Personal Inland Marine Insurance

Personal Inland Marine Insurance

December 15, 2021
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If you are purchasing or already purchased a high-value item it is important to reach out to your insurance agent to verify that it is insured. In many cases, your typical homeowner’s policy may not cover the full value of the item so you may need additional coverage. This is where Inland Marine Insurance comes in handy. It is used to insure valuable personal property that often needs broader coverage than your standard homeowner’s policy provides.  

What is personal inland marine insurance? 

Personal inland marine insurance, also known as scheduled personal property, can provide coverage for your personal property that is typically limited under property coverage, such as items of high value or that are rare or unique. The coverage helps with the cost to repair or replace the covered property item that is damaged due to covered events. Events typically covered include theft, fire, wind, hail, or water damage.  

What does personal inland marine insurance typically cover? 

Property that is being transported 

Property that moves or will be moved between locations 

Electronics 

Fine art 

Furs 

Cameras 

Golf Equipment 

Jewlery 

Silverware 

Firearms 

Coin or stamp collections 

Inland Marine Insurance in Use 

Let us say you have $600,000 of homeowner’s coverage, and your $30,000 engagement ring was stolen. You cannot simply apply your total homeowner’s coverage to the $30,000 ring.  Jewelry is considered high-value property that can be easily lost or stolen, so coverage limits are typically specified in your policy. The maximum payment you may receive for the jewelry in this example under a standard homeowners' personal property coverage is typically between $1,000 to $2,000 but vary depending on your specific policy.  Bottom line in this example, unless you have this jewelry item listed for coverage at a specified value of $30,000, you would only receive the sub limit of $1,000 – 2,000.   

In this instance, you would want to have an inland marine/scheduled personal property policy in place to protect your jewelry – this additional endorsement would cover the full value listed for the item. 

Do you need additional coverage? Or would you like to find out if you need additional coverage? Reach out to us today and we will review your current policy to ensure you have our best coverage.