A personal article floater, also known as an inland marine policy, is extra coverage for specific items that are limited on homeowners policies. Most home insurance policies will cover everyday personal items such as appliances, furniture, clothing, etc. in the event of a theft or covered loss.
Other more valuable items such as jewelry, fine arts or gun collections can be included in your homeowners or renters policy, but there are limitations to the amount they will pay. It is usually not enough to cover said loss. For example, jewelry is typically a $1000 limit. Some items may not be covered at all due to various exclusions and limitations on homeowner coverage.
A personal article floater is stand-alone insurance coverage that is either a separate policy or an endorsement added to your homeowner’s insurance policy, depending on the carrier. Examples of personal property that can be insured with a personal article floater include:
- Fine Arts (paintings, rugs, etc)
- Musical Instruments
- China and Crystal
- Electronic Equipment
- Stamp Collections
- Rare and Current Coins collections
One of the most common misconceptions about homeowner’s insurance is that it will cover the costs of stolen or lost jewelry. There is usually a limit of $1000 or $1500 on a homeowners policy. For this reason, it is wise to purchase a personal article floater to provide higher coverage for high-end pieces of jewelry.
It is always a good idea to keep pictures of these pieces somewhere such as on cloud storage so that you will have them as proof of ownership in the event of a loss. Receipts and/or appraisals may be required to insure certain items. Talk to your Melissa Ems Insurance Agency Advisor about insuring your precious items for peace of mind.
Worried you aren’t completely covered? Consider an umbrella insurance policy that extends your coverage.