What is a personal articles floater and why should you consider one?

What is a personal articles floater and why should you consider one?

May 08, 2018

What is a personal articles floater? For many of you this is a new term and something you more than likely haven't heard when you have sat down for your annual insurance review with your agent.

A personal articles floater, also known as a personal inland marine policy, is a policy that provides extended coverage on valuable items such as wedding rings, silverware, cameras, collector items, coin collections, etc.

The majority of homeowner's policies provide a very limited amount of coverage for these types of items; in general the limit is $2,500. So if you have a coin collection worth $25,000 and it gets stolen from your home, you will only have $2,500 from your homeowner's insurance to cover the loss.

That is why personal articles floaters are so important! The policy is there to provide the proper amount of coverage for those valuable items that are important to you. If you have a wedding ring worth $10,000, or an antique piano worth $35,000, or your grandmother's silver collection worth $70,000; a personal articles floater will provide full coverage on all of these items.

The best thing about a personal articles floater is there isn't a downside to having the policy. A personal articles floater is:

  • very inexpensive
  • there to provide full coverage for your valuable items
  • a policy that can usually be added on as an additional policy on your homeowner's policy
  • all you need is an appraisal to show the current value

Have a talk with your spouse or family members and consider what you may own that would need additional coverage that isn't provided on your homeowner's policy. The next time you sit with your agent, ask about a personal articles floater. It's worth the small price to insure your valuable, irreplaceable items.