Homeowners insurance often restricts coverage for high-value items, such as jewelry, wine collections, furs, fine arts, guns, and other expensive items or collectibles. To insure those, you may have to get inland marine insurance, or a personal articles floater, on top of your regular homeowners policy.
Cliff Insurance Agency, Inc serves the needs of a wide variety of clients in the Middleton, Madison, Verona, Sun Prairie, McFarland, Mt. Horeb, Cross Plains, Monona, Maple Grove, Cottage Grove, Deerfield, Mazomanie, Wisconsin areas, and will help you determine if any of your personal belongings fall outside of your standard homeowners coverage.
How Personal Articles Insurance Works
Your homeowners insurance policy has language in it detailing what is covered and what is excluded from coverage. It might be necessary to place some of your personal possessions on a “schedule,” or list, that is added to your policy. In some cases, an entirely separate form of insurance could be required, but that is not a problem. Your advisor can easily show you your options.
Adding high-value items under a personal articles floater gives them better coverage in case they are the only items affected by a loss. For example, thieves may focus only on such expensive property, so there would be no broad contents coverage for them as you might find in the event of a whole-house fire. By listing the exact items and their appraised value, you will be able to recoup losses that affect just those things.
Depending on the type of item, you will have options on the kind of payout by the insurer. Some will be covered at an agreed value, some at stated value, others at a replacement cost—we will work that out with you and your insurer. For items that are part of a paired set or a collection that would be ruined if one item were destroyed or lost, you can often get blanket coverage that works off the value of the whole set instead of just the lost item
Often, there isn’t a deductible for claims on an inland marine policy, and many insurers will cover your property even overseas. Our insurer partners also offer complimentary specialized risk-control services for some of your high-value possessions.
Silverware and antiques can be insured under an inland marine policy.
For more than five decades, Cliff Insurance Agency, Inc has been dedicated to serving Wisconsin residents with the best in insurance products and advice. We serve the communities of Middleton, Madison, Verona, Sun Prairie, McFarland, Mt. Horeb, Cross Plains, Monona, Maple Grove, Cottage Grove, Deerfield, Mazomanie, and beyond. We’d like an opportunity to show you how we can help serve you. Please give us a call at 1-800-270-5101 to discuss what personal insurance options are available to you. Or, if you prefer email us or complete and return the form above.