A Guide to Collectible & Personal Article Floaters

It’s a common misconception that Homeowners’, Renter’s, and Dwelling policies cover all personal property, but that’s not the case. While they cover some personal effects, there are often limitations and exclusions on what the policies will pay out, meaning homeowners and renters may receive less than their belongings’ value. Collectible and Personal Article floaters are worth considering for personal property that’s unique, extremely valuable, or difficult to find. 

What is a collectible and personal article floater?

Standard Homeowners’ and Renter’s policies only cover more common household items like appliances, furniture, and clothing. They also may not cover the items if they break or get lost. Collectible and Personal Article floaters can be a standalone policy or even a rider on a standard policy. They insure valuables beyond the typical personal property covered under a Homeowners’ and Renter’s policy. 

In the event of a covered loss such as theft, flood, fire, damage, breakage, and more, the policy will then repair or replace the item(s). Coverage for losses can extend standard limits to cover items fully and provide additional coverage for losses that were otherwise excluded by a standard policy. 

What items do collectible and personal article floaters cover?

Collectible and Personal Article floaters cover roughly 80 percent of an item’s actual worth. The “floater” portion of the policy refers to easily movable items. Things that the policy may cover include:

  • Jewelry
  • Firearms
  • Fine art, including vintage furniture, rugs, paints, and statues
  • Furs
  • Shoes
  • Handbags
  • Wine
  • Stamp collections
  • Coin collections
  • Silverware
  • China
  • Electronics
  • Musical instruments
  • and other miscellaneous items

How do collectible and personal article floater policies work?

Before securing a Collectible and Personal Article floater policy, clients should provide a detailed list of the valuables, their appraisals, photos, videos, and receipts. The specifics of the policy, the item, and the insurance carrier determine the settlement options. There are two different loss settlement options:

  • Replacement cost settlement: This option typically provides coverage that replaces the loss with something similar in kind.
  • Agreed value settlement: This option, also known as the “guaranteed value,” generally reimburses the policyholder for the full amount of the lost or damaged item that was included in the policy.   

Do your clients need a collectible and personal article floater policy?

Collectible and Personal Article floater policies are a nice-to-have and an affordable way to provide your clients peace of mind knowing that their valuables are protected if the unexpected occurs. Whether your clients have valuable furs or something more unique like a vintage beer collection, Quaker Special Risk and our experts can find the best coverage to meet their needs. Contact us today to learn more about what options are available.

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