What Does My Home Insurance Policy Cover?

Pictured, a living room filled with valuable items

While a typical home insurance policy can cover the loss of personal items, there are instances where your policy’s levels of coverage may not provide the full replacement value of higher-end items. However, you can add specialty home insurance coverage to your home insurance policy that can help increase your limits. At Allstate, it’s known as a personal articles floater (PAF).

In this article, we will provide you with a better understanding of this endorsement (or add-on) to your policy. So…

What is a Personal Articles Floater (PAF)?

A PAF is an endorsement that can only be added to a primary home policy (such as home, condo, or tenant insurance). This endorsement would cover the cost of certain items that are worth more than what a standard policy will cover.

For example, some insurance companies may provide a maximum amount of coverage for personal items you own up to 75 – 80% of the value of your home. Within your policy, there can also be limits on individual items, such as jewellery, sporting equipment, art, and more.

If you have a higher-end item that may be worth more than what your policy’s limits are (the maximum amount of money paid for an insured loss), you may want to consider adding this endorsement. Speaking of which…

What is Covered Under a Personal Articles Floater?

A PAF is recommended for high value items, especially if the item has special limits of insurance as outlined in your policy. Personal property that is eligible to be insured under a PAF may include the following:

  • Bicycles that are used strictly for personal/hobby use.
  • Cameras that are used strictly for personal/hobby use.
  • Collectibles such as trading cards, stamps, coins, comics, sports memorabilia
  • Fine arts such as a painting or sculpture
  • Firearms that were legally obtained and for use in Canada and the U.S. only
  • Furs
  • Jewellery and watches
  • Musical instruments
  • Silverware
  • Sports equipment

Now that you know the types of items that are typically covered under a PAF, you might be wondering…

What are the Benefits of having a PAF?

Some benefits to adding a PAF to your homeowners insurance policy include:

  • Ensuring a high value item has coverage for its full appraised value in the event of an insurance claim.
  • The deductible could be waived in the event of a claim if the item is insured under a PAF.

Now that you are aware of the potential benefits of having a PAF, you may ask yourself…

When Can I Add a PAF to my Policy?

You’re able to add a PAF to an active home policy when your insurance agent or broker  initially binds your policy, during mid-term or when your policy is up for renewal.

Your insurance professional will be able to add this endorsement to your policy once you’re able to provide all the necessary documentation (e.g., copy of bill of sale, appraisal documents, or any other official details about the item.). But wait…

What is the Best Way For Me To Know How Much My Stuff is Worth?

The best way to know how much your items are valued is to get them appraised, by someone who belong to the International Society of Appraisers – which has Canadian Chapters.

Canadian Underwriter does a great job providing an explanation on how to have your items professionally appraised.  And finally…

Is a PAF Expensive?

While the cost of a PAF can add a small amount to the cost of a policy, the insurance premium can be less than the cost to replace the item if it’s lost or damaged. A PAF can also provide peace of mind knowing that your higher-end items have the right amount of coverage in the event of a loss.

Customers are advised to review their policy wording and to reach out to their insurance professionals if they have any questions about the types of coverages and/or if they want to know how their policy measures up to the other options offered by Allstate.


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