Why would I need a
Personal Article Floaters? Lets say you have a
$5,000 ring sitting on your end table the night your home burns to
the ground. This ring would typically be covered in full
($5,000) as part of your total Personal Property coverage of your
homeowners policy.
However, lets say that
same $5,000 ring was LOST or STOLEN. Your
homeowners insurance would LIMIT that coverage to $1,000 per item,
UNLESS you had a Personal Article Floater attached to your policy.
What is a Personal Article
Floaters? A "Floater" is a attachment/endorsement
to your home, renters or townhouse policy that is written for the
appraised value for a specific item which insures it against Loss or
Theft.
How much do
Floaters cost? In the case of our $5,000 ring, we
typically estimate annual premium at $10 per $1,000 of coverage.
Assuming a $500 deductible, our $5,000 ring would cost about $50 per
year in additional premium to insure.
How do I add a Floater to my policy?
We require a current (within the last 12 months) written
appraisal (or invoice and receipt) of that item mailed, faxed or
emailed to our agency. For Lakewood residents needing Jewelry
appraisals, we recommend:
Nick & Carol
Portanova
Portanova Jewelers - Gemologist
12085 West Alameda Parkway
Lakewood, Colorado 80228
303.988.7550
(Green Mountain Shopping Center at Alameda & Union)
What things could I consider
for Floaters? Here is a short list of personal
property items typically written as Floaters. If you need more
information or want to discuss your specific situation, please call
our agency.
