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Personal Articles Floaters:

A Personal Articles Floaters policy is arguably the Request A Quote least understood and, probably the least utilized policy type by an individual or family. Ironically, it is arguably one of the best ways to control and reduce overall insurance costs and give the most comprehensive coverage. Most households are focused on homeowners and auto policies, perhaps even giving consideration to umbrella policies, but only a small percentage carry personal articles floaters for items that truly have financial or personal value.

Most people believe that all of their items are covered by their homeowners policy and they don’t need any additional coverage. Unfortunately, this is not true. Most homeowner policies have limits on certain type of coverage and as a result if the policyholder has some expensive jewelry, a collection of art, or perhaps is a gun enthusiast, they may find that claims don’t return full value for these very specific, but expensive items. This scenario can easily be avoided with better designed coverage.

As an example, a current AAIG client has a diamond ring worth $50,000 and now uses one of our personal articles floater policies, they have an agreed value supported by appraisal. This policy costs $350 per year and will provide full coverage for the ring. If this was only covered by a homeowners policy the coverage would be far less. A typical item of jewelry carries a category maximum of $1,500-$3,000, and this is after a 1-2% deductible! So a homeowners policy will potentially return $3,000, after perhaps having paid $1,500-$3,000 in deductibles, not a very good return and basically resulting relatively little coverage for the ring.

While the actual financial amount returned is an important advantage of personal article floaters, an additional consideration is the types of coverage given by the floaters policy. While homeowners policies may give coverage for loss or damage within the home, it doesn’t provide coverage outside those walls and boundaries. If an item is lost or stolen at another location, a personal articles floater will provide that additional coverage.

This type of policy when coupled with a homeowners or auto policy can provide discounts to those policies. When properly designed, these discounts can outweigh the actual cost of the Personal Article Floater policy, thereby giving more complete coverage at no extra cost.

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Anderson & Allen Insurance Group
14405 Walters Road
Suite 606
Houston, TX 77070

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About AAIG

Anderson & Allen Insurance Group (AAIG) is an independent insurance firm that is committed to providing unbiased advice and prudent strategies for insuring your specific risk.

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