There have been several mass shootings in the country over the past 12 months. As a result, every aspect of gun ownership is being given closer scrutiny. Furthermore, this includes the responsibility and potential liability of owning a gun.
Insurance companies don’t typically take guns into consideration in home insurance premiums. Some companies do not need you to disclose gun ownership in an application for home cover.
Companies are not permitted to victimize gun owners when issuing homeowner’s policies. However, insurance companies will not cover every claim associated with gun ownership. You will be held liable for injury to another party if you own the gun. Claim payment is dependent upon the incident itself.
However, an accidental shooting in your home could result in the injured party filing a claim against the homeowner. Shootings outside the home also apply here. As long as the shooting is not classified as a crime, a claim will be considered by the insurance company.
The definition of a crime varies state by state. The storing of a gun where minors have access to it is considered a crime in some states. Accidents, where drugs and/or alcohol is involved, may also be regarded as a crime.
The above also depends upon the wording of the policy document. It is important to know the policy limits. If the limit is $150, 000, this may not be sufficient to cover legal and medical fees in the case of a lawsuit as a result of an accident.
Gun owners could obtain an umbrella policy could cover a higher limit than $150, 000. If you or a family member is shot, the cover is provided by your life assurance policy or medical cover.
Chubb, the insurance company, has stated that it will stop underwriting an insurance policy for gun owners called NRA Carry Guard. The NRA began selling this line of Carry Guard insurance last year. These policies help individuals who use firearms for self-defence cover their legal expenses.