The holidays have passed and there may have been a special piece of jewelry received as a gift that is very valuable. Or maybe a fur coat? Or even an addition to an already existing valuable collection? A specialty item that is rare?

So, let’s talk about Jewelry, or any other valuable items you may already own or recently received as a gift.  Some valuable items may often require more coverage than what is provided by a homeowner’s policy. This is due to various exclusions and limitations on the homeowner coverage in many policies. This is where a personal articles floater is added to insure such items.

A personal articles floater policy or endorsement can be used to insure the following categories of personal property:

Personal jewelry,cameras and photographic equipment, fine arts, golfer’s equipment, musical instruments, personal furs, silverware, and stamp and coin collections.

• Jewelry: Most personal jewelry can be included on a floater, however, jewelry is given more consideration than other personal items. Generally, any item over $1,000 in value would require an appraisal.
• Furs: Fur coats, personal fur items consisting of fur, garments trimmed with fur and even imitation fur can be included.
• Fine Arts: Fine arts can include private collections of paintings, antique furniture, rare books, glasses, ornament knickknacks, and manuscripts. Fine arts are insured on a valued basis which means if a loss occurs, payment would be made for the amount of insurance stated in the schedule for that particular item.
• Cameras: Items usually included are, motion picture recording equipment, projection machines, films, binoculars, and telescopes.
• Bicycles: Each item must be described on a schedule with an amount of insurance.
• Musical Instruments: Most personal musical instruments, which includes sound and amplifying equipment, can be listed on a floater. Each item should be listed on a schedule with the requested amount of insurance coverage.
• Silverware / China / Crystal: Item must be listed on a schedule with the amount of insurance.
• Stamps / Coin Collections: Valuable stamps and coin collections can be insured either a scheduled basis or on a blanket basis.
• Guns: Each item must be described on a schedule with an amount of insurance.
• Golfers Equipment: Most golf equipment including the insured’s golf clothes.
• Although there are no standard floater policies, most floater policies share the following four characteristics:

If you have high value, or specialty items, whether a homeowner or renter, you may require a Personal Articles Floater to ensure you have the necessary coverage to replace or repair them in the unfortunate event a loss occurs.

Please contact one of our agents here at Percy Hoek, Inc. if you are not sure what your homeowner’s or renter’s policy covers. As with all types of insurance, it’s generally better to pay a small amount upfront than be sorry later.