Everyone has possessions that hold great sentimental value and, for some, the monetary value is equally important. Most Personal Insurance Services in Altoona PA includes major items such as furniture, clothing and appliances, and some also cover electronics, antiques, and jewelry. Payouts on these items can be low and are often insufficient to replace the item. To keep this from happening, many insurers offer premium coverage but even that may not be enough in some cases. In extreme situations, a personal floater may be an option.
Personal Item Coverage
Personal floaters are standalone coverages that can be added to a monthly premium. They cover expensive items such as collectible coins, tech gear, and silverware, and they come in amounts of $50,000 or more. These additions come without a deductible, and they allow homeowners to take up to 90 days to report new property.
When personal article floaters are bought, they require that all property be listed. Each item should be appraised before coverage. If losses occur, the insurer pays out the least expensive of these options: cash value, replacement or repair value, or the policy amount.
How Personal Floaters are Different
This kind of insurance provides broader coverage, including a way to claim damages from disasters and accidents. A floater covers losses anywhere in the world, which is useful for people who travel frequently, taking expensive items with them.
Items Covered by a Floater
All articles of jewelry, including silver, are coverable. For most people, Personal Insurance Services in Altoona PA is sufficient to replace most items.The owner may need to provide an appraisal or bill of sale.
• Furs: All fur clothing and accessories are insurable, and must be separately listed.
• Coins and stamps: Any valuable collection can be covered by a floater. Coverage can be bought on a per-item basis, or the collection as a whole can be covered.
• Electronics: Cameras and gear are insurable, as are telescopes, projectors and binoculars. If camera equipment is used in a professional capacity, additional coverage may be needed.
• Sports equipment: Sporting equipment, such as golf clubs, can be covered. In some cases, gear can be protected even while it’s in use.
However, for those with expensive art, tech gear, clothing and jewelry, personal article floaters from The Boyer Agency can provide the additional coverage that is needed.
