Scheduled Personal Property Endorsement
Most standard homeowners insurance policies and renters insurance policies include firearms as part of the personal property coverage (Coverage C) for household items. The standard N.C. homeowner policy provides coverage for 10% of Coverage C up to $10,000; however there are specific limitations on the payout of the claim for firearms. If you need more coverage than is normally available on the standard N.C. home insurance policy, you may wish to look for more specialized coverage by purchasing an endorsement termed scheduled personal property endorsement. This endorsement is also referred to as a “personal article floater” and is designed to cover valuables that are particularly vulnerable to loss, such as jewelry or firearms. Ask your local N.C. independent insurance agent for details on insuring your firearms for their collectible value. We know that owning a firearm is a big responsibility so it’s important to have the proper insurance in place.
If you have a valuable gun collection, you know how expensive it would be to replace should theft or another mode of covered peril occur. It can add up quickly so taking inventory is an important factor. It is crucial to establish proof of ownership for many reasons and your property should be fully documented. The following can do this:
- Taking photos
- Maintaining receipts
- Recording the name of the manufacturer and model number for each firearm
- Storing this information in a secure location (ex: fireproof safe, bank safety deposit box, or at another location off your premise)
You should also check with your N.C. independent insurance agent to understand if documentation is required for your firearms as a condition of coverage. We are here to answer any and all of your questions. Better safe than sorry!
Even though standard N.C. homeowners insurance polices will cover firearms against theft, the standard limitation for coverage may not be enough. Our goal is to make sure YOU have enough coverage should your valuable firearms be damaged by a covered peril or stolen. Call us TODAY with your questions!