When you think about protecting your home and possessions, your mind likely goes to your Homeowners or Renters insurance policy. But what happens to your most cherished, high-value items when they leave your four walls?
This is where the specialized world of Inland Marine coverage (also known in personal lines as a Personal Articles Floater or Scheduled Personal Property) becomes incredibly important. Despite the historic name, this coverage has nothing to do with boats and everything to do with protecting the things you carry.
What is a Personal Articles Floater?
For individuals, Inland Marine coverage is designed as an add-on or separate policy to your primary Homeowners insurance. It is specifically created to cover high-value, movable possessions that may have limited or incomplete protection under a standard policy.
The key feature is the word “Floater”: the coverage literally “floats” with the item, protecting it wherever it is—at home, traveling across the country, or even on a trip outside of the country.
What Does This Coverage Protect?
A standard Homeowners policy often limits coverage for certain high-value categories. For instance, jewelry may only be covered up to $1,500, and only for specific causes of loss like fire or theft.
A Personal Articles Floater provides three major advantages:
Higher Coverage Limits
It allows you to list (or “schedule”) each valuable item with its specific, appraised value, ensuring you receive the full replacement or agreed value if a loss occurs, far beyond the standard policy limits.
Broader Protection (All-Risk Coverage)
Most Homeowners policies cover “named perils” (only the events explicitly listed, like fire or theft). A floater often provides “Open Peril” coverage, meaning the item is covered for all causes of loss unless specifically excluded. This typically includes events your standard policy lacks:
- Accidental Damage: A diamond ring slips off your finger and down a drain.
- Loss or Misplacement: A valuable watch is simply lost during travel (often called “Mysterious Disappearance”).
- Damage: An expensive camera is dropped while on vacation.
Worldwide Protection
The coverage is not limited to your home. If you take your artwork to a gallery show, your musical instrument to a performance, or your jewelry on a trip, the protection travels with you.
Typical Items Scheduled on a Personal Articles Floater:
- Jewelry: Engagement rings, watches, and heirloom pieces.
- Fine Arts & Antiques: Paintings, sculptures, rare books, and antique furniture.
- Collectibles: Stamp, coin, or sports memorabilia collections.
- Furs
- Musical Instruments
- Silverware, China, and Crystal
- High-End Electronics & Cameras: Professional photography equipment, drones, and specialized computer gear.
Who Needs a Personal Articles Floater?
If you own a few select items with high individual value, you should consider this coverage.
- You Own Significant Jewelry: If the collective value of your rings, necklaces, and watches exceeds a few thousand dollars, or if you have a single engagement ring of substantial value, scheduling it is critical to getting full reimbursement after a loss.
- You Have a Collection: Whether it’s rare books or comic books, a fine art collection, or precious figurines, the value of these collections far outweighs the protection offered by blanket Homeowners limits.
- You Travel with Valuables: Musicians, artists, or collectors who frequently move their high-value gear or pieces out of their home need the worldwide, all-risk protection a floater provides.
In areas where valuable items are part of daily life and are frequently carried in busy public spaces or transported to different destinations, this specialized coverage is the smart way to protect your financial investment in your possessions.
Do you have high-value items that deserve broader protection than your Homeowners policy offers? We can help you review your current policy and advise on the most effective way to schedule your personal property to account for its true value and mobility.