If you’re a real estate agent in or around Santa Clarita and you’re selling a home to someone, it’s probably a good idea to ask your client(s) if they currently own, or plan to own, any firearms. For one, your clients will probably be interested in knowing how the standard homeowner’s insurance policy covers firearms, and, for two, if they need any additional coverage.
Standard homeowner’s insurance policies regard firearms as personal property, and as such they are subjected to a sublimit. A sublimit is a limit on the amount of coverage for a specific item that is less than the total amount of coverage for your property. For example, suppose someone has a $10,000 personal property coverage limit on their insurance policy. If that person’s personal property is damaged or stolen, then their personal property coverage will cover the cost of repair or replacement up to $10,000.
However, most homeowner’s insurance policies have a sublimit of $2,500 for firearms – meaning that if a gun is stolen from the home, the insurance will cover its value up to $2,500. If your client has one or more expensive firearms, as a real estate agent, you should inform them that they may need to purchase additional coverage – especially if they own an antique or collection of them.
The second important point is regarding liability insurance. According to statistics, accidental discharges are more common among gun owners than many would like to admit. If this happens and the bullet injures or kills someone, the owner of the gun will likely be in hot water.
When your client owns guns, inform them of their likely need for a higher liability insurance coverage limit. If someone is injured or killed, a gun owner will likely face medical bills and possibly even legal bills. With a robust liability insurance plan, the injured party’s medical bills will be covered, as will any legal fees your client may incur.