How A Personal Articles Floater Insurance Policy Protects Jewelry & Valuable Possessions
Is your renters or homeowners insurance policy sufficient to cover the most valuable items? It's a common question people ask. It doesn't matter if you are proposing and want to protect the stunning engagement ring of your partner or you are making an important purchase like an artwork. Knowing that these investments will be protected can give you peace of mind. This guide will help you navigate your options and find the right insurance coverage for you.
How do I insure my most valuable items?
You may have jewelry or other valuable items covered by your high value or historic homeowners insurance policy. However, the coverage for jewelry and other valuable items is usually limited to $1,000 to $1500 per item. This helps to keep homeowner insurance costs low but it does not cover the actual cost of an item being damaged or stolen. Talk to your agent about your coverage requirements.
If you have precious items that are difficult to replace or too expensive to replace, the Insurance Information Institute suggests two options.
You can increase the coverage limits of your current policy. You'll have more coverage in the event of theft, disaster or other events if you increase your limits. You may be able to increase the insurance coverage for jewelry or valuable items (as a property type) to $2,000 per piece or $5,000 in total.
A Personal Articles Floater is another option. It's personal property protection designed to protect specific items. You can either purchase a PAF policy separately or add it to your existing homeowners policy. You can list the items you wish to be covered by a PAF.
What does a Personal Articles Floater policy cover?
The Personal Articles Floater policy offers insurance coverage for jewelry or other valuable items. You might list artwork, family heirlooms and jewelry on your Personal Articles Floater policy. If you have many valuable items or if the value of one item exceeds your homeowners policy's limits, a PAF policy may be an option. These policies can be tailored to meet your specific needs and protect you against a variety of risks. There are often no deductibles on most property classes, and policies can be bought separately.
How do I get started insuring valuable items?
Read your existing homeowners policy. Learn about the coverage you have, as well as any limits or other relevant information. Based on our experience as a top home insurance agency in MA, it is most likely you will need to enhance your coverage to protect higher valued possessions.
You should make a list of valuable items that you would like additional coverage for. You might want to include artwork, jewelry, silver, antiques, family heirlooms and other valuable items.
Each item should be assigned a value. Consider having each item appraised if you are unsure. This will give you an accurate picture of each item's value as well as the combined value of all valuable items that you want to insure. To prove the value of valuable items, many insurance companies may require you to provide an appraisal or receipt.
Calculate the cost of increasing your homeowners insurance's liability coverage. What would be the cost of increasing your premiums? Is an increase in coverage adequate?
Get a quote for a PAF policy from your Pearson Wallace Insurance agent. This policy covers a particular set of valuables so the quote should reflect your specific coverage needs.
You can feel at ease knowing that your most precious and jewelry, collectibles & valuable possessions are insured and safe from harm. As you may not have enough homeowners coverage, considering the different options available to you for expanding your homeowner policy coverage will help you decide if a PAF policy would be a good fit.
To get coverage for your most valuable personal belongings, contact your Pearson Wallace Insurance agent today.