Owning a gun affects your home insurance, including renters and condo insurance, in several ways. Your potential liability costs increase as well as your personal property value. You can still get affordable renters insurance if you own a gun, but you should do some shopping if you want to get the best price.
The first thing you need to be aware of is that you must disclose any guns you own to the insurance company. If something happens, such as a burglary, or someone accidentally getting shot, your insurance will not cover them unless you have properly disclosed your gun ownership. Guns present additional risks to your home, and your policy cannot be properly calculated unless the guns are added in to the equation.
Most insurance companies will require you to store your guns in a secure place. Those that do not require using the equivalent of a gun safe will still give you a discount if your guns are kept in a locked location. Adding a security system that is monitored off-site is a good way to make your guns safer and reduce your insurance premiums at the same time.
The risks faced by your insurance company include wrongful death, bodily injury, property damage, and theft, among others. Since your gun adds considerable risk to your renters insurance, it also increases the rates significantly. However, having the coverage when something happens could save you many thousands of dollars in out of pocket expenses, including medical care and potential litigation.
Check your policy to make sure that the limits for your gun coverage are what you need to have. By default, most renters insurance policies include actual cash value coverage which only pays a depreciated amount for your property. Full replacement value coverage will cost you a little more, but it will also save you a lot of personal expense when a claim is filed.