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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.

 

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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. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named representative, 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.

Check the background of your financial professional on FINRA's BrokerCheck.

Avantax affiliated financial professionals may only conduct business with residents of the states for which they are properly registered. Please note that not all of the investments and services mentioned are available in every state. Securities offered through Avantax Investment ServicesSM, Member FINRA,SIPC.  Investment advisory services offered through Avantax Advisory ServicesSM, Placing business through Avantax Insurance AgencySM and Avantax Insurance ServicesSM. CA insurance # 0J20148. The Avantax affiliated companies exclusively provide financial products and services, and do not provide or supervise tax or accounting services.  This information is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation.

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