4 Reasons to Purchase a Personal Articles Policy

You are probably already asking yourself what the heck is a Personal Articles Policy or I think I heard of that one time. Well a Personal Articles Policy is an insurance policy for individual items such as a computer, jewelry, sports gear and really any item you own and want to cover. Now you may be asking yourself why do I need this and why is Andre even talking about it. Keep reading and see why you need this product.

1. Limitations in your policy: I worked in the claims department for a large insurance company and had to tell countless people that your policy only pays this much for certain item categories. I came to learn that no one read the insurance policy like me (since I was paid to read it). Nobody knew that with your most common loss (theft), that your jewelry and electronics are limited to a certain coverage. For example: If you your house was broken into and they stole $15,000 worth of jewelry your policy may only cover a max total of $5,000. The rest you are basically out of luck with.  But with a personal articles policy it has it’s own limit to help cover your loss on items that you have insured.

2. The Price – When I sold insurance I always tried to sell this policy alongside because I knew my customer would be less angry if something happened that wasn’t covered and the policy is not expensive at all. It may cost you $10 a month to cover a diamond ring that is worth $10,000. With a low price the policy can pay for it self most times. For example: You own a laptop that cost $1,000 and you pay $150 annually for this policy. Then your friend (now ex-friend) drops it and breaks it. That loss is covered and the policy pays up to $1,000 and saves all that money coming out of your pocket.

3. What Deductible? The deductible for this type of policy on average is NO DEDUCTIBLE!! That means if you have a loss that is covered and it only cost $100 to fix, you better call it in! I remember paying for claims that only came up to $50 and with no deductible all of it goes straight to you!

4. Coverage – Have you ever put in a claim only to be told that it’s not covered? Or my favorite, have you ever damaged your own property by accident? Your average homeowners and renters policy won’t cover accidents you cause in most situations but guess what does……yeah you guessed it a personal articles policy. These policies will cover you if you chip a diamond on a ring, spill water on your laptop, lose your silverware and hundreds of more situations. The situations it covers is extraordinary and worth it because let’s be honest, accidents happen.

Overall this policy is a great addition to cover yourself and save your self some upset. Talk to your insurance company for a quick quote and see if it’s a good fit for you. I promise you won’t be disappointed.

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    1. Hey there Elle, thanks for your comment. Short answer is a yes. You need to provide a receipt of most items to purchase the personal articles policy (PAP).

      So if you need a PAP for jewelry you will need to provide an appraisal or receipt. And if it’s an electronic a receipt will do. But if you don’t have a receipt still talk to an insurance agent and they should be able to base it off of the market price.

      Let me know if you have any other questions.

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