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Personal Articles Policy

Personal articles policy is additional insurance coverage to consider as a homeowner if you have high-value belongings. Learn how personal articles insurance policy works.

Read Time: 8 mins

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Have you ever stopped to consider the value of your most prized possessions? From jewelry to artwork to expensive electronic equipment, these items can be worth a significant amount of money. But what happens if they are lost, stolen, or damaged? While your standard homeowners or renters insurance policy may cover some of these items, there are often limitations to the amount of coverage provided. 

This is where a personal articles policy can come in handy. We will explore what a personal articles policy is, why you may need one, how to obtain coverage, what to look for in a policy, and how to determine the appropriate amount of coverage for your needs. 

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Whether you have valuable items that are not fully covered by your existing insurance policy or simply want the peace of mind that comes with additional protection, a personal articles policy may be worth considering.

Why do you need a personal articles policy?

While your standard homeowners or renters insurance policy may provide some coverage for your personal belongings, there are often limitations to the amount of protection provided.

Cover your valuable for their full replacement value

For example, most policies have a cap on the amount of coverage for jewelry, typically around $1,500 to $2,500. This means that if you have a valuable piece of jewelry worth more than that amount, you may not be fully covered if it is lost, stolen, or damaged.

Additionally, some items may not be covered at all under a standard policy. For example, if you have a valuable piece of artwork or collectible, it may not be covered because it is considered a specialty item. 

Similarly, if you have a high-end camera, computer, or other electronic equipment, it may not be covered if it is damaged while being used outside of your home.

No deductibles

A personal articles policy can provide added protection for these high-value items, often with no deductible. 

This means that if your item is lost, stolen, or damaged, you can be reimbursed for the full value of the item without having to pay any out-of-pocket expenses. This can give you peace of mind knowing that your most valuable possessions are fully protected.

Coverage all around the world

Another reason why you may need a personal articles policy is if you frequently travel with expensive items. For example, if you frequently travel with expensive jewelry or camera equipment, these items may not be fully covered under your standard homeowners or renters policy if they are lost or stolen while you are away from home. A personal articles policy can provide coverage for these items no matter where you are in the world.

Cover items that have sentimental value

A personal articles policy can also provide coverage for items that have sentimental value but may not have a high monetary value. For example, if you have a family heirloom that has been passed down for generations, it may not be covered under a standard homeowners or renters policy because its value cannot be easily determined. 

How to get a personal articles policy

Getting a personal articles policy is a fairly simple process.

  1. The first step is to contact your insurance agent or company to discuss your options. They can provide you with a quote for the policy and help you decide on the coverage limits that are right for you.
  2. When you apply for a personal articles policy, you’ll typically need to provide a list of the items you want to insure and their value. You may also need to provide documentation of the items, such as receipts or appraisals.
  3. Once you’ve been approved for the policy and paid the premium, your items will be covered according to the terms of the policy. It’s important to understand the policy’s coverage limits, deductibles, and exclusions so that you know exactly what is covered and what is not.
  4. To ensure that your personal articles policy remains up-to-date, it’s important to review it periodically and update it as necessary. If you acquire new high-value items, for example, you’ll want to add them to the policy to ensure that they are covered, while if you no longer own certain items, you may want to remove them from the policy to avoid paying unnecessary premiums. 
  5. Additionally, if you move to a new location or experience a significant change in your circumstances, such as a change in marital status, you may need to update your policy to reflect these changes.
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What should you look for in a personal articles policy?

When looking for a personal articles policy, there are several key factors to consider. Here are some things to keep in mind:

  • Coverage limits: Make sure that the policy covers the full value of your high-value items. Some policies may have limits on the amount of coverage, so be sure to choose a policy with a limit that meets your needs.
  • Deductibles: Check the deductible amount and make sure it’s something you can afford in the event that you need to file a claim.
  • Exclusions: Review the policy’s exclusions to make sure that the items you want to insure are covered. For example, some policies may exclude coverage for items that are lost or stolen while traveling internationally.
  • Additional coverage options: Some policies may offer additional coverage options, such as coverage for accidental damage or loss of use. Consider whether these options are important to you and whether they’re worth the additional cost.
  • The reputation of the insurance company: Research the insurance company to ensure that they have a good reputation for customer service and claims to handle.
  • Premiums: Compare premiums from different insurance companies to find the best value for your money. Keep in mind that the lowest premium may not always be the best option if it means sacrificing coverage or customer service.
  • Ease of filing a claim: Look for a policy that has a straightforward and easy claims process. This will help ensure that you can quickly and efficiently file a claim if you need to.
  • Renewal terms: Make sure you understand the renewal terms of the policy, including any rate increases or changes in coverage that may occur.

Overall, the key is to choose a policy that provides the coverage you need at a price you can afford while also offering a simple claims process and good customer service. By considering these factors, you can find a personal articles policy that gives you the peace of mind you need to protect your high-value items.

How much coverage do you need?

Determining how much coverage you need for your personal articles policy can be a bit tricky. The amount of coverage you need will depend on the total value of the items you want to insure. Here are some steps to help you figure out how much coverage you need:

  • Make a list of all the high-value items you want to insure, such as jewelry, watches, electronics, and artwork.
  • Determine the total value of these items. You can do this by getting appraisals or estimates from reputable professionals.
  • Consider any coverage limits that may be imposed by the insurance company. If the total value of your items is higher than the coverage limit, you may need to consider additional coverage or a different policy.
  • Think about any deductibles that may apply. If you have a high deductible, it may not make sense to insure items with a lower value.
  • Consider the risk of loss or damage to your items. If you travel frequently or live in an area with a high risk of theft or damage, you may need more coverage than someone who rarely leaves home or lives in a low-risk area.

Once you have a good idea of how much coverage you need, you can start shopping for policies that meet your needs. Keep in mind that the cost of your policy will depend on the amount of coverage you select, as well as other factors such as your location, deductibles, and any additional coverage options you choose.

Ask your insurance agent for advice and guidance as you determine how much coverage you need. They can help you understand your options and find a policy that provides the right amount of coverage for your needs and budget. Remember, it’s always better to have too much coverage than not enough, so don’t be afraid to ask questions and get the coverage you need to protect your valuable possessions.

Make sure you’re covered

Determining the amount of coverage you need for your personal articles policy is an important step in protecting your valuable possessions. By following the steps outlined in this section and working with a knowledgeable insurance agent, you can find a policy that meets your needs and gives you peace of mind. 

Remember, accidents and losses can happen at any time, so it’s important to have the right coverage in place to protect your investments. Don’t hesitate to ask questions and get the coverage you need to safeguard your valuable items.

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Katelyn is a freelance copy editor and writer based in Massachusetts. She holds Bachelor's Degrees in Business Administration and Political Science, both from Fitchburg State University, as well as a Master's Degree in Public Administration from UMass Amherst. In her free time, Katelyn enjoys reading, traveling, and spending time with her family.
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