Valuable items such as jewelry, art, and antiques need broader coverage than most homeowner policies provide. To cover your valuable items properly, you will want to add a personal articles policy to your homeowners' insurance. Conner Insurance offers this policy to customers who wish to cover their valuable items. Let's take a closer look at the coverage that a personal articles policy provides.
What Losses Does Personal Articles Policy Coverage Include?
The personal articles policy ensures that your items are covered for theft, loss, or misplacement, as well as a mysterious disappearance. The general rule of thumb is that your items are covered for everything except for what is specifically excluded. These exclusions usually include wear and tear or unlikely events, and you’ll find those exclusions on your policy.
Which Valuable Items Should You Include in Your Policy?
Some of the items you want to make sure to schedule on this policy would include jewelry, antiques, paintings, tapestries, statues & other forms of fine art, silverware, furs, golf clubs or other sporting equipment, road bikes, and a piano or other music equipment. In case of a covered loss, this specialized coverage allows you to recover the value of an item based on a recent appraisal or bill of sale.
What Type of Replacement Will You Get If Needed?
Whether you receive a replacement or cash value under the personal articles policy depends on your specific policy, the item, and the carrier. Jewelry and most other items are usually covered for replacement. For instance, if you lose a ring that was covered for $8,500 on a personal articles policy, the insurance company is going to try to find one of similar type and quality. That means you will get a replacement ring that matches the same design, color, clarity, and carat as the one you lost.
Reasons to Get a Personal Articles Policy
- This policy gives you protection from coverage gaps because your high-value possessions are not adequately covered by an existing homeowner or tenant policy. Adding a personal articles floater offers you higher limits and more specialized protection for your valuables.
- Savings from a multi-policy discount
- No deductible is required. There is no maximum coverage limit for a personal articles floater, and no deductible is required in most classes.
- Affordable peace of mind- this expanded coverage for valuables is not expensive for the value it provides. (Estimated premium for $5,000 worth of jewelry is approximately $75 per year, and the estimated premium for a $1,000 road bike is approximately $93 per year.)
Add Your Personal Articles Policy
If you’re on the fence about whether or not to insure an item, then ask yourself if you could replace the item immediately and comfortably if something were to happen to it. If the answer is no, Conner Insurance recommends talking to your agent about getting a policy to cover it. Contact us today at (317) 808-7711 to discuss adding a policy. We are locally owned and serve multiple cities in Indiana, including Carmel, Westfield, Fishers, Indianapolis, and Brownsburg.