Inland Marine Coverage Explained

What is Inland Marine coverage on my homeowners?

You may have heard or seen on your homeowners insurance policy a coverage listed that says ‘Inland Marine’ and wondered what that is.  Based off of the name, a lot of people assume it has to do with a boat, but it actually rarely has anything to do with a boat.

Inland Marine is where you specifically list valuables that you want to insure, most commonly that being jewelry.  For example, let’s say you have an engagement/wedding ring that is valued at $5,000 that you specifically want to insure in case of theft or lost/damaged, you could insure that ring and it would be listed under the Inland Marine portion of your policy.  

Why do people list specific items under Inland Marine?

There are multiple reasons why someone would specifically pay more to insure a specific valuable item that they own.  Here is a list of a few reasons:

  1. Most homeowners insurance policies have a limit for theft for certain items such as jewelry or guns.  By listing a specific item, you don’t need to worry about those limits. For example, if a standard homeowner policy has a limit on gun theft of $2,000 total for all guns, not per gun, and someone breaks into your home and steals your gun collection valued at $10,000, the most the insurance company would pay you is $2,000, unless you specifically listed each gun and their value on your policy.

  2. Have you or someone you know had a stone fall out of your ring and get lost?  This is normally excluded on home insurance policies, but if you list the ring under Inland Marine, this could be covered.

  3. You can get a lower deductible than the policy deductible.  Let’s say you have a $1,000 deductible on your home insurance and you have a piece of jewelry valued at $1,300.  If you only rely on your regular homeowners insurance coverage, if it is a covered claim, that would leave you only recovering $300 of the $1,300 once the deductible is taken out.  If you list the jewelry item out under Inland Marine, you can have a $0 deductible with some companies, meaning you would recover all $1,300 in most situations.

If you have a valuable that you want to know how it is currently being covered or are interested in the cost to specifically insure that item, talk to your agent today!