Personal Articles Floater Insurance

Personal Articles Floaters and provide supplemental coverage for your possessions that would be inadequately covered under a standard homeowner's policy. Jewelry, fine arts, stamp or coin collections, silverware, furs, and antiques are common items that should have special coverage. Determining the Need for A Personal Articles Floater

Your homeowners or renters policy provides coverage for all standard personal property you own such as furniture, clothing, appliances, jewelry, silverware, and sporting goods. You will not be covered, however, for situations such as the stone falling out of your diamond ring and getting lost, your favorite civil war muscat that is accidentally broken, or a flooded home office that destroys your SLR Camera. Homeowners policies contain sub-limits on the amount you can recover for certain types of property in the case of a loss (eg. furs - $1,000; silverware - $2,500, jewelry - $1,500). Some companies allow you to purchase increased sub-limits for these items (blanket basis), while others require each individual item to be separately described and valued on the policy (scheduled).

For valuable items, you need more protection and should consider buying a Personal Articles Floater. Some of the most likely items that may require a floater:  
 

• Jewelry

• Fine Arts/Antiques

• Camera Equipment

• Coins and Stamps

• Musical Instruments

• Furs

• Gold Clubs

• Firearms

• China and Crystal

• Silverware

• Wine Collections

• ...and more

What kinds of coverage should you take?

Floaters provide the potential to increase limits and specifically schedule items. In addition, more perils can be covered such as breakage and mysterious disappearance. Worldwide coverage is another aspect that many insureds need.  

You will be asked to list all the items that you'd like to insure. This "schedule," should include a detailed description of each item and its appraised value. A copy of a current appraisal may also be required. The schedule is attached to your policy. It is recommended that all personal property be photographed or that you do a videotape of your possessions to remind you of what you may need to claim after a fire or flood. 

How a Claim is Handled

Where there is a total loss to a scheduled, appraised item, you are reimbursed for the agreed value shown on your policy.

Where the value of a specific item is not already agreed upon in advance (blanket basis), the valuation takes place at the time of the loss. You will receive the less of either the actual cash value of your property; the cost to reasonably repair your property to it's condition at the time of the loss; or the cost to replace your property, depending on the item and the specific coverage form.