Personal Article Insurance
Why you need insurance for your personal articles
A personal articles floater (PAF) is a stand-alone policy for high-value belongings such as jewelry, fine art, electronics, instruments, and rare collections. Your homeowners insurance will only provide certain coverages for items such as this, limiting important protection. Additionally, a homeowners loss will be subject to your policy deductible.
A personal articles floater can bridge this gap by providing comprehensive coverage that is generally inexpensive. You can schedule one or many items on this type of policy. Normally, you must submit an appraisal to properly schedule your belongings to value so having this on hand will be quite helpful. Personal articles insurance protects you from causes of loss such as breakage, theft, or even mysterious disappearance. This way if something happens to one of your items you can have peace of mind knowing you are properly insured.
What a Personal Articles Policy doesn’t cover
Insurance companies may vary on what coverages a policy does & does not offer. However, general exclusions to a personal articles floater include loss from wear & tear, insects & vermin, property of the item that causes it to damage or destroy itself.
Does a Personal Articles Floater Have a Deductible?
A deductible is optional for a personal articles floater though most do not include one. This means if a covereds loss occurs and a claim is filed, you will not be subject to an out of pocket deductible for your insured item.
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