The typical Homeowners policy is very broad, and includes coverage for your furniture, clothing, and appliances. In addition, it provides limited coverage for such items as jewelry, silverware, furs, and firearms. However, it may not cover some types of loss that may be important to you, such as the stone falling out of your diamond ring, your antique statue that is accidentally broken, or a flood that damages your personal computer. In fact, most homeowners policies set dollar limits on the amount of protection offered to cover the theft of items such as jewelry or furs ( usually only up to $1,000), firearms (up to $2,000), or silverware (up to $2,500). This usually provides most homeowners with enough coverage.
However, if you own extremely valuable property, this will not be enough coverage. For example, if you own a diamond ring valued over $10,000 or a collection of fine arts valued over $50,000, you need more protection and should consider buying a Personal Articles Floater.
Items that can be covered:
Many different types of items can be covered by a Floater policy. Here’s a quick listing of some of the items typically covered:
- Camera Equipment (Video or Still)
- China and Crystal
- Coins (rare and current)
- Expensive Golf equipment / Bikes / Skis
- Musical instruments
- Personal computers
- Stamps (rare and current)
- Works of fine art, including paintings, etchings, pictures and other bona fide works of art (such as oriental rugs, statuary, rare books, manuscripts and bric-a-brac) of rarity, historical value or artistic merit.
If you own something of value that is not listed above, it may still be eligible for coverage. You may want to discuss this with us.
Another advantage of a Floater is that it allows you to purchase better protection for your valuable articles than would be available under the typical Homeowners policy. In addition to being able to purchase higher limits of coverage, more perils are covered, and you receive worldwide coverage, including protection against mysterious disappearance. The policy also may be expanded to include loss due to breakage, something that is not available under the terms of a Homeowners policy. That means, if you accidentally break something of a delicate or fragile nature, you’re automatically covered! Although no deductibles apply to many types of losses, a $100 deductible may be applied to breakage caused by certain perils.