Your Homeowners Insurance may not cover all your items to complete replacement cost! There are Limits of Liability for certain items such as expensive jewelry or priceless works of art.

For example, your engagement ring may cost $15,000 to replace, but your Homeowners policy states it will only give you $1500 in the event it is stolen. In this case, you would want to look to purchase a Personal Articles Floater.

A Personal Articles Floater is an insurance policy normally used to insure certain personal property on an all-risks basis.  The policy is particularly appropriate for property that receives limited coverage under the homeowner’s forms, such as furs, priceless art work, expensive jewelry, silverware, cameras, musical instruments, stamp and coin collections, and similar property.  Such a policy affords higher coverage limits and protects against the causes of loss not covered on a homeowner’s policy.

The term “floater” means just that; the policy floats, or travels, with your items of value.  Many personal articles floater insurance programs provide worldwide coverage, which means that items listed in the insurance policy can be covered wherever they are in the world.

A good rule of thumb would be to let your agent know of any single item in the home that has a replacement cost greater than $500 – $1000.