Ok, diamonds truly are a girls best friend but an Inland Marine "Floater" should be a girls 2nd Best Friend and here's why you need to add this silly sounding coverage to your policy the first chance you get.
An Inland Marine "Floater" is designed to cover property that is moving or movable, in essence it's "floating" around. Think about the jewelry you wear. It's traveling with you to the store, the movies, restaurants, family vacations, etc. It's "floating" around with you wherever you go.
Since there is added risk to personal property that is "floating" around out there most homeowners, renters, and condo policies have limited coverage for certain kinds of personal property. Jewelry is often limited to just $1,000 for theft only! Sometimes policies will have a $2,500 limit but again it's for theft only!
Adding an Inland Marine "Floater" for your jewelry will broaden the coverage so that if you lose the item you'll have coverage. For example, I had a client who was cleaning her kitchen and her diamond wedding ring was lost down the drain. She brought in a plumber in an attempt to recover the ring but wasn't successful. Since she had added the "floater" to her homeowners policy the insurance company replaced the ring and the client was thrilled.
An Inland Marine "Floater" is not very expensive but premiums do vary by insurance company.
The insurance company will need an appraisal or bill of sale to verify the value along with a picture in most cases.
So, if you were blessed this holiday season with some nice jewelry or a watch (lucky you), be sure to contact your agent or insurance company as soon as you can.
And since you have to call your agent anyway you might as well call me to see how much I might be able to save you on your homeowners, renters, or condominium policy with an Inland Marine Floater included. My number is (480) 336-2707. I'd love to hear from you.
Author: Richard Morris
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Richard Morris, an independent insurance agent in Chandler, Arizona, has been serving and helping Arizona families with all their insurance needs for over 23 years. Visit his website at http://www.southwestpremierinsuranceagency.com to see all the ways he can help you with your insurance needs or call the office at (480) 336-2707 or toll free at (888) 907-9349. Connect with Rich on Google+ and Twitter.