MooneyOnMoney.com

Insurance Read Time: 2 min

Gun Ownership and Your Homeowners Policy

If you own a gun, you need to consider whether you are covered in the event the gun is stolen or destroyed and protected against any potential liability should your firearm cause an injury.

Gun ownership is a big responsibility and having the proper insurance coverage is an important element in meeting that responsibility.¹

Personal Property

For most standard homeowners policies, guns are considered personal property and are covered as such. However, they may be subject to sub-limits that are lower than the overall property limit, primarily due to the fact that they are small, usually valuable and easily transportable.

You should check with your insurance agent to determine the extent of your coverage. If you need additional coverage, you can obtain it through a rider if your current provider offers it. If such a rider is not offered, you may want to ask about a separate policy for your firearm.

The liability risk that gun owners face is a complicated issue since it turns on the circumstances of any injury and the prevailing state laws and court decisions. Having said that, you may want to consider higher levels of liability coverage to protect yourself from this unique risk.

Speak with your agent to discuss how to raise the personal liability protection on your policy, including asking him or her if an umbrella policy may be an appropriate solution.

1.The information in this material is not intended as legal advice. Please consult legal or insurance professionals for specific information regarding your individual situation.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.

Share |
 

Related Content

Should You Tap Retirement Savings to Fund College?

Should You Tap Retirement Savings to Fund College?

There are three things to consider before dipping into retirement savings to pay for college.

5 Reasons Why Financial Spring Cleaning Should Always Be In

5 Reasons Why Financial Spring Cleaning Should Always Be In

Financial spring cleaning is an important part of being fiscally fit, but don’t limit yourself to clearing the financial clutter during a specific season: Financial spring cleaning should always be in season, keeping you focused on your short-term and long-term money goals.

Alternative Investments - Going Mainstream

Alternative Investments - Going Mainstream

Alternative investments are going mainstream for accredited investors. It’s critical to sort through the complexity.

 

Have A Question About This Topic?







Thank you! Oops!

Medicare vs. Medicaid

The terms Medicare and Medicaid sound similar but are two very different things. Learn the differences in this informative article.

Protecting Your Home Against Flood Loss

Protect yourself against the damage that your homeowners policy doesn’t cover.

Replacing Your Medicare Card

Learn how to replace your lost, stolen, or damaged Medicare card in this helpful article.

View all articles

Comparing Investments

This calculator compares the net gain of a taxable investment versus a tax-favored one.

What Is My Current Net Worth?

Use this calculator to estimate your net worth by adding up your assets and subtracting your liabilities.

What Is My Risk Tolerance?

This questionnaire will help determine your tolerance for investment risk.

View all calculators

Your Cash Flow Statement

A presentation about managing money: using it, saving it, and even getting credit.

5 Smart Investing Principles

Principles that can help create a portfolio designed to pursue investment goals.

Managing Your Lifestyle

Using smart management to get more of what you want and free up assets to invest.

View all presentations

The Why, What and How of Life Insurance

The Why, What and How of Life Insurance

When Markets React

When markets shift, experienced investors stick to their strategy.

Dog Bites and Homeowners Insurance

Reviewing coverage options is just one thing responsible pet parents can do to help look out for their dogs.

View all videos