Homeowner’s Insurance

What Is It?

A Personal Articles Floater, often referred to as valuable items insurance because it is just that, insurance for your specialty items or collections that you value. This specific policy offers many coverages that extend beyond what your homeowners policy may offer, as many home policies have specific limitations and exclusions for valuables. This policy is precisely designed to add perils such as theft, accidental loss and/or accidental damage, etc. 

It can also be referred to as a “floater” policy as the policy coverage limits “float” or travel with your items value but how do you know what specialty items you should consider having separate coverage for? Popular items to insure under a Personal Article Floater are:

Jewelry

Artwork and/or statues

Musical Instruments

Cameras & Video equipment

Sporting Equipment

Computers & Electronics

Stamps & coin collections

Silverware, gold ware, China and Vintage furniture

Why Is It Important?

If you have or collect any specialty items there are various benefits of having a separate policy. The most distinguishing factors are:

Floaters allow you to itemize the valuable items for the actual value

Gives a much broader coverage base with limited exclusions than scheduling on your homeowners policy

Items can be covered without incurring high deductibles, most policies will offer low or no deductible options.

In addition to the valuable items policy being an essential coverage to carry for filling any gaps in the coverage your homeowners policy may lack, these policies very economically priced while ensuring you have the most appropriate coverage for the items you value most in your home.

How Much Coverage Is Needed?

It is recommended to assess your items anytime you re-locate, travel, or acquire a new item. But how much coverage is really necessary and how hard is it to get coverage? Once a new item is purchased or gains value over an extended period of time it would be insured to that specific items value once an appraisal or bill of sale is provided, determining and supporting the value. 

Having the choice between purchasing a blanket policy vs itemized policy is completely determined based from what your specific needs are, blanket policies are designed to offer a general coverage limit for all items listed vs itemizing, which shows the specific value for each item covered under the policy. Whichever is determined to be the best fit, there are many benefits to ensuring your most valuable items are properly insured in the event of a loss.

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