Because homeowner policies have set limits for replacing personal property, especially those items prone to theft, you may want to purchase additional coverage for some of your more valuable possessions.

For example, the standard limit on most policies is between $1,000 to $2,000 for the theft of personal items like jewelry, furs, fine art, silverware, watches, or guns. If you were burglarized and suffered the loss of one or more of those, it's easy to see how that limit would be quickly exhausted.

By purchasing a separate policy, usually called a floater, you can tailor the coverage to protect individual items or collections. These specialized policies can be costly, but they often don't carry a deductible or apply depreciation. Premiums are usually based on the item or items to be covered, their value, and where you live.

You may be required to prove an item's value when you buy a floater. For certain items, such as antiques or special equipment, the insurer may require a professional appraisal.

If you have any especially valuable items that you treasure, a personal articles floater might take some of the sting out of a loss.

The information in this article is not intended to be tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent professional advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any product. This material was written and prepared by Emerald. © 2013 Emerald Connect, Inc.