Question By: A personal article floater policy is a type of inland marine insurance that may protect readily movable property. The coverage travels or “floats” with the valuable items. It can supplement your other standard insurance policies, such as a homeowners policy. A personal article floater can be a separate policy or an endorsement from your current insurer. A personal article floater is stand-alone insurance coverage that is either a separate policy or an endorsement added to your homeowner's insurance policy, depending on your carrier.
Examples of personal property that can be insured with a personal article floater include:
- Jewelry
- Furs
- Cameras
- Musical Instruments
- Silverware
- Personal Computers
- China and Crystal
- Electronic Equipment
- Fine Art items (Books, Rugs, Antiques)
- Postage Stamps
- Rare and Current Coins
Personal Articles Floater Insurance
Personal floater insurance, or PAF, is a type of coverage on a stand-alone policy that provides insurance coverage for items beyond the personal property covered on your homeowners or renter's policy. The “floater” part of this coverage refers to items that are easily movable. Items like furs, expensive jewelry, fine art, valuable collector's items, etc. are typically what you see on a PAF.
Difference Between a Personal Articles Floater and Personal Property Coverage
As you would assume, both a personal articles floater and a personal property coverage both cover personal property. It's been described that if you were to flip your entire house upside down and shake it, whatever “floats” around and falls to the ceiling would be considered personal property.
In order to purchase a personal article floater, you should meet with an insurance agent. They can walk you through the process and make sure that you get the right coverage for your needs with a carrier who works for you. You should bring a detailed list of your valuables, along with any receipts, appraisals, photos, and/or videos of the items. Make sure to discuss all aspects of the policy with your agent to ensure you know what is covered, how it is covered when it is covered, and how much coverage the policy provides along with your costs, which include premium and deductible.
A personal article floater is a valuable policy to have in the event of a loss and can provide peace of mind for your most valuable assets. It can provide coverage where other policies may not be able to and can ensure that your valuables are protected.
For More Information On Personal Article Floater Coverage
If you have questions about your coverage or would like to learn more about a personal article floater contact Midwest Insurance Group.
Visit https://midwestinsurancegroup.com/2022/08/09/understanding-a-personal-article-floater/ for more information.
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