Justin Kraus, Personal Lines Manager, explains the importance of insuring your valuable possessions.
Many insureds are not aware that your personal property limit only offers limited coverage for stolen jewelry, fine arts and silverware. In addition, something like a sports memorabilia collection may not have any coverage at all. These items are best off insured under a personal articles floater, which is a separate policy within your property policy.
There are two ways to insure your personal articles, you can have these items on a scheduled or blanket basis. Scheduling items are listed individually with a value and detailed description, blanket items aren’t listed individually, just a total of the value is listed. The items do not need to be listed individually, but sometimes come with a per item limit.
Blanket is generally used for items that are usually under $10k in value and are not appraised. Scheduling is for the higher priced items that have appraisals, these items usually consist of engagement rings and wedding bands.
Having a personal item scheduled is the preferred method, as it provides broader coverage for your items if they are lost, damaged, or stolen worldwide.
It is important to review your personal articles every few years, as the market is constantly changing. You want to make sure you are insured properly. If you have any items that you are thinking of insuring but don’t have an appraisal for, a blank policy might be right for you.
For more information, please contact us.
