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Personal Perspective

How Does a Personal Articles Floater Work

By August 17, 2017No Comments

Use a personal articles floater to insure the high-value items you own. It’s an important addition to your current renters’ or homeowners’ insurance policy. Learn more about this valuable coverage as you protect your valuables and gain peace of mind.

What is a Personal Articles Floater?

Your renters’ or homeowners’ insurance policy covers your personal possessions if they are damaged, lost or stolen. However, you may own high-value items that exceed your policy’s coverage amount. Your items could also be damaged in a flood or earthquake.

In these situations, your renters’ or homeowners’ policy may not cover repairs to or replacement of these valuables. You’ll want a personal articles floater that provides additional coverage.

How Does a Personal Articles Floater Work?

To purchase a personal articles floater, contact your insurance agent. You’ll probably need to get your items appraised because many insurance companies use appraisals to prove that you own the item and to verify its value.

You can insure individual high-value items or a group of items. You normally have between 30 and 90 days to tell your insurance agent about any new additions to your collection. If the item is damaged, lost or stolen during this grace period before you add it to your personal articles floater, it could still be covered.

If you ever need to file a claim against your personal articles floater, contact your insurance agent. The policy will cover your items anywhere in the world, and you won’t usually have to pay a deductible.

The insurance company will evaluate your claim and mail you a check. It will pay the lowest of either the item’s actual cash value, the cost to repair or replace the item, or the amount for which you have insured the item.

What Does a Personal Articles Floater Cover?

Typically, a personal articles floater is available for items that are worth between $5,000 and $50,000. You can insure a variety of valuables with your personal articles floater, including:

  • Antiques
  • Artwork
  • Rare books
  • Cameras
  • Coins
  • Computers
  • Furniture
  • Furs
  • Glassware
  • Guns
  • Heirlooms
  • Jewelry
  • Manuscripts
  • Memorabilia
  • Musical instruments
  • Silverware
  • Sports cards
  • Sports equipment
  • Stamps
  • Wine

Who Needs a Personal Articles Floater?

Anyone who owns valuables should consider purchasing a personal articles floater. It can pay you to repair or replace the item and gives you peace of mind as it protects the high-value items you own.

If you own high-value items, contact your insurance agent. You may wish to purchase a personal articles floater and gain the protection and peace of mind it offers.