When Should You Have a Personal Articles Floater?

When Should You Have a Personal Articles Floater?Everyone has valuable possessions in their home, and they want to protect them. For rare situations, like a valuable being damaged by a houseguest, where high-value items in a home fall outside the scope of even the broadest home insurance policy, a personal articles floater may be a viable option. But what is this enhancement, and where is the line between high-value homeowners insurance and needing a personal articles floater?

What is a Personal Articles Floater?

A personal articles floater is a type of stand-alone coverage typically added to the current home insurance premium. It allows for extremely high-value items, such as silverware, camera equipment, and rare coins, to be covered by a substantially larger level of monetary protection, possibly with no deductible attached and will allow a specified range of time for the homeowner to report new property being added to the policy. If valuable property is purchased and then stolen out of the home before the owner can contact their insurance company, they may still be covered even though the item was not listed on the policy.

The policy requires a detailed list or “schedule” of the property that will be covered. Each item must have an appraised value attached to it, and some may need proof of that appraisal. If a loss occurs the insurance company pays out the lowest of the following options: actual cash value, the amount the property could reasonably be expected to be repaired/replaced, or the amount of insurance.

How Does the Coverage Differ from A Standard Policy?

This coverage offers greater range of protection, including the ability to claim damage on the items if the homeowner accidentally breaks them or if they were damaged in a flood or other natural disaster that a typical policy would not cover. Personal articles floater policies also cover losses to items that occur anywhere in the world.This is particularly useful for those who travel and take their work equipment, expensive hobby belongings, or other valuable items with them.

If there is a possession of great value or extreme rarity in the home or on your person, a personal articles floater may be necessary to provide both security for the item and peace of mind for whom the items belong to. Take advantage of this enhanced protection before anything happens to your beloved assets.

Commonly Covered Items

Some items that typically require this greater coverage include:

  • Jewelry (may include silverware, and trophies; likely required to provide receipt of sale)
  • Musical instruments
  • Sports equipment
  • Wine
  • Fine art (paintings, different types of antiques, manuscripts, rare books and glasses.)

About Barnes Insurance Agency

At Barnes Insurance Agency, we specialize in vacation home rental insurance to ensure the protection of your property and assets. We strive to offer customizable solutions to meet your specific needs. For more information, contact us today at (877) 279-2500.

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