Coverage for these items is often limited to a few thousand dollars.  Policies may completely exclude losses due to accidents, cracked or lost precious stones, mysterious disappearance, or theft.

It’s essential you review your homeowner’s policy carefully.  Become familiar with coverage limitations and exclusions.  When in doubt, ask your insurance agent for clarification and guidance.

If you determine your policy’s coverage limitations for personal articles is insufficient for your needs, consider the customizable protection available with a Personal Articles Floaters (PAF).  Designed to fill the gaps present in a standard homeowners’ policy, a PAF can be crafted to provide the exact insured limits needed.  Exclusions are less restrictive.  Coverage can be worldwide.  Generally, a Personal Articles Floater offers the broadest protection available.

Personal Articles Floaters (PAF) policies are sometimes referred to as jewelry floaters or just jewelry coverage.

Insurance Appraisals
An vital step in crafting a Personal Articles Floater is establishing an agreed value of the items being insured.  With an agreed-upon value, the policyholder and insurance carrier can avoid settlement disagreements when a loss occurs.  Because insurance carriers will not pay more than this value at the time of loss, it’s critical the amount be accurate.

Insurance carriers will usually require insureds to obtain a certified appraisal or similar professional assessment from an unbiased third party to establish that value.  That appraisal is then kept on file with by the insurance carrier for the life of the Personal Article Floater.  In the event of loss, all parties can refer to this original document to resolve any settlement concerns.

Insurance carriers rarely ask for updated appraisals.  Policyholders should remember to periodically revisit their coverage making sure values have kept pace with inflation.

How much does a Personal Articles Floater cost?
Personal Articles Floaters are relatively inexpensive for the broad coverages being provided.  Discounts are often available to insureds with burglar alarm systems or who store their valuables a secure safe or bank lockbox.  Policy deductibles are flexible if required at all.

Take Action Today
Protect the items in your life that you and your family appreciate and enjoy.   Speak to your Bukaty Insurance team today learn how easy it is to craft a Personal Articles Floater.  We can offer you multiple options to align with your unique needs.  To learn more, email us at service@bukatyagency.com or call us at 913-777-7549.