We’ve all heard the horror stories… a diamond wedding ring lost in the ocean, an expensive camera dropped from a rollercoaster, a precious piece of art waterlogged after a flood… nothing can prepare you to lose one of your most valuable items. Now imagine, already devastated from the loss, you learn that you don’t have the right insurance coverage to replace the item or pay for repairs.
Most everyone has items that are valuable or special to them. It could be a family heirloom, an expensive engagement ring, or even your favorite t-shirt that holds memories galore, but do these items need additional insurance beyond your basic policies?
Your standard homeowners, renters, condo, or dwelling insurance policy most likely includes coverage for your personal belongings, but there is a catch. These coverages have limits, and the loss of the items is required to be a “covered loss” to qualify for a claim. What does this mean? In non-insurance speak it means that the event that led to you losing that item needs to be one listed in your insurance policy, for example, a fire or theft. It also means that if your policy limit for jewelry is $10,000, then you will only get $10,000 in the event of a complete loss even if the value of the loss is more than that.
If your valuables exceed the coverage limits or you want more coverage beyond “covered events” then you may want to look into a personal article floater.
A personal article floater is a separate policy, or sometimes a rider on your homeowners’ insurance, that provides coverage beyond your standard policy. It typically extends your coverage to fully cover your identified valuables and can also provide coverage for losses that are otherwise excluded from your standard policy. Items typically covered under a personal article floater include
- Cameras And Video Equipment
- Computers And Electronics
- Musical Instruments
- Sporting Equipment
- Stamp And Coin Collections
- Silverware, Goldware, And China
Is a personal article floater right for you?
Is the cost to replace/repair the valuable items beyond what you can afford out of pocket?
Is the cost to replace/repair the valuable items beyond your standard policy limits?
Are you worried about a loss beyond what your standard policy covers?
If you answered yes to any of the questions, you may want to consider a personal article floater.
Our staff here at Gannon Associates Insurance can help to guide you through the process of getting a personal article floater and answer any questions you may have. To explore your options and discuss your personal article floater needs with a licensed insurance agent, give us a call at 844-GANNONS or stop into one of our many offices today!