing a hefty claim for the insurer? None of those stories get published.
Also, gun control is focusing on your front sight as you obtain your sight picture and target; then pull the trigger straight back and firmly thus eliminating the target!
Be careful, this is the beginning.
Read what Thomas Jefferson has said, what I just said is not all that paranoid.
When asked where the blame lay for the death of her grandson, she said, "The blame lies with the grandson who shot his cousin. He knew he was not allowed to snoop in his grandmother's dresser."
Is the protection against an intruder more important than the threat of injury or death of a family member?
My neighbor in Los Angeles had a burglar quietly enter his home at night by picking the lock on his back door. The burglar opened kitchen drawers until he found a large butcher knife. He carried the knife with him when he went into John's bedroom and lifted john's trousers from the bedpost. The burglar went out the way he had come in (he had left the kitchen door open). As he went through the kitchen he left the butcher knife on the kitchen table (no finger prints and this happened before DNA). As the burglar walked through the back yard to the alley he took all of the cash he found in John's wallet (approximately $700), dropped the wallet and trousers and looked for the next home that was easy pickings---several homes that same night.
The police explained to John that since John was in bed and the burglar was watching him, had John stirred the burglar would probably have run out the open back door. If John looked like he was reaching for a weapon and the burglar felt trapped, the burglar would plunge the butcher knife through John's throat.
This is only one example of an intruder, I admit.
Unless you live alone, keep trigger locks on all weapons. The risk of accidental injury or death from loaded fire arms far exceeds the risk of injury or death from an intruder.
The husseins minions say that it is a good idea to tell your insurance company that you have firearms, when they can't find all the registered guns your insurance company will give them another list to go after.
Copyright © 2013 Microsoft. All rights reserved.
Quotes are real-time for NASDAQ, NYSE and AMEX. See delay times for other exchanges.
Fundamental company data and historical chart data provided by Thomson Reuters (click for restrictions). Real-time quotes provided by BATS Exchange. Real-time index quotes and delayed quotes supplied by Interactive Data Real-Time Services. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by SIX Financial Information.