2. How much coverage does Fine Arts Floater in Homeowners Insurance provide?
What is Fine Arts Floater in Homeowners Insurance?
A Fine Arts Floater is an insurance policy option available to homeowners and collectors of artwork, antiques, collectibles, jewelry and other expensive items. The Floater policy is an extension of a Traditional Homeowners policy, but with additional coverage for items deemed to have an exceptionally high value such as artwork, antiques, electronics and jewelry.
What Does It Cover?
The floater policy is designed to provide comprehensive coverage for the loss or damage of your covered items outdoors and away from your home. It covers losses from events such as fire, theft, vandalism, accidental breakage and hurricane damage. Floater policies may also include coverage for consequential financial losses that may result from the loss or theft of the covered items such as appraisals, shipping costs, restoration expenses and installation charges.
What Types of Items are Covered?
The type of items covered by a Floater policy can vary depending on the policy’s terms. Generally, the policy covers:
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- Original Paintings and Sculptures – This includes works of art that have been signed, painted, or sculpted by the artist. This can include oil paintings, watercolors, and mixed-media.
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- Antiques and Collectibles – This can range from furniture to classic autos to coins.
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- Jewelry – This includes rings, bracelets, and necklaces, with diamonds and other precious stones.
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- Electronics – This can include high-end audio equipment, computers, televisions, gaming systems, and more.
Benefits of a Fine Arts Floater Policy
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- It provides valuable coverage for your expensive items – You can rest easy knowing that your valuable items are covered.
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- It covers losses for items away from home – A Floater policy covers losses for items away from your home, such as those taken to a museum for display.
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- It covers the costs of appraisals, transportation, and installation – This includes the costs associated with restoring or replacing the items.
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- It covers losses from multiple causes – A Floater policy covers losses from more causes than a Traditional Homeowners policy would.
With a Floater policy, you can have peace of mind that your valuable items are safe and protected.