What Needs an Inland Marine Policy?

Don’t let the name throw you off: “Inland marine” insurance isn’t just for nautical endeavors.

Inland marine insurance policies cast a wide net of protection, covering everything from farm equipment to engagement rings — and nearly everything in between. Also known as a personal articles policy, inland marine insurance is something policyholders should consider layering on top of existing coverage.

San Antonio Texas Farm Bureau Insurance agency manager and Agent Tom Darling and David Garza answered our questions about when you might need inland marine insurance. 

Q: Why Might I Need an Inland Marine Policy?
A: Since there are coverage limits to property insurance policies, personal article policies help protect valuable personal items that could be subject to coverage limits under property insurance if an accident occurs.

Additionally, your homeowners deductible is often much higher compared to an inland marine policy. For example, if a loose setting in your wedding band causes the diamond to fall out, the diamond might not be covered, depending on your policy’s coverage limits. If it is covered, you could still face a high deductible. (That’s $2,000 if your house is valued at $200,000 and has a 1% homeowners deductible.)

Q: What Does an Inland Marine Policy Cover?
A: We most frequently see people taking out inland marine policies on jewelry (namely watches and rings). But inland marine policies are vast, covering a multitude of personal items. Here are a few examples of things we have covered under this policy:

• Antiques: Don’t leave your great-grandmother’s beloved curio cabinet or your aunt’s vintage fur coat to chance.
• Artwork: Whether it’s a single statue or a series of paintings from your favorite Texan artist, inland marine coverage can help protect your home gallery — no matter the size.
• Personal collections: Perhaps you have a Dallas Cowboys memorabilia collection that would impress even Jerry Jones. Or maybe you have a Dr Pepper shrine in your spare bedroom. Whatever it is, if it’s important to you and has significant value, you should consider covering it through an inland marine policy.
• Musical instruments: If you’ve got a budding Willie Nelson on your hands (or big dreams of gracing the ACL stage yourself), inland marine coverage can protect your guitar, piano, or other musical instrument.

Q: What Makes This Policy Worth it?
A: An inland marine policy has three main selling points: It’s relatively inexpensive, it broadens your coverage, and it has a low deductible. Call your Texas Farm Bureau Insurance Agent if you have property worth protecting with an inland marine policy.

Coverage and discounts are subject to qualifications and policy terms and may vary by situation.