Insuring your Jewelry, Furs, Fine Arts (collectibles, paintings, etc.) are unique items of personal property and require unique insurance in the form of a Personal Articles Floater insurance policy to insure your high valued personal property.
Unlike the limited coverage provided by your Homeowners insurance policy the Personal Articles Floater insurance policy offers broad coverage on an “all risk” basis. Under this policy form your loss is covered unless it is specifically excluded by the policy terms.
There are exclusions to be sure but not as many as are found in your standard or preferred homeowners’ policy when it comes to your valuables. As an example a jewelry loss caused by a mysterious disappearance is covered by the Personal Articles Floater insurance policy. Theft is covered by a homeowner’s policy – mysterious disappearance is not. Your jewelry insurance coverage is broadened under the Hollywood Valuable Articles insurance policy.
There are also specific limitations in your homeowners’ insurance policy as it relates to coverage for high end or one of a kind valuable items. The average homeowners’ insurance policy limits loss to jewelry to a limit of $500 or $1,000. The insurance limitation for Furs could be limited to as little as $500. These are total policy limits, not per item limits.
Additionally the Personal Articles or Valuable Items insurance policy provides worldwide coverage with some exception. If you travel a good deal outside of your normal policy territory then you really need to purchase this insurance since your jewelry is traveling with you. Fine Arts insurance can be limited to a described premise or policy territory. There are times where for various reasons and with the express permission of the insurance company the Fine Arts Personal Article Floater is extended to provide coverage for Fine Arts outside of the U.S. or the normal policy territory such as when a collection is on loan to a museum.
It is not just Jewelry, Furs and Fine Arts that can scheduled onto a Personal Articles Floater insurance policy. Many items can be specifically scheduled and insured such as cameras and the expensive equipment that goes with them, golf equipment, coin collections, stamp collections and even your old record and trading card collection if it is properly catalogued.
A check of your valuables against the applicable sublimits of your Homeowners insurance policy will help you to identify those items of a particular value which should be insured on a separate Personal Articles Floater. Current appraisals of the items to be scheduled will be required. In this respect you are proving your loss before the loss occurs.
Pictures can and should be taken and stored with your appraisals in a safe place to assist you in determining the items that can be lost in a fire or stolen. I would not suggest a download on your home computer since that can be easily destroyed in a fire or stolen during a burglary. I think old fashion safe deposit boxes that are at the bank safely stored away from your insured premises are still always the best bet.
Deductibles may or may not apply to your valuable items insurance policy. It depends on the company your insurance is placed with. Usually this policy pays “first dollar” which means there is no deductible.
Always seek the advice of your professional agent. He or she can provide you with the cost to separately insure your valuables. This can be done by an endorsement or rider to your existing homeowners’ insurance policy or it can be a completely separate policy. A separate policy will be provided on an annual policy term but it can be adjusted to expire concurrently with your homeowners’ insurance policy. The cost will be based on a rate per $100 or per $1,000 in insured value of the item(s).
Contact one of our agents at EZ Center Insurance Services to discuss your need for a Valuable Items Insurance quote.