1. What kind of coverage does Firearm Floater typically provide in Homeowners Insurance?
What is Firearm Floater in Homeowners Insurance?
Firearm floater is an additional insurance policy on top of a standard homeowners insurance policy designed to protect your firearms against theft, loss, or damage. This coverage is optional and can be very beneficial for those who own firearms and want extra protection.
Why Do Gun Owners Need a Firearm Floater?
A standard homeowners policy does not cover firearms, so it’s important to have additional coverage for them.
Firearm floaters provide replacement coverage for lost or damaged guns, covering not only the original cost but often the value of any add-ons like scopes and cases. Some policies even cover theft and may reimburse you for the legal fees related to a firearms-related incident.
What Does Firearm Floater Cover?
Firearm floater coverage protects your firearms in the event of loss or damage. This includes coverage for:
-
- Theft: Firearm floater coverage covers the theft of guns and may even include a reimbursement for legal costs incurred in the event of a firearms-related crime.
-
- Damage: The policy will cover the repairs or replacement of firearms if they are damaged or destroyed in an incident.
-
- Lost or missing guns: If a gun is lost or missing, the policy will provide coverage for the replacement of the firearm.
How Much Does Firearm Floater Coverage Cost?
The cost of firearm floater coverage depends on several factors, including the value of your firearms, the type and amount of coverage you choose, and the deductible. However, many insurance companies offer coverage for as low as $25 per year, depending on the type of coverage and value of the firearms you want to cover.
Where to Get Firearm Floater Coverage
You can get firearm floater coverage from most major insurance companies, or through specialist firearm insurance providers. It’s important to talk to your insurance agent to find the best policy for you.
In conclusion, firearm floater insurance is an important and often overlooked form of coverage for gun owners, especially those who carry substantial firearms collections. If you own firearms, it’s vital that you get the appropriate protection by adding a firearm floater policy to your homeowners insurance.