“Scheduled” Personal Property (Articles Floater)
High-Value Jewelry, Furs, Artwork, and Firearms. Not only are they targets of theft, but many people don’t realize that their homeowner’s insurance has very specific (and very low) limits of coverage on these items. For instance, most policies pay “no more than $1,500 in aggregate” for any single loss and “no more than $500 for any one item‘ – regardless of its true value or replacement cost. When it comes to jewelry, most policies limit that amount to only $1,000 and $250 per item! In addition, homeowner policies specifically exclude coverage for what is termed ‘mysterious disappearance’ – which means if you lose any of these items you are simply not covered!
Do you have any jewelry, artwork, or similar items that you need full replacement cost protection and coverage for?
If so, the answer is a “Personal Articles Floater“. This is a stand-alone policy, in addition to your homeowner’s or renter’s policy, that provides protection against loss, theft, damage, and ‘mysterious disappearance’ for the types of items listed above with little or no deductible whatsoever. It is also important to note that your homeowner’s or renter’s policy only covers you (up to the small amount included and with a deductible) for losses occurring within the United States, however, a Personal Articles Floater provides coverage worldwide. This is especially important for those who travel either on business or vacation and take items such as jewelry, musical instruments, laptops, and similar belongings with them.
With the tremendous increase in value in diamonds and precious metals in the past few years, a ring that was purchased for $2,000 just a few years ago may now be worth well over $5,000, $6,000, or even $7,000. Just imagine, what would happen if it were lost or stolen and needed to be replaced? Would your current insurance policy cover you? The answer is probably not.
With the rise in crime and losses due to natural disasters, Personal Articles Floaters (which are so named because they ‘float’ over your other policy) are becoming much more popular. Just a few of the items most commonly insured on these types of policies include:
- Artwork (including statues, vases, and similar)
- Cameras (including video) and related equipment
- Sports Equipment (such as golf clubs)
- Coin Collections
- Musical Instruments
- Rare Books and Manuscripts
- Oriental Rugs
- Rare Items or those with historical or artistic merit.
If you have personal items that you would like to protect, or if you would simply like to discuss your coverage options, please call us at (512) 986-6124 or (800) 299-8994 and we’ll be happy to answer any questions that you may have or provide a quote specific to your needs.