Insurance policies exist to help us protect our valuables, just in case something happens to them. But, what happens when the policy limit doesn’t quite cover the most precious things we own?
Floater insurance is a very flexible kind of insurance policy that covers unique items that are excluded by general policies for various reasons. A personal articles floater is a specific policy that can be added to many general homeowners insurance policies when an exclusion or limitation prevents coverage of valuable property.
Personal articles floater policies are unique in several ways.
- Generally, a personal article floater can be tailored to the specific type of property you wish to cover.
- Limits on the policy can vary depending on the needs of the insured person.
- Because a floater policy is so flexible in what it covers, it usually isn’t limited to certain risks, but can have the ability to cover them all.
- Usually, floater policies cover an item anywhere in the world, with the exception of fine arts, which are usually only covered domestically.
Why Is a Personal Article Floater Policy Necessary?
Typical homeowners insurance policies will cover major items like appliances, furniture, clothing, and other basics. Some valuables, like jewelry or a computer, can be covered too. However, in the case of a major loss, the dollar value paid out on valuables may not be nearly enough to cover the loss.
Some kinds of damage or loss aren’t covered in a typical homeowners insurance policy either. This is where a personal article floater comes into play – it can cover high value items, even when the damage or loss is covered in ways that generic homeowners policies won’t cover.
Consider the following valuables. Are they covered under your homeowners insurance policy? Are you willing to risk them if they’re not?
- Jewelry – valuable jewelry may require an appraisal, but can often be covered.
- Furs – imitation fur, garments, or things trimmed with fur may be covered.
- Cameras – anything from telescopes to expensive filming equipment may be covered.
- Musical Instruments – sound equipment may also be covered here.
- Collections – stamps, coins, guns, or other valuables, especially inherited or antique ones
How Do I Get a Personal Article Floater Policy?
Fusco & Orsini is dedicated to providing you with the most comprehensive insurance policy possible. If you have questions or are ready to add a personal article floater policy to your insurance coverage, Request a free quote.