Almost everyone has valuable possessions, some of which have an extremely high monetary worth, while some possessions have valuable worth just to the owner. A standard home-owner’s insurance policy generally covers the primary items in your home, such as the furniture, appliances and clothing in the event of loss or theft. However, when it comes to the dollar value paid out on certain valuables, the amount paid by your homeowner’s policy may be quite low. Personal articles insurance is an additional type of insurance for the residents of Austin, TX that provides extra coverage for your valuables. Here is some brief information about personal articles insurance that is offered by Southwest Insurance Center.
What Is It?
Personal articles insurance, also known as a personal articles floater policy is a stand-alone form of coverage that is generally added to your current homeowner’s insurance policy. It provides coverage for extremely valuable items, such as rare coin collections, family heirlooms or camera equipment. The policy provides a larger level of monetary protection that what is included in the homeowner’s policy. When purchasing personal article’s floater insurance, you will need to submit a detailed list of the property you want to be covered in the policy. Each item listed must include an appraisal value and some insurance providers request proof of the appraisal.
What Does it Cover?
For the majority of homeowners, the standard homeowner’s insurance policy is enough to replace items that have been lost or stolen. However, if you have possessions that are considered to be rare and/or of extreme value, a personal articles floater policy may be necessary to ensure you receive the full value should they be lost, stolen or damaged. Some items that a personal articles insurance policy covers may include:
- Furs or fur-trimmed items
- Coin and stamp collections
- Camera equipment
- Musical instruments
- Fine art
- Sports equipment
One of the best benefits of personal articles insurance and the reason it is known as personal articles floaters insurance is that the policy generally covers a loss to the items covered anywhere. This means if you are out of the country and your items become lost, stolen or damaged, coverage is provided, which is extremely valuable for those who travel for pleasure or business and take their valuables with them.
Residents of Austin, TX that are interested in updating their current policy to include personal articles insurance should contact Southwest Insurance Center.