When looking to insure your valuable items, a personal article floater is where you go. This coverage is a separate policy, or a rider on your homeowner’s insurance, that provides coverage beyond your standard policy and often includes coverage for losses typically excluded from your standard policy.
In other words, a personal article floater is a valuable policy to have. No pun intended. But how do you go about getting one? We have put together this checklist to help!
Make a list. Start by making a detailed list of your valuables. Include descriptions, model numbers, purchase price and date, etc. Include any pertinent information you can think of.
Document everything. Take photos or videos of the items. Scan any receipts, warranty information, etc. into your computer and/or make copies of them.
Appraisals. Have appraisals done for any items that may require them. This can help determine the actual value of the item. Your insurance agent may be able to help you determine which items need appraisals.
Meet with your insurance agent. Sit down with your insurance agent and discuss your needs and if a personal article floater is right for you. Find out what they require and what they may need to write the policy.
Set a storage plan. Determine a safe way to store your detailed list, photos and videos, appraisals, etc. Consider an off-site location such as a safety deposit box or a virtual location like a google drop box. This way, in the event that the loss is related to the loss of your home, you still have access to those records.
Continue to update your records. Once you have your policy obtained, continue to update your records on a regular basis. Consider updating your list annually, making sure photos are up to date, and conducting new appraisals when needed. If you add any new valuables, let your insurance agent know so that those can be added to your policies, and you can obtain new or expanded coverages as needed.
It can seem overwhelming to go through the steps to insuring your valuables. Don’t worry! Gannon Associates Insurance is here to help. Visit one of our many offices or give us a call at 844-GANNONS today to get the conversation started.