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Northern Kentucky Insurance, C.K. Ash Insurance
Northern Kentucky Insurance, C.K. Ash Insurance

RISKGuide Blog
Why a Personal Articles Policy is Necessary?
Posted By:  Saron Wilt
Tuesday, December 18, 2018

Everyone has some valuable possessions in their homes that have a high monetary value. A standard homeowner’s insurance policy covers major items of the home including furniture, clothing and appliances in case of a loss or theft. Some coverage is also there for valuable items like jewelry, antiques or personal computers.

The compensatory value paid out by a typical homeowner’s insurance policy on these valuable items can be very low and is often not enough to cover their actual cost. To avoid loss in case of an adverse event, many insurance providers offer an extra level of insurance like “ultra” or “premium” coverage. However, even that policy isn’t enough to pay out for valuable items. In an event where valuable items fall outside homeowners insurance policy’s coverage, a personal article policy can prove to be a good option.

Personal Articles Policy

Personal articles policy is a stand-alone insurance coverage that covers valuable items in a house like silverware, rare coins, jewelry, camera equipment etc. Greater level of protection is provided for valuable items to ensure that the homeowners are paid out the actual cost of the items. This insurance policy often comes without any deductibles attached. Moreover, a homeowner is allowed 30 to 90 days for reporting new items to be added to existing policy. So, if a valuable item is purchased by a homeowner and it gets stolen from the home even before they could contact their insurer to add the item into the policy, the personal articles policy may still provide coverage for that.

Personal article policy requires a detailed schedule or list of valuable items that’ll be covered. There should be an appraised cost attached to the items that are to be added to the policy. Insurance companies require homeowners to provide proof of appraisal. In case of a loss, the insurer will pay out the actual monetary value, the amount that will be required to repair or replace the item or the total amount of policy. Out of these three, the insurer will likely choose the one where they have to pay the lowest amount.

How Personal Articles Policy is Different from a Typical Homeowners Insurance Policy?

Personal article insurance provides more coverage than a standard homeowner’s insurance policy. For example, homeowners can claim damage if their valuable items are damaged in a natural disaster that a normal homeowner policy wouldn’t cover. Personal articles policy also covers losses occurring outside of the U.S. This is useful for people who like to take their laptops, jewelry, musical instruments and other valuables with them while they travel.

Some of the items that are covered under policy articles insurance policy include jewelry, cameras, guns, golf equipment, silverware, crystal and china, computers, phones, tablets, furs, antiques, fine art, trophies, musical instruments, sound equipment, bicycles, and sports equipment.

If you're interested in learning more, contact C. K. Ash today!


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