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.
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.
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.
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.
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