What is a PERSONAL ARTICLES FLOATER (PAF)?
Homeowners insurance is designed to cover general possessions, not valuable collections like antiques, jewelry and artwork. Most insurance companies limit their coverage of expensive possessions so that household premiums are more affordable to everyone. A homeowners policy lists the specific monetary limits for personal property under the section “Special Limits”. If the limits seem low to you, you may wish to schedule your valuables on a PAF. By providing your agent with an appraisal or a bill of sale for your valuables, you will be able to schedule that article. In the event of a loss, the article is replaced at the scheduled amount. Generally, no deductible is applied.
