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You Got The Ring...Now Insure The Bling!

Top 3 Reasons I Advise Clients To Purchase An Insurance Floater

Most insurance policies for homes, condos, cabins and apartments alike are sold as packages including coverage for the building, contents, additional living expenses and liability. They are designed to respond to the majority of peoples’ needs and an average amount for personal belongings such as bicycles, cash, jewelry, collectibles and watercraft is assigned accordingly.

You may want to consider buying extra insurance for one item of high concern when:

1. You have an otherwise broad form policy and want the comprehensive benefits of mysterious disappearance or accidental damage to be included for one specific article. 

In plain language, if you lose an item and wish to have coverage for its disappearance a floater may be required. A prime example is misplacing an engagement ring or losing the stone within.

2. The deductible is too high.

A deductible is the amount of money you are responsible to pay before the insurance responds. The deductible applies to any one claim. If, for example, you were to misplace a $5,000 engagement ring and the policy deductible is $1,000 you may find it too difficult to replace this item with like kind or quality if 20% of the value is payable against the deductible. Often floaters reduce the deductible on the insured item to nil.

3. The built in limit of insurance is insufficient.

Be sure to read the wordings! Of specific importance, the limit for your belongings may include sub limits that will limit the amount payable for any one item. For example, contents coverage can be ~80% of the value of your home but…coverage for jewelry may be restricted to $6,000 per occurrence with no more than $3,000 for any one item. All too often insureds overlook this limitation and have too little coverage for their high value articles.
Be sure to review and confirm your coverage limits with your insurance broker today!

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