What if my traditional personal insurance is not enough to cover potential loss exposures?

You may want to consider a personal article insurance policy to help protect your possessions or personal liability insurance policy to help protect your home and future earnings.

Camera, lenses, headphone and a watch are examples of personal property.

Homeowners insurance, renters insurance and auto insurance helps protect you, your guests, your home, your car, your passengers and your possessions from many covered losses. However, you may own some high-value items that your homeowners or renters insurance policy limits may not be adequate or do not cover. Plus, your policy's liability limits may not be enough to cover the potential exposures you may face. To better protect you, you may want to consider a personal article insurance policy and a personal liability umbrella policy.

What is a personal articles policy?

Personal article insurance, or a personal inland marine policy, covers valuable items that your homeowners or renters insurance may not cover because they exceed the coverage amount on your policy.

What are some items you might need a personal article insurance policy for?

  • Electronics, such as digital cameras and/or computers
  • Fine art
  • Furs
  • Health-related property like hearing aids and wheelchairs
  • Jewelry, such as engagement or wedding rings
  • Silver or other precious metals
  • Sports and golf equipment

To help determine if you need personal article insurance for your items, start by making a home inventory. Listing the items in your home will not only be helpful if you need to file a claim but also allows you to review the inventory with your insurance agent to ensure your items are covered.

What is a personal liability umbrella policy?

If you are legally liable for an accident, you could face a lawsuit and be held accountable for damages. While your existing homeowners, renters, manufactured homes, farm ranch, condo unitowner policies may provide substantial insurance liability limits, a personal liability umbrella policy could provide additional liability coverage beyond that provided by your auto, homeowners and any other personal liability policy.

For example, if you're hosting a house warming party in your home and someone falls down your stairs, you may be held legally responsible for any injuries caused from the fall. Homeowners and renters insurance policies typically provide a minimum of $100,000 in personal liability coverage. This means that the insurance company may pay up to the personal liability coverage limit to the injured party for a covered claim. A personal liability umbrella policy could provide coverage beyond that amount if the damages exceed what is paid out through your homeowners, renters, manufactured homes, farm ranch or condo unitowner liability coverage.

Why should you consider these personal insurance options?

Personal article insurance may be a good fit for those who have high-value possessions, or a personal liability umbrella policy for those who don't want to risk damages exceeding their current liability coverage. For more information about purchasing these types of policies in addition to a homeowners, renters or other insurance policy, contact a State Farm® agent.

The information in this article was obtained from various sources not associated with State Farm® (including State Farm Mutual Automobile Insurance Company and its subsidiaries and affiliates). While we believe it to be reliable and accurate, we do not warrant the accuracy or reliability of the information. State Farm is not responsible for, and does not endorse or approve, either implicitly or explicitly, the content of any third party sites that might be hyperlinked from this page. The information is not intended to replace manuals, instructions or information provided by a manufacturer or the advice of a qualified professional, or to affect coverage under any applicable insurance policy. These suggestions are not a complete list of every loss control measure. State Farm makes no guarantees of results from use of this information.
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