Items of value - including jewelry, furs, silver, guns, stamps, and coins - that are limited by homeowners policies may be scheduled on a personal articles floater. There are many advantages to scheduling.
Personal articles floaters provide extremely broad coverage, usually, with no deductibles. For the most part, you're agreeing on value prior to loss. Floaters are written on an all-risk basis, which means the policy covers against everything except what's specifically excluded.
- Comprehensive coverage for damage from fire, theft, earthquake, flood and breakage
- Worldwide protection
- 150% replacement for any scheduled item
- Newly acquired collections coverage
- Covered while in transit
- Art collection management services
Some companies provide inflation-guard coverage on scheduled items or allow you the opportunity to increase your schedule by a certain percentage every year or two. However, do not become complacent if you have this type of coverage. You must review your policy regularly to determine if there are any fluctuations in values. MSG Personal Lines Agency recommends that appraisals be updated periodically.
- Allows collectors to receive the full value of a scheduled item at the time of a covered loss. Proper documentation, such as a bill of sale, will help ensure an expedient and seamless claims resolution.
- Often selected for collections that include a long list of moderately valued items. High blanket per item limits are available to efficiently manage lower-valued items as part of a large collection.
- Encompasses all collection items under one coverage limit.
While this requires less administration than the scheduled option, the insured is required to prove ownership and value at the time of loss. A blanket program may be practical as a supplement to scheduled coverage.