There is a misconception that all of your personal property is insured under your homeowners, renters, condo, or dwelling insurance policies. The truth of the matter is that most valuables have limits on coverage that the policy will actually cover. Your standard policy will only protect your valuables against losses listed in your policy such as fire, smoke, vandalism, etc. It will also only cover the items for the limit specified. These limits and exclusions often leave individuals underinsured.
A personal article floater is a separate policy, or sometimes a rider on your homeowners’ policy, that provides coverage beyond what your standard policy does. This additional coverage can extend your limits to fully cover your valuables. A personal article floater can also provide coverage for losses which are excluded from your standard policy.
Who needs a personal article floater? Anyone who has valuables that matter to you. If these valuables would cost you more to replace in the event of a loss than you can afford out of pocket, you should consider a personal article floater. The following items typically can be covered by a personal article floater.
- Artwork including statues, paintings, rugs, vintage furniture, etc.
- Cameras & video equipment
- Computers & electronics
- Musical instruments
- Sporting equipment
- Stamps & coin collections
- Silverware, goldware, and china
In order to purchase a personal article floater, you should meet with an insurance agent. They can walk you through the process and make sure that you get the right coverage for your needs with a carrier who works for you. You should bring a detailed list of your valuables, along with any receipts, appraisals, photos and/or videos of the items. Make sure to discuss all aspects of the policy with your agent to ensure you know what is covered, how it is covered, when it is covered and how much coverage the policy provides along with your costs, which include premium and deductible.
It is also recommended that you keep your detailed list, up-to-date appraisals, receipts, and your personal article floater paperwork along with any other paperwork and important items in a safe place; potentially off-site. This will come in handy should you have a loss involving these items and which you may need when you file a claim. Consider a safe deposit box or electronic copies depending on your valuables and situation.
A personal article floater is a valuable policy to have in the event of a loss and can provide peace of mind for your most valuable assets. It can provide coverage where other policies may not be able to and can ensure that your valuables are protected. Call us today at 844-GANNONS to talk with a trained agent and start the discussion for your personal article floater needs.