Personal Articles Floater
Many people know that valuable items like jewelry and art collections are usually insured separately from other property typically covered under a standard home insurance policy. But did you know that separate policies for specific items such as these, often called a personal articles floater, are not just for expensive items?
A personal articles floater is designed to extend better insurance coverage for items that need to be scheduled separately to avoid running into a predetermined sub-limit on a home insurance policy. In addition to jewelry and fine arts, the floater can also cover unique items such as a stamp or coin collection or model railroad. Portable property, such as cameras and video equipment, may be scheduled along with fragile or hard-to-find articles like statuary, sports memorabilia or vintage wine.
In addition to restrictive sub-limits, most home insurance policies limit personal property coverage to a named-peril basis, meaning—if the cause of the loss to property is not specifically listed in the policy—there is no coverage. In contrast, most personal articles floaters are designed to protect your property on an “open-perils” basis, meaning all losses are covered unless specifically excluded.
For example, if you lose a ring in the lake while boating, most home insurance policies will not pay to replace it because there is no peril listed to provide coverage. If the ring were insured on a personal articles floater, the loss would be covered unless the policy specifically describes that event as one that eliminates coverage.
For more information on a personal articles floater for your property, call our service team today.