Personal Articles Floater (PAF)
What is a Personal Articles Floater?
A Personal Articles Floater (PAF) is a type of insurance policy designed to provide additional coverage for valuable possessions that may have limited protection under standard homeowners or renters insurance. This policy "floats" above or extends beyond the coverage limits of a typical insurance policy.
What Does a PAF Cover?
A Personal Articles Floater typically covers a wide range of high-value items. Common categories of items that can be scheduled under a PAF include:
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Jewelry: Including engagement rings, watches, and other valuable pieces.
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Fine Art: Paintings, sculptures, and other valuable artworks.
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Collectibles: Items like rare coins, stamps, or sports memorabilia.
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Antiques: Valuable and age-old furniture, porcelain, or other collectible items.
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Musical Instruments: Expensive instruments such as violins, guitars, or pianos.
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Cameras and Photography Equipment: High-end cameras and related accessories.
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Electronics: Expensive electronic devices like laptops, tablets, or high-end audio equipment.
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Furs: High-value fur garments.
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Silverware and China: Valuable sets of silverware, china, or crystal.
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Guns: Valuable firearms and related accessories.
These categories represent examples, and the specific items covered can vary based on the insurance provider and the policy terms. A Personal Articles Floater allows individuals to obtain tailored coverage for their unique high-value possessions, ensuring comprehensive protection beyond what standard homeowners or renters insurance might offer.
Personal Articles Floater Considerations
Personal Articles Floaters (PAF) can be structured to provide coverage on either an individual or blanket basis, depending on the nature of the valuable items being insured and the preferences of the policyholder.
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Individual Basis: Each high-value item is listed separately on the policy with its own coverage limit. This approach is suitable when you want specific and distinct coverage for each valuable possession.
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Blanket Basis: Instead of itemizing individual items, a blanket coverage approach provides a single overall coverage limit for a category or group of items. This can be more convenient for items that are similar in nature, such as a collection of jewelry or a set of fine art pieces.
The choice between individual and blanket coverage depends on factors like the diversity and value of the items, as well as the level of detail and specific coverage needed. Your Maxam Assurance agent will work with you to determine the coverage that best matches your needs.
Book a Free PAF Consultation Call
We offer a complimentary consultation call. This quick yet valuable session is designed to provide you with personalized insurance insights and guidance. During this brief chat, we'll discuss your insurance needs, address any questions or concerns you may have, and explore potential coverage options tailored to your unique circumstances.