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We all have personal items that have great value to us, whether it’s your grandmother’s ring, a rare autograph from a sports player, a valuable painting or special coins passed down to you. In order to protect these special items, special coverage is available alongside traditional condo, tenants, or homeowners insurance in Edmonton. Special limits are typical in all personal property and house insurance policies. Your cherished items may need to be insured separately under a personal articles floater to ensure they are covered in the event that they are damaged or stolen from your home.

Limits of a Typical House Insurance Policy in Edmonton

A typical homeowner’s policy covers the contents in your home such as your furniture, clothing, appliances, etc., but only provides limited coverage for more personal belongings. The dollar value paid out on these valuables can be quite low and may not be enough to cover the item’s cost. On many policies, certain items may have a specific limit, which can range from $500 – $10,000. This means that you would not be covered if you have a single item worth more than the specific limit and if you have several items of significant value. Further, all losses are subject to a deductible.

To avoid the possibility of an item being insufficiently protected in a homeowner’s insurance policy, many insurance companies offer an enhanced coverage. However, even this policy will not cover certain situations, such as a valuable being damaged by a houseguest. If a valued item falls outside the scope of a broad home insurance policy, a personal articles floater may be a viable option.

What is a Personal Articles Floater?

A personal articles floater is an extension of coverage that can only be added to your personal property policy and must be for a location that you occupy. It provides coverage for particular high-value items on an all-risk basis subject to reasonable exclusions, such as jewelry, silverware, antiques, fine arts, furs, and rare coins. For example, a personal articles floater would cover you if a stone fell out of your bracelet or an antique vase was knocked over accidently, but a regular homeowner’s insurance policy may not. The items covered would need to be listed, appraised and pre-submitted to the insurance for approval. You can choose whether to have a deductible and, if so, the amount of the deductible.

What a Personal Articles Floater Entails

A personal articles floater provides a substantially larger level of monetary protection for covered items, such as from $500 to $50,000. A personal articles floater also provides a greater range of coverage, such as the ability to make a claim for accidental breakage or damage from a flood or other natural disaster that a typical home insurance policy would not cover. Coverage extends to losses that occur anywhere in the world instead of just in Canada, which is the extent of coverage provided by a standard policy. This feature is significant for those who travel for business or pleasure and take their musical instruments, laptops, jewelry, and other valuable items with them.

Many high value items are covered under a personal articles floater, including the following:

  • Cameras, including associated gear such as filters, sunshades, and meters. Binoculars, telescopes, and projectors may also qualify for coverage but coin-operated devices and radar cameras do not. An additional premium may be required if the camera equipment is used professionally. Typically, there are no special limits on camera equipment unless used professionally; however, as this item is often used outside of the home and is easily lost or misplaced, it is always a benefit to have the additional coverage.
  • Jewelry. An original bill of sale or signed appraisal is needed.
  • Furs, including any articles of fur, articles trimmed with fur, or where fur is the principal.
  • Fine Art, including paintings, oriental rugs and antique furniture.
  • Musical Instruments, including sound equipment and cases. An endorsement and additional premium may be required if the items are used professionally.
  • Collections and Collectibles, such as coins, stamps, wine, silverware, plateware, pewterware, trophies and sports cards, either on an individual basis or the entire collection.
  • Memorabilia, such as an item autographed by a celebrity.
  • Rare Books, Glasses and Manuscripts.
  • Golf and Other Sports Equipment, including golf carts, except golf balls unless the loss is by fire or theft. An additional premium may apply if the equipment is used professionally.

To obtain a personal articles floater, a detailed list or “schedule” of the property to be covered must be provided. Each item must have an appraised value given and some insurance companies will require proof of that appraisal. If a loss occurs, the insurance company will pay either actual cash value, the amount the property could reasonably be expected to be repaired or replaced, or the amount of insurance, depending on your insurance policy terms.

Obtaining an Appraisal

In order to get started, you should take an inventory of your high value possessions and have a qualified appraiser establish the value of these items. A qualified appraiser can be found in your local area through the phone book or online. The appraisal should include certain basic elements, such as your name and address, the appraisal date, and the purpose of the appraisal (e.g., donation, estate, insurance). Also necessary is the method used in determining value, noting all relevant specifications (e.g., description, cut, clarity, size, weight), the currency for the market valuation (e.g., Canadian, U.S. dollars), a statement of the appraiser’s professional qualifications and his or her statement of belief in authenticity. An appraisal should be updated at least every five years to ensure that the value insured is not over or understated.

Contact Your Independent Insurance Broker in Edmonton

If you have one or more personal items of great value or extreme rarity in the home, a personal articles floater may be necessary. The insurance protection available will provide security for the item and peace of mind for you.

At MBS Insurance Brokers Ltd. in Edmonton, we are independent insurance brokers who can arrange the insurance you need. A personal articles floater may be necessary for items of great importance to you, both in financial value and sentiment. We recommend you take time to consider what cherished assets you have and whether they are currently adequately protected in the event of a loss. Consider a personal articles floater if your house insurance policy in Edmonton does not cover your valuables, for “guaranteed” peace of mind price. We can obtain a free quote for you. Contact us at 780-436-7880.

How an Insurance Broker Saves You Time and Money

Do you know the benefits of an insurance broker?

Suppose you’re looking for the best insurance coverage at the best rates in Edmonton. In that case, you’ll first want to understand the benefits of an insurance broker and how they can help protect you in all sorts of different situations – whether it be saving you money, time or giving you simple peace of mind.

What Are the Benefits of an Insurance Broker?

Here are some of the many benefits of an insurance broker.

 

1. Saves Time

An insurance broker does all the work for you, so you don’t have to spend your valuable time shopping around for insurance. Instead, you simply provide your broker with information about your needs, and they shop the markets on your behalf.

 

2. Saves Money

Insurance brokers work with many different partners to find the best deals on the insurance that works for you. They take all your needs into account and make recommendations that are in your best interest. They have relationships with many insurance partners and can negotiate competitive rates and discounts, saving you money in the long run.

3. Expert Knowledge and Advice

An insurance broker provides you with the support and expertise you need to find coverage that suits your needs. They work with various products and services to find the coverage that best suits you. In addition, they can draw from an extensive knowledge base and experience to advise you on the best options. 

Insurance Brokers provide expert and unbiased advice. A wealth of knowledge about coverage and market rates combined with expert risk assessment ensures your possessions and business are adequately protected. Whether you are looking into auto insurance rates, tenant insurance, or home insurance rates, your insurance broker can help you every step of the way.

You can utilize their expertise to quickly identify your options and rely on their unbiased advice to help you make the best-informed decision for your situation.

 

4. Working For Your Best Interests

Since insurance brokers do not work with one particular company, they have nothing to gain from recommending a specific product. The insurance company also pays them a standard commission. Thus, there is no financial incentive to choose one insurer over another.

Insurance brokers have your best interests in mind. You can count on them to find you the best rate possible, which can give you the peace of mind you need. You can rest assured knowing that if you ever need to file a claim, one of our brokers will be there by your side to guide you every step of the way. They act as an advisor on insurance-related matters. They will shop the market for the best coverage and rates for you. Since fulfilling your needs is their only priority, they will provide independent, unbiased advice on the right coverage for your situation.

5. Privileged access and rates

Insurance Brokers have access to a wide selection of the best insurance companies in the country. These insurance companies are only accessible by Insurance Brokers. They do not deal with the public directly or with Direct Writers. Brokers enjoy long-standing relationships with these insurance companies. Still, they do not have an affiliation with any specific insurer, enabling brokers to provide you with a broader range of options at competitive rates.

 

6. Transparency

Insurance brokers must give full disclosure about their compensation and its effect on your insurance premium.  They are also required to declare any financial links with specific companies that may be a conflict of interest, enabling you to make the best-informed decision.

 

7. Risk and Advocacy Experience

Extensive experience dealing with different clients and claim situations equips insurance brokers with a broader perspective on how to reduce your risk. Also, in the event of a claim, you can count on your broker to act as your advocate with the insurance company and handle your claim fairly and promptly.

Speak to MBS Insurance in Edmonton about your Coverage

Reach out to MBS Insurance today to determine your home, auto, and commercial coverage options. Over the past 45 years, our experienced team of insurance brokers in Edmonton has earned the trust and loyalty of our clients by delivering superior products and services. We understand your needs and provide you with the best protection and rates.

There are many benefits of an insurance broker. We can help you understand the intricacies of your insurance plan while saving you money at the same time. We are a trusted insurance provider in Edmonton and provide personal and commercial insurance policies to people living in Alberta. We offer the best rates on recreational, auto, property, commercial, and group insurance policies. 

Contact us online for a free quote or by phone at 780-436-7880.

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This article was originally published on October 7, 2016, and updated for 2021.