Your personal property includes everything that you might own that is not real estate. This class of property includes appliances, furniture, tools, and even your clothing. A standard homeowner’s policy covers these items under normal circumstances, but what most people are not aware of is that some personal property items have special limits under a standard homeowner’s policy. In most cases, these limits are not adequate to pay to replace things like jewelry, guns or certain types of motor vehicles like ATVs, snowmobiles, boats or personal watercraft.
What Type of Items Can Be Insured?
If you are concerned that the limits of your homeowner’s policy will be inadequate, there is a solution known as an inland marine policy. This is also referred to as a personal articles floater and it is designed to provide additional coverage for high-value personal property items that might normally be limited under your policy.
The approach to take with a policy or endorsement of this type is to make certain of the value of your items before you purchase your policy. For most items, this might require an appraisal by a professional to keep on file with your insurance company. Having this information in your file prior to a loss can make settlements much easier in the event of a claim.
Under a standard homeowner’s policy, coverage for personal property is usually limited to a specific list of named perils but if you add an inland marine or personal articles floater, you may be able to obtain a much broader type of coverage for your items.
If you are interested in an inland marine or personal articles insurance policy, your first step should be to obtain a quote for your items based on the limits that you desire. Since the amount of insurance you carry is up to you, you can always choose lower limits to lower the cost of your policy. Contact an experienced insurance agent today if you would like to know more about the special limits on your homeowner’s policy, and how you can protect yourself with an inland marine or personal articles floater.