Auto Insurance
What is an Insurance Declarations Page?
A declarations page, also sometimes referred to as a “dec page,” is a page from your insurance policy that sums up your policy coverage.
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A typical homeowners policy limits coverage for certain personal items up to $1,500,* but what happens if your damaged or stolen items are worth more than that? If you have high-value items in your home, you may want to ensure that you’re covered for the full cost of those items by purchasing a Personal Articles Floater (PAF) policy.
A PAF is a type of insurance policy designed to provide additional coverage for your valuable personal items that typically exceed the limits of standard homeowners or renters insurance policies. It offers protection against loss, damage, or theft for a range of high-value items.
Unlike the basic property insurance that often comes with a deductible and certain limitations, PAFs usually have no deductible, meaning that in the case of a successful claim, you’ll receive the full dollar amount that you and your insurance company agreed upon at the start of the policy. This specialized coverage ensures that your most treasured items are protected, often worldwide, under a wide array of circumstances.
Goosehead finds the best coverage and cost options to fit your needs.
PAF policies can cover a diverse array of personal property that might be extraordinarily valuable or not covered under standard insurance policies. Common items typically insured under a floater policy include:
If you have personal belongings that carry significant financial or sentimental value, a PAF may be an important consideration for ensuring those items are protected.
Determining whether you need a PAF depends on several factors, including the value of your possessions and their coverage under existing policies. If your homeowners or renters insurance doesn't fully cover high-value items, or if you require expanded protection (e.g., coverage during travel), then investing in a floater might be a wise choice.
To decide if this insurance suits your needs, conduct a home inventory and have your valuables appraised to ascertain their current market value. Understanding the limitations of your standard insurance will also help guide your decision. Reach out to your insurance agent to learn more about what your standard insurance covers.
The cost of a PAF varies based on several factors, including the overall worth of the insured items, your location, chosen coverage options, and the insurance company’s policies. Premiums are usually determined based on a percentage of the item’s appraised value, with more expensive items generally commanding higher insurance rates.
To get the best rate, it's a good idea to shop around and compare quotes from multiple insurers. It's also crucial to regularly re-assess the value of your items and your policy to ensure continued adequate coverage as market values change.
When choosing coverage options, consider the full breadth of protection you require. Policies can differ by insurance providers but often include:
Policies can often be tailored to fit individual needs, ensuring that each of your possessions is protected according to its unique characteristics and risks.
Apart from purchasing a floater policy, other options include increasing the coverage limit on your existing homeowners or renters insurance or opting for specified perils coverage, which protects against specific risks named in the policy. Additionally, some credit cards offer protection for purchases, including personal property, but this is typically less robust than what a floater policy offers.
It's also worth noting that careful handling and storing of valuable items, as well as investing in security measures for your home, can complement the financial protection insurance provides.
Make a list of your valuable items and assign them a value, gathering an appraisal or receipt on those items if you’re unsure. Get a quote from your insurance agent and determine whether increasing your homeowners liability coverage or adding PAF insurance is more cost effective. Remember to review your policy periodically and update coverage as necessary to reflect any new acquisitions or changes in value.
Need a PAF quote? Reach out to a Goosehead agent today.
*Some policies may not have standard limits, so review your policy information to understand your exact sub-limits.
The contents of this article are meant as general information to help you understand personal lines insurance and not specific to a particular policy. Policies, coverages and discounts can vary by state and insurance carrier. To understand your coverage, you should speak directly with a licensed insurance agent or read your full policy contract. Call your agent or contact us at (833) 779-4090.
Navigating the world of personal property insurance can be overwhelming. How much insurance you really need depends on what assets you lease or own. At the very least, if you own or lease a car, you’ll need car insurance, and if you own a home, you’ll need homeowners insurance. Any other policies you may need to consider above those two are based on your location, assets, lifestyle, and risk tolerance. This guide will walk you through key types of insurance, helping you make informed decisions based on your circumstances.