As we get into the Fall hunting season, many people are prepping their gear and making their plans. The value of much of that gear can add up quickly. Tree stands, apparel, ammunition, and not to mention, firearms and bows, can all add up to a hefty sum. So, are you covered by insurance for this equipment? The answer may depend.
Your homeowners, renters, or other property policies may provide coverage for you on these items. Typically, you have personal property coverage in your property owner’s policy with a certain limit that could likely be enough to cover the value of your hunting equipment. However, there may be other restrictions to note in that policy.
Limits and Deductibles
Your property policy likely has a specified limit for coverage of “contents” or personal property. If the combined value of your hunting equipment and/or firearms is higher than that limit, consider that a total loss might leave you without enough coverage to replace these items. Many homeowners’ policies specifically limit firearms coverage to $5,000 for theft. In addition, you likely have a deductible that may be $1,000 or more. If you have a loss to a single piece of equipment that is worth around $1,000 or less, that deductible may negate some or almost all of your claim payment.
There is a possibility of having a standalone policy, adding an endorsement to your current policy, or increasing specific coverage through scheduling items. However, many companies have different limits or exclusions around these options, and it’s important to talk with your insurance agent to help understand what’s best for covering your equipment. In addition, increased liability options through coverage like personal umbrella policies might be something else to consider as you discuss your own risk management of things like hunting accidents or the use of stolen weapons.