Coverage for Jewelry
A personal articles floater provides coverage for possessions with higher monetary values like:
- Jewelry
- Cameras
- China and Crystal
- Firearms
- Golf Equipment
- Personal Computers
- Silverware
- Works of Fine Art
Why should I consider a Personal Articles Floater?
Benefit 1: A Personal Articles Floater will provide higher limits on your valuable items.
A Personal Articles Floater provides much higher limits than a standard homeowners policy. Claims are usually handled in one of two ways:
- The insurance company will pay the amount to repair or replace the item.
- The insurance company will use an “Agreed Value” limit for the item. This means that your insurance company will pay you the amount listed on the policy in the event of a covered claim.
An Agreed Value limit is excellent when insuring items like jewelry and other unique items because it means you will not have to negotiate a settlement price with the insurance company if you suffer a loss on a covered item.
Remember, though, that to have an Agreed Value limit on your policy on valuable items like jewelry, you may need to provide a copy of a current appraisal on the item.
Benefit 2: A Personal Articles Floater can provide additional coverage.
A standard homeowners policy does not include some insurance coverages that are very important for rare or valuable items.
For example, a Personal Articles Floater may include coverage for “mysterious disappearance” or losses due to “breakage.” If you misplace a valuable piece of jewelry or accidentally break a fragile piece of art, you will have insurance coverage for both instances.
Benefit 3: Coverage for a Personal Articles Floater can be expanded worldwide.
Your homeowner’s policy will typically only cover items on the premises listed on the policy. However, with a Personal Articles Floater, you can rest easy knowing your items are protected, wherever they may be.
For example. If you lose a piece of jewelry while on vacation, your Articles Floater policy will pay for a replacement.
Benefit 4: Most personal articles Floating do not have a deductible.
A standard insurance policy usually includes a $500 to $1,000 deductible. A Personal Articles Floater is different; many of them remove the deductible.
This is an excellent feature because any claims filed won’t incur out-of-pocket expenses.
Some Tips when Adding this Coverage
- Make sure to keep a detailed list of the items on the policy, including copies of the appraisals.
- Photograph each piece of your collection and store the photos in a safe place. This will make listing each item on your claim report easy if your entire collection is stolen or damaged.
- If you have many high-value items, storing them in a safe deposit box or installing a security system in your home may be best. Doing so will help discount the premiums on your policy as well.
- If you have something rare or unique not listed in the standard items above, it may still be eligible for coverage. Speak with your agent to find out what coverage options are available.
How Much Does the Coverage Cost?
Now, the big question, right? How much is this type of policy going to set me back?
Personal Article Floaters are much cheaper than you think, given the coverage they provide. The increased cost can be anywhere from $20 to $2,000 annually, depending upon the type of items insured and their associated value.
