The women's Gun Show - Episode 34 - Firearms Insurance - Do You Need It?
Welcome to The Women’s Gun Show. The podcast for women shooters. Where we discuss all things important to the millions of American women self-protectors. News, gear, training, industry leader guests and more – aimed at you. This week, in show #34, we’re going to talk about firearms insurance. Do you need it?
The Women's Guns Show Notes
Survival Story Waffle House waitress loses job after firing gun during robbery: http://www.foxnews.com/us/2017/01/01/waffle-house-waitress-loses-job-after-firing-gun-during-robbery.html
Firearms news you can use
Barb: National CCW reciprocity introduced in new Congress: http://www.breitbart.com/2nd-amendment/2017/01/03/gop-rep-introduces-national-concealed-carry-reciprocity-day-one-new-congress/
Carrie: Gun-shaped cell phone case prompts police standoff: http://www.foxnews.com/us/2017/01/01/gun-shaped-cell-phone-case-prompts-police-standoff.html
Barb, Fit-over shooting glasses by Allen: https://byallen.com/product/over-shooting-safety-glasses/
Theme: Firerms Insurance
Jeff Hewitt –Senior Vice President Program Executive Lockton Affinity, LLC
We asked Jeff to answer some common questions on firearms insurance - see his answers below
1. Do I need to insure all my firearms? If I own several thousand dollars of firearms, but they are in safes, is it necessary? This is a common question. Many gun owners have more value in firearms than they may think. We suggest coming up with the replacement value for your own collection as a starting point. Most homeowners carrier do offer a limited coverage for firearms. Checking the limitations within your individual homeowners or renters property coverage section will help spell out your individual needs. On average, personal insurance will automatically cover between $500 and $2,500 worth of firearms. If you are like most firearm owners, that coverage is not enough. There are two insurance options to help make sure you are properly insured. First, you might consider calling your homeowners agent to add some additional limits or you can seek out specialized coverage elsewhere. Some homeowners carrier may not allow the increase in firearms or may take other actions on the policy since firearms are in the home. Specialized carrier for this (like TWAW’s partnership with NRA Endorsed Insurance) may be your best bet. Rates are very reasonable at $1.25 per $100 of value ($150 annually to cover $10,000 in replacement cost for your guns), a low $100 deductible and no registration or serial numbers are required. Keeping your firearms in a safe it a very good safeguard and very few claims happen while guns are in the safe. The vast majority of the losses we see happen when the firearm is not in the safe. You’ve taken a few to the range, to an event, hunting, etc.
2. Explain a rider to me about additional protection and coverage. A policy rider is put in place to provide specific or additional coverage on a policy that may already be in place. A rider to a homeowners policy may be a way to increase your personal firearms insured values. As I mentioned in the answer above, homeowners carriers may or may not allow the increase in values for your collection. A rider to add liability (injury or damage to a third party) that may arise out of having or using a firearm is something a homeowner carrier will not do. It’s best to seek out specific policies for Personal Firearm Liability and Self Defense type protection for yourself. This is something we have in partnership with NRA.
3. Is an Umbrella policy needed? Umbrella policies are typically put in place to increase the liability coverage on an existing policy. Homeowners policy carriers will usually offer umbrella policies. The question to ask before you purchase the additional coverage is, what coverage do I have on the existing policy I want to increase? If you are looking for firearm related coverage protection, simply purchasing additional limits isn’t helping to protect you if the first policy isn’t covering you to start.
4. If the gun is discharged accidentally and damages my or anyone’s property, is there coverage for that? This will depend on the individual scenarios. Homeowners carriers will most likely provide coverage for those accidental discharge and other related accidents. The key is the term accident which triggers the potential protection. Acts of self-defense are more likely to be determined as an intentional act and homeowners will likely not provide protection for those acts.
5. What if I accidentally fire my gun and hurt someone — either on or off my property? Does insurance over that? Again, the word accident will most likely get homeowners to provide protection if at home or away from the home. Acts of self-defense are another matter and will require insurance specifically designed to cover those acts.
In addition to the answers to #4 and #5, if we have a Chapter covered in the program, then the Chapter members have protection if they are at a Chapter event. In those cases, the member can have coverage through the Chapter policy. Homeowners may provide some additional accident protection for the individual over and above the Chapter policy.
NRA Firearms Insurance for members NOTE: You must activate it: https://mynrainsurance.com/insurance-products/firearms-no-cost-armscare
TWAW Product of the Week –-Concealment clock 59.99 http://thewellarmedwoman.com/safes-and-safety/concealment-clock
Calendar: What’s up?
For TWAW Members - (Membership is open to all women)
Barb - We will be at the SHOT Show and will bring you via social media all the excitement and feature new products!
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