Did you know that many auto, homeowners and renters insurance policies have one little-known limitation? They don’t protect your guns from theft.
Data from the U.S. Department of Justice Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF) indicates that more than 170,000 guns were reported lost or stolen by persons other than federally licensed dealers in 2012, and according to survey research, at least 500,000 firearms are stolen annually from residences. The experts say the differential in those numbers shows that, in the case of most lost or stolen firearms, the incidents aren’t reported.
Assuming the statistics are correct, there’s also the fact that only 12 percent of stolen guns recovered by the police and that the average time between the theft and recovery of those guns runs around 15 years, you might be more willing to check your insurance policy. It’s also likely that the vast majority of recovered could well be held as evidence for indefinitely, or even end up destroyed and the metal sold for scrap by the authorities. The stats also reveal that just over four percent of guns stolen or a third of guns recovered will ever result in the lawful owner being notified.
It comes down to this: just two or three percent of stolen guns are recovered and ultimately returned to their owners.
Regardless of those numbers, insurers say there are a large number firearm-related claims filed every day and that many current policies don’t cover the loss or theft of those guns. Any idea what your policy does or doesn’t cover when it comes to your gun collection? Probably not…
Thefts From Vehicles
Say you leave your pistol locked inside your car. You’re parked in a public lot and a thief comes along, knocks out your window and makes off with your firearm. In general, you’ll find that when it comes time to submit a claim through your homeowners’ insurance, you’ll find that the loss just plain isn’t covered.
Lost Hunting
Anything can happen when you’re out in the field or on the water during a hunt. Say the wind steps up or a boat booms past you and kicks up a huge wake. You watch, helpless, as your shotguns flip over the side of your duck boat and drift down to the bottom of some murky water. Your only recourse is to report the lost firearms to the police and to your insurance agent hoping your homeowners’ policy covers the disaster. You might find that after filing your claim, your homeowners’ policy provides no coverage for your lost guns.
Check the Limits On Your Homeowners’ Policy
The statistics say there are almost 5,000 home invasions each day, and the authorities say thieves are intent on grabbing up three types of items in particular. Thieves love finding firearms, jewelry and electronics as items in those three categories are easy to sell – and hard to trace. What could be worse than coming home to find $5,000 in guns missing and then discovering that your policy only covers losses up to $2,500? Not much. It’s a good idea to make sure your policy covers the full value of your collection, or you may find yourself digging deep in your pockets replace your losses.
What About Damage to Your Firearms
Let’s say you’re returning from a successful hunt. You’re looking over your take for the day and lay your favorite Beretta shotgun on the tailgate of your truck. You fire up a cigar, change out of your boots and hop into your truck. And then drive away…
It only takes a split second and suddenly, you’re watching in the rear view mirror and gaping in horror as your DT10 Trident bounces down the pavement.
