What is a Massachusetts Personal Articles Policy?
A personal articles insurance policy is a floater policy that provides comprehensive coverage for your most valuable items. It works by allowing you to schedule these items on your homeowner’s policy. When it comes to your valuable items, such as antiques or prized possessions, these typically have different coverage limits under your primary insurance policies. With a personal articles insurance policy, you can go beyond the coverage of your basic homeowner’s policy or renter’s policy to protect your “special” belongings. All items listed within the policy will be covered for theft, misplacement, loss, and anything other than what is specifically excluded. Causes like wear and tear will usually not be part of the coverage. Suppose your item is lost or stolen, and it is listed under the personal articles policy, you may get either the item’s cash value or a replacement depending on the item and your policy. For antiques like art collections, these are usually paid through cash, as it is hard to find a replacement for them.
Why Do I Need a Personal Articles Policy?
High-value items often don’t have the proper coverage they need with a traditional homeowner’s policy. A personal article policy provides your scheduled items with worldwide coverage and breakage coverage. Your existing homeowner’s policy may not provide enough coverage to protect your valuable possessions, causing you to bear financial burdens in case they are damaged. Most homeowner’s insurance policies provide coverage for personal belongings up to a specific amount, usually about $2,500. Some may also allow you to insure valuable items, but only up until predetermined intervals. Thus, personal articles insurance policies can help you get added protection for possessions worth more than this amount. If your valuable items cost more than the limit of these pre-set values, you will need a personal articles policy to insure these more expensive items. For example, if you have jewelry that costs $5,000, and if stolen, you will only get back $2,500 if that is your policy’s limit. However, if the stolen items were listed in your personal article policy, you will get back its full value of $5,000.
Who Are a Personal Articles of Insurance Policy For?
Anyone who needs additional insurance for possessions of value could benefit from a personal articles floater policy. If you own any valuable objects, it will be highly advisable to get personal articles insurance as it protects your possessions from loss situations. Regardless of what items these may be or how many you may own, you can benefit from this insurance policy as long as their value exceeds your regular insurance coverage limit.
Items a Personal Articles Policy May Protect
Personal article insurance can protect a range of your belongings, and the list can be extensive based on the provider that you choose. Take note that if you want to take out this policy, your items’ value must exceed the limit of your regular homeowner’s or renter’s policy. You may be wondering: what are personal articles or what are considered as such within an insurance policy? Here are some of the most common personal articles that an insurance policy can protect.
Things like your camera equipment, sports equipment or memorabilia, computers, gadgets, musical instruments, and other similar items are covered within the policy.
- Antiques and Collectibles
If you own any antique furniture, art pieces, and family heirloom or have an extensive collection of items like coins, stamps, figurines, and wine, these can also be covered by a Massachusetts Personal Articles Policy.
- Health Objects
Your personal article policy can protect health devices or objects like hearing aids, wheelchairs, medical devices, blood pressure calculators, or other similar items.
Perhaps you have keepsakes or mementos such as travel souvenirs, jewelry, or tokens of remembrance from loved ones. This type of insurance will also cover these valuables.
What if I’m Not at Home?
You may be wondering: Do your valuables have to be at home to be covered by the personal article policy? No, they do not. Personal article insurance is a floater policy, which means that it “floats” and travels with your items, no matter where you bring them. Regardless of whether you leave them at home or bring them with you to places daily, these items will be covered by the policy as long as they are listed in it.