Yup.
Thetwo insurance companiesI have experience with do it the same way.
The generic policy (whether for homeowners or renters) will cover up to $2,000 against theft for firearms without a deductible (under the Special Limits of Liability provisions).

If the guns are lost due to another form of covered 'peril' such as flood or fire,any coveredloss is then subject to a deductible and thecoverage $amount goes up to the maximum on the Personal Property section (Coverage 'C') of the policy.

If an additional rider is purchased (also called a 'Personal Articles Floater' or a 'Schedule of Personal Property'), the amount of coverage for theftcan be increased, and no deductible applies regardless of the type of peril.