With so many types of insurance coverage to choose from, it is hard to know what and when to buy. Certain types of insurance are more common than others–auto, life, and home, for instance–while other policies are less common but just as important. A personal articles insurance policy falls into the latter category. While it doesn’t lead the way in the insurance conversation, it is vitally important and worth careful consideration.
What is personal articles insurance?
In a nutshell, personal articles insurance is a supplemental insurance policy that covers personal items with a higher-than-average value. Many insurance policies specific to homeowners insurance include a limit on the amount of coverage and therefore the money that can be recovered in the event of a loss. Personal articles insurance provides additional protection for your most valuable possessions.
What does personal articles insurance cover?
Common items included in a personal articles insurance policy include art, cameras, collectibles, electronics, furs, instruments, and jewelry, though the policy can cover any number of personal items.
What items are not covered by personal articles insurance?
While there isn’t a master list, per se, of personal articles covered by personal articles insurance, it is important to distinguish personal article insurance from basic homeowners insurance. In addition to understanding that a cap exists on what homeowners insurance covers, it is also important to understand that homeowners insurance is typically endorsed to pay the replacement cost of an item, deducting depreciation. As a general rule, personal articles insurance will pay out more and cover more perils than homeowners insurance.
If you are wondering about a specific item or the cost of adding a personal articles policy, we’d be glad to talk to you further and answer any questions you may have.
Hanover Insurance Group Inc.