Have you ever heard the term “inland marine insurance”? Perhaps it has even been mentioned a few times and you were too embarrassed to ask what it was – or maybe you just thought “Why would I need that? I don’t own a boat.”
No worries, we’ll help clear up the confusion. The term “inland marine insurance” dates back to the days when companies shipped large quantities of goods by wagon or steam ship. Owners needed insurance coverage for the risks those items faced along the way. Now, inland marine insurance is commonly referred to as personal articles insurance. This type of policy is designed to protect hard-to-replace valuable items, especially valuable collections or jewelry.
What Does a Personal Articles Policy Cover?
These are just a few of the most common types of items our policy helps to cover:
- Antiques
- Fine Art
- Furs
- Coins
- Silverware
- Stamps
- Guns
- Jewelry
- Musical instruments
- Photography Equipment
- Golf Equipment
- Bicycles
- Small Portable Power Tools
- Contractors Equipment
- Lawn tractors and mowers
Doesn’t My Homeowners Insurance Policy Cover My Valuable Personal Property?
It does, but homeowners policies have coverage limits. For example, if you have a diamond engagement ring, it might be covered for theft under your home insurance coverage (subject to your policy limits and exclusions); however, if the diamond falls out of the setting and is lost, it’s likely that only a personal articles policy would provide enough coverage to help you replace the stone. This distinctive coverage was intended specifically for the more valuable items you own that may be exposed to a larger variety of risks and threats.
Typically, a personal articles policy has lower deductibles and higher coverage limits, your items are covered by more perils and making a claim will not trigger a service charge.
How Much Do I Need?
That depends on what you want covered. It’s important to keep receipts and/or appraisals for anything you want covered. In addition, make an inventory list and take pictures of each item. To help, you can use the Personal Property Calculator on our website.
If you are interested in learning more about a personal articles policy or getting a quote for your most prized possessions, contact Mike Messer – you may be surprised by the price of this extensive coverage!
Note: All coverage is subject to your policy provisions. Some types of property are not covered at all, and some types of losses are not covered. The policy purchased and the facts of each claim will control coverage. This article may not show all coverages that are available, or it may show discontinued coverages. In the event of a conflict between the policy purchased and this article, the policy’s provisions will prevail.
