Policy and Coverage that goes Hand in Hand

Jun 16, 2016 (0) comment

Continuing our articles looking at the different coverage you can expect for your insurance, today we will be looking at another facet of personal property coverage, and a policy that goes hand in hand with that coverage: the Personal Articles Floater, (also known as a personal articles policy, or an inland marine policy).

When it comes to personal property, the majority of your property is covered without limit under Actual Cash Value or Replacement cost.  However, there are certain items of personal property that are only covered up to a certain amount by the major insurance companies.  The limit is different from insurance company to insurance company, but it is in place generally for items that are of high value, and hard to ascertain the value of.  A good list of examples that fall into this category: Musical instruments, jewelry (Wedding and engagement rings especially), artwork, silverware, guns, and property of this nature.  It’s always a good decision to check with your local insurance agent, and see what property falls under this limit on any free insurance quote you receive.

So, to get around these coverage limitations, you need to purchase another policy, the aforementioned personal articles floater (or PAF).  This policy allows you to cover your personal property, up to an agreed upon value.  With this policy, if you were to suffer a loss your property would be covered.  One of our local customers in McKinney Texas, had a large collection of Fine Art, they suffered a loss on their home that damaged some of this property, but because they had a personal articles floater in place the loss was covered.

Different insurance companies handle the PAF in different ways.  Some, such as: Safeco and MetLife, endorse the PAF directly onto a home policy.  Others like Travelers and Nationwide, issue the PAF as a separate policy.  In either case it’s an important coverage to get.

If you need to get a Personal Articles Floater from a local agent, you can find us on Facebook, or email us at contact@minsuranceagent.com.  If you’re ready for a free insurance quote, you can submit your information on our  home page, or call us at 214-733-8400.

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