Inland Marine insurance is an endorsement added onto a home owners policy or can be a stand alone policy. This info graphic only goes over Inland Marine coverage as it relates to personal insurance policies, commercial inland marine is a different kind of insurance policy not covered here. Inland marine coverage is for any valuable items not adequately covered by a home policy. Personal property scheduled on inland marine is often insured on an stated value or agreed value basis.
You might be surprised at what limited coverage your home policy offers on many items considered valuable. Be sure to review the policy terms of your home policy to get a better understanding of what exactly is covered, and for how much. Don’t be hesitate to contact your local agent for help. Many items can be scheduled on a policy. Below are listed some of the common items found on inland marine policies.
There is often a very limited amount of coverage for jewelry on a home owners policy. Scheduling and item also expands the covered causes of loss.
Fine art coverage is also limited on a home policy. Be sure to use recent appraisals when scheduling.
From coins to comic books, if you have a collection of something valuable, it might be worth scheduling.
Musical instruments can be very expensive, and coverage is often limited on a home policy.
Many items can be scheduled on a policy. Below are listed some of the common items found on inland marine policies. Scheduling valuables on your home policy is usually fairly inexpensive to do. Not only do you get adequate coverage for the item, but you also get expanded causes of loss (most often theft off premises is added to scheduled items, usually excluded on a home policy). Talk to your local agent to get a quote.
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About the author:
Aaron Whitaker joined Whitaker-LaChance in 2014 as a Personal Insurance Customer Service Representative. He brought with him extensive customer service experience from working in a retail professional camera store and computer electronic store for three years in Chicago. Aaron manages all personal insurance placement, marketing, account service and claim management. His expertise is in working with our clients to make sure their insurance program takes care of them through all the changes in life. Aaron is a graduate of Kalamazoo Home School Association and attended Columbia College in Chicago, where he studied Graphic Art Design. He is an avid photographer and enjoys fishing.