So, your home and car are insured. That’s good! How about your expensive jewelry, furs or priceless antiques? Do you have a valuable stamp collection? Expensive coins? A gun collection? Then, you need a personal articles floater policy. These policies provide coverage above the limitations on your homeowner policy for personal belongings, with a few requirements as well. Depending on your carrier, an appraisal is required for items over a specific dollar amount.
Why should I get this policy?
Why would you want to purchase this type of a policy? This type of policy provides additional benefits for specifically covered items. Suppose that a $20,000 diamond engagement ring gets lost or chipped while honeymooning in the Caribbean. If insured, the personal articles floater policy will cover the cost of repair or replacement. These policies, or “floaters,” although very different, generally share four common characteristics:
- The coverage can be tailored to insure a specific type of property
- The insured can select the appropriate policy limit for the property
- Floaters are typically written on an all risk basis, so all direct physical losses to property are covered unless they are specifically excluded on the policy
- Most floaters cover property anywhere in the world, however fine arts are typically only covered in the United States
