Are my guns insured? Why You Need a Separate Gun Insurance Policy

Are you purchasing a new hunting rifle?  Did your father hand down an antique firearm?  Did you make a large firearm purchase for your home defense? Are your guns insured?  Do you need separate gun insurance? Your standard homeowners policy may not cover this!

We in South Carolina take pride in our firearm and gun collections. Let’s make sure you cover these valuables correctly with a separate gun insurance policy. Here’s what you need to know.

  • Your homeowners or renters policy may not fully cover a loss. Many insurance companies put a cap on how much they’ll pay out for covered firearm-related losses. If your firearm costs more than $1,500, you probably need to insure it separately or at least list it separately. We recently had an insured whose firearm was stolen from his house in Lexington, South Carolina. It wasn’t insured separately, so they had to pay their homeowners deductible before the insurance company would pay out on the loss.
  • It’s not as expensive as you think. Don’t shy away from insuring your weapon. The annual premium for most valuables policies is 1 to 3 percent of the firearm’s value.
  • It’s worth the investment. A lot can happen to your favorite pieces: loss, theft, severe damage, and fire. Inland marine insurance can cover a range of losses.
  • Riders don’t always give you the coverage you need.You may get higher limits and broader coverage from riders, but they aren’t always designed for guns. If your guns are worth insuring, make sure you have a policy that will protect you.
  • It’s not just for firearms.A “valuables policy” is also known as an inland marine policy. An inland marine policy covers not just guns but jewelry, furs, artwork and other valuables. You can either schedule each item separately or add a blanket amount of coverage.
  • This site has a great description and history of the name “inland marine”:

Are we too invested in insurance to trust? The same advice above is given in this gun owners forum:

The NRA also recommends a separate gun insurance policy: