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Guide to valuable personal property insurance coverage

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Valuable personal property insurance can help protect high-value items that standard homeowners’ insurance often doesn’t fully cover. This specialized coverage, which is often provided through an inland marine floater, can offer broader protection against perils like theft, loss and damage.

Inland Marine Insurance for Personal Property

Valuable personal property insurance is specifically designed to protect high-value items that may not be fully covered by standard homeowners’ insurance policies. Inland marine floaters, a specialized form of personal insurance, can provide the flexibility and customization necessary to safeguard these items.

Unlike standard homeowners’ policies, which often impose sublimits and limit coverage to named perils, inland marine floaters may offer:

  • Open Perils Coverage: Protection against losses from all risks except those explicitly excluded in the policy terms.
  • Worldwide Coverage: Insured items can be protected wherever they go, making it an ideal solution for frequent travelers.
  • Tailored Coverage Amounts: Policies can be customized to reflect the specific value and nature of each item.

Valuable personal property insurance is highly adaptable, providing coverage through standalone policies or endorsements to existing homeowners’ insurance policies. Individual items can be listed (or “scheduled”) in the policy with precise descriptions and insured values.

Items Covered by Valuable Personal Property Insurance

Personal inland marine insurance can cover a wide array of items, many of which are typically excluded from a home or renters’ insurance policy. While the specifics of what is covered can vary, there are some common categories that often fall under inland marine floaters.

  • Jewelry, including wedding rings, engagement rings, watches and heirlooms
  • Golf equipment, including clubs, clothing and golf balls
  • Fine arts, furs and collectibles
  • Silverware and goldware
  • Electronics and cameras
  • Stamp and coin collections
  • Musical instruments
  • Firearms

Cost of Valuable Personal Property Insurance

The cost of valuable personal property insurance can vary based on several factors, including the value of the items insured and the limits of coverage selected. Understanding how much coverage you need and the type of coverage (actual cash value or replacement cost coverage) can significantly impact your policy premiums.

Bundling valuable personal property insurance with other types of coverage has the potential to create significant savings. Combining this coverage with policies like auto, umbrella and homeowners’ insurance could allow you to access premium discounts or other benefits.

Is your valuable property protected?

When it comes to protecting your property, choosing the right insurance partner is crucial. Higginbotham is committed to understanding and meeting the unique needs of our clients through tailored insurance options. By working with the nation’s leading insurance carriers, we can help you secure coverage that’s competitively priced without sacrificing the coverage you need.

Talk to a personal insurance specialist today to discover how Higginbotham can help you protect what matters most.

Not sure where to start? Talk to someone who wants to listen.

A great plan starts with a conversation. Let’s talk about what you need.

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