Does Renters Insurance Cover Firearms?

Standard renters insurance covers firearms so you can protect your firearm or your collection in your apartment. It falls under the personal property coverage in your renters insurance policy. Fortunately, this coverage is already included in most policies, although the amount of coverage depends on your needs.

Personal property coverage takes care of your belongings such as furniture, appliances, electronics and more. High-value items or expensive personal property, including jewelry, artwork and firearms, are also part of this coverage. With this protection, your policy can pay for the costs of repair and replacement in case of loss or damage to your things.

The personal property coverage of your renters insurance covers your firearm when it’s damaged or stolen. Policies typically specify the causes of damage or loss that are covered, like fire, theft, vandalism and more.

Personal property coverage only protects your firearm when it’s lost or damaged because of certain events. However, the coverage will be limited. For example, if you have a firearm collection worth $5,000 but your policy sets a limit of $2,500, you won’t receive payment for your full collection.

Much like there are covered causes for the damage or loss of your firearm, there are also causes that aren’t covered. Personal property coverage does not cover your roommate’s things or loss and damage caused by floods, sinkholes, earthquakes, etc. For example, if you and your roommate both own firearms and all of them are damaged because of a fire in your apartment, only your firearm will be covered by your insurance.

Insurance can save you a lot of time, money and trouble when unexpected things happen. Yet, prevention is a better option than having to file a claim. To avoid needing to file a claim for your lost or damaged firearm, it’s best to keep it in a safe place and protect it from accidents.

Most insurance companies offer renters insurance. If you’re looking for a policy, you can check out major insurers like State Farm and Allstate or even smaller companies like Lemonade or Toggle.

Comparing renters insurance quotes will help you get an idea of how much your renters insurance will cost. On average, renters insurance costs $13 per month. The price of your renters insurance will vary based on your personal property. MoneyGeek’s personal property calculator can help you find the amount of renters insurance you may need.