Insurance and Finance

No, Your Gun isn’t Covered

By Callie Leahy 1.31.13

Your gun is just like your wedding ring – it deserves its own insurance coverage.

It isn’t very widely known, but under a standard Homeowners Insurance policy your gun is considered a personal item and is subject to a predetermined value of reimbursement regardless of the gun’s actual value. But by insuring your gun under a personal article floater policy you can expand the coverage and increase the reimbursement value.

Texas Farm Bureau Insurance Agent Brandt Fisher says he makes it his personal mission to make sure every one of his customers knows their options when it comes to insuring their firearm.

“I always mention two specific things when I talk to a client – jewelry and guns because almost every Texan has jewelry or guns,” Fisher says.

Here are some interesting facts to help you determine whether a separate policy for your firearm is right for you.

  • Personal article floater policies are pretty inexpensive, Fisher says. Coverage can start at just $50 a year depending on the value of the policy.
  • Your firearm must have a $500 value or more to qualify for a separate policy. Antique guns (guns made before 1900) are not eligible for coverage.
  • Firearm accessories —safes, holsters and ammunition — are not eligible for coverage on a personal article floater policy. Your accessories and ammunition are covered as personal property under your homeowner’s insurance.
  • A personal article floater policy covers a broader range of claim perils than a homeowner’s policy.
  • Firearms can be combined with other items such as jewelry, furs, and watches on a personal articles policy.

Keep in mind, when you purchase a gun or add a gun to a policy, you will need to have the firearm appraised or bring the original bill of sale receipt with you to establish a value for your policy. It’s important to keep these documents, along with photos of the firearm, in a safe place in case of emergency.