Insuring Your Valuables: 4 Benefits of a Personal Articles Policy

Posted by Chelsea England on December 29, 2017

When you think about your home insurance, it is easy to believe that you have full coverage on all your personal property items, like jewelry, furs, silverware, and firearms, but that is not the case. Your homeowners policy does provide some coverage, but it has its limitations. For instance, if your heirloom ring was stolen, you have to reach your deductible to get reimbursed. Even then, you most likely have a limit that will not cover the full replacement value of most fine jewelry.

To get the best coverage possible, it is advised to schedule your items on a Personal Articles Policy, also known as an Inland Marine Policy. Marine policies traditionally protected commercial sea voyages, which covered a variety of cargo on an “all-risk” basis. This policy was uniquely designed to include all causes unless they were specifically excluded. Today, the Inland Marine policy covers a wide range of property and materials on land, including your jewelry, furs, silverware, firearms, and more, while retaining broad protections that homeowners policies usually do not offer.

A few reasons why an Inland Marine policy is the best option for you:

  1. When scheduling your items, you can add them with an agreed value, which means the amount you insure them for is the amount you get back at the time of a claim.
  2. You can schedule your items without a deductible, which means you truly do get the full amount you insure them for.
  3. When you file a claim on your personal articles policy, it will not affect your claim history on your homeowners policy.
  4. The items that you schedule on a personal articles policy are not subject to the same perils as your homeowners policy. This means that you have broader coverage for loss, theft, or mysterious disappearance.

If you are unsure about your coverage after a personal review of your policy, contact our office so we can look at your options together!

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