Personal Article Floaters Won’t Leave You Underinsured

Onyx Insurance Brokers

Your jewelry, fine arts and collections are indeed a source of pride and beauty. Whether it is hidden in a safe, displayed proudly on the wall or shining brightly on your finger, to protect them is necessary. Give these precious items and collections the protection it needs with a Personal Article Floater.

Most have overlooked the fact that most valuables have limits on coverage that the policy will actually cover. Standard policy will only protect your valuables against losses listed in your policy such as fire, smoke, vandalism, etc. It will also only cover the items for the limit specified. These limits and exclusions often leave individuals underinsured.

A Personal Article Floater is a separate policy, or sometimes a rider on your homeowners’ policy, that provides coverage beyond what your standard policy does. This additional coverage can extend your limits to fully cover your valuables. A personal article floater can also provide coverage for losses that are excluded from your standard policy.

If you have valuables that matter to you, and if these valuables would cost you more to replace in the event of a loss than you can afford out of pocket, then, you’ll probably need a personal article floater. The following items typically can be covered by a personal article floater:

  • Jewelry
  • Fine Arts/ Antiques
  • Camera Equipment
  • Coins and Stamps
  • Musical Instruments
  • Furs
  • Gold Clubs
  • Firearms
  • China and Crystal
  • Silverware
  • Wine Collections
  • and more

If you wish to purchase a personal article floater, you should meet with an insurance agent. Insurance agent will help you walk through the process and make sure that you get the right coverage for your needs. Make sure to discuss all aspects of the policy with your agent to ensure you know everything about your coverage.

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.

It is also recommended that you keep your detailed list, up-to-date appraisals, receipts, and your personal article floater paperwork along with any other paperwork and important items in a safe place; potentially off-site. This will come in handy should you have a loss involving these items and which you may need when you file a claim.  Consider a safe deposit box or electronic copies depending on your valuables and situation.

A personal article floater can give you peace of mind in the event of loss and damages of your valuables. It will provide you the coverage you need where other policies may not be able to and can ensure that your valuables are protected.

Contact ONYX Insurance today and talk with us so we can assist you on your personal article floater needs.



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