Alyssa Lane
A personal articles floater is a type of insurance policy that covers personal property that is easily movable and provides additional coverage beyond what a standard insurance policy includes. It is typically used to cover valuable items such as jewellery, fine art, antiques, rare coins, and electronic equipment. This type of insurance is especially useful for items that are not fully covered by homeowners insurance or have limited coverage, such as furs, musical instruments, and cameras. By purchasing a personal articles floater, individuals can ensure that their valuable possessions are protected in the event of theft, loss, or damage, giving them peace of mind.
| Characteristics | Values |
|---|---|
| Type of Insurance Policy | Covers personal property that is easily movable |
| Coverage | Provides additional coverage over what normal insurance policies do not |
| Other Names | Personal property floater, inland marine insurance |
| Items Covered | Jewelry, furs, fine art, rare books, rugs, antiques, silverware, china, crystal, collectibles, firearms, cameras, musical instruments, sporting equipment, postage stamps, rare coins, electronics, medical-related items, etc. |
| Perils Covered | Theft, loss, damage, fire, windstorm, vandalism, earthquake, flood, breakage |
| Exclusions | Loss caused by insects or vermin |
| Coverage Basis | Replacement cost basis, stated value basis, extended replacement cost coverage |
| Cost | Depends on the classes of property, their values, and location |
What You'll Learn
Floater insurance covers movable property
Floater insurance is a type of insurance policy that covers personal property that is easily movable, providing additional coverage beyond what standard insurance policies offer. It is also known as a "personal property floater" or "personal articles floater".
A standard homeowners insurance policy typically includes coverage for perils such as fire, windstorm, theft, and vandalism for personal items like clothing, furniture, and electronics. However, there are limitations on certain valuable items. This is where floater insurance comes in—it "floats" over your existing policy and extends coverage for specific valuable items.
- Fine art, including antiques, books, china, crystal, collectibles, furniture, rugs, paintings, sculptures, and silverware
- Firearms, both antique and modern
- Cameras and video equipment, including personal use projectors and audio-visual equipment
- Sporting equipment for personal use, such as golf, surfing, and tennis gear
- Musical instruments and related sound equipment
- Postage stamps and related collectibles
- Rare coins and other valuable collections, such as baseball cards, comics, and records
In addition to the above, a personal articles floater can also cover:
- Jewelry, including watches, rings, and other high-end pieces
- Furs, including garments containing or trimmed with fur, even if it's imitation
- Computers and other electronics
- Silverware, goldware, and china, including crystal
- Firearms and related equipment
- Political campaign collections, such as buttons and flyers
- Medical-related items, such as hearing aids, prosthetics, and personal mobility devices
Floater insurance is particularly useful for items that receive limited coverage under homeowners insurance, such as those listed above. It provides peace of mind and ensures that the full value of these items will be replaced in the event of theft, loss, or damage.
When considering floater insurance, it's important to review your existing coverage and ask yourself if you could comfortably replace these items if something happened to them. Floater insurance is a great way to ensure that your valuable, movable property is adequately protected.
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It provides additional coverage
A personal articles floater is a type of insurance policy that covers personal property that is easily movable and provides additional coverage beyond what standard insurance policies offer. It is typically purchased as an add-on to an existing insurance policy, such as homeowners insurance, to increase the level of protection for valuable personal belongings.
Personal article floaters are particularly useful for items that may have limited coverage under standard insurance policies, such as:
- Jewelry
- Watches
- Fine art
- Antiques
- Furs
- Silverware
- Cameras
- Musical instruments
- Stamp and coin collections
- Firearms
By purchasing a personal article floater, individuals can ensure that their valuable possessions are adequately covered in the event of theft, loss, or damage. This type of insurance provides peace of mind and financial protection, as it covers a wider range of risks and perils than a basic insurance policy.
The process of obtaining a personal article floater typically involves assessing the value of the items to be insured and paying a premium based on that value. It is important to note that personal article floaters usually cover individual items, so multiple floaters may be necessary to insure multiple valuable possessions.
In summary, a personal article floater serves as an additional layer of protection for valuable and specialised personal property. It provides coverage beyond the limits of standard insurance policies, ensuring that individuals can replace or repair their cherished possessions in the event of unforeseen circumstances.
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It can be a separate policy or an endorsement to existing insurance
A personal article floater is a type of insurance policy that covers personal property that is easily movable and provides additional coverage beyond what a standard insurance policy includes. It is typically used to insure valuable items that may not be adequately covered by a homeowner's insurance policy. These can include items such as jewellery, fine art, antiques, rare coins, and electronic equipment.
A personal article floater can be purchased as a separate policy or added as an endorsement to an existing homeowner's insurance policy, depending on the insurance carrier. As a separate policy, it provides stand-alone coverage for valuable personal property. This means that it "floats" with the items of value, ensuring they are covered regardless of their location. This type of policy is particularly useful for individuals with high-value personal property that exceeds the coverage limits of standard insurance policies.
On the other hand, a personal article floater can also be added as an endorsement to an existing insurance policy. In this case, it extends the coverage provided by the underlying policy for certain classes of personal property. This option is suitable for individuals who want to ensure their valuable items are adequately covered without purchasing a separate policy. The endorsement "floats" over the homeowner's policy, providing additional protection for listed personal property.
The decision to purchase a personal article floater as a separate policy or an endorsement depends on the individual's specific needs and the coverage provided by their existing insurance. It is important for individuals to review their current coverage and assess the value of their personal property to determine if a personal article floater is necessary. By doing so, they can ensure their valuable items are adequately protected in the event of theft, loss, or damage.
Overall, a personal article floater provides added peace of mind for individuals with high-value or unique personal property. Whether purchased as a separate policy or added as an endorsement, it offers enhanced coverage beyond the limitations of standard insurance policies.
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It covers valuable personal property
A personal articles floater is a type of insurance policy that covers valuable personal property. It is often used to cover items that receive limited coverage under standard homeowners insurance policies, such as jewellery, fine art, silverware, cameras, musical instruments, and coin collections.
Personal article floater insurance can be purchased as a standalone policy or added as an endorsement to an existing homeowner's insurance policy. It provides additional coverage for valuable items that may exceed the limits of standard insurance policies.
For example, a standard homeowner's insurance policy may only cover jewellery up to a certain amount, such as between \$1000 and \$1500 per item. With a personal article floater, individuals can obtain higher value coverage for their high-end jewellery pieces.
Other items commonly covered by a personal article floater include:
- Fine art (including books, rugs, antiques)
- Rare and current coins
- Firearms
- Cameras and video equipment
- Computers and electronics
- Musical instruments
- Sporting equipment
- Stamp collections
Personal article floater insurance is designed to provide peace of mind and financial protection for individuals with valuable personal possessions. By purchasing this type of insurance, individuals can ensure that their valuable items are covered in the event of theft, loss, or damage.
It is important to note that personal article floater insurance may not cover all risks and may have certain exclusions. For example, loss caused by insects or vermin may be excluded from coverage. It is essential to carefully review the policy and understand the covered perils, exclusions, and limitations.
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It covers items like jewellery, art, and antiques
A personal articles floater is a type of insurance policy that covers personal property that is easily movable and provides additional coverage beyond what standard insurance policies offer. It is typically used to insure valuable personal property that may not be adequately covered by a homeowner's policy due to various exclusions and limitations.
Personal articles floaters are particularly useful for individuals who own high-value items such as jewellery, art, and antiques, as these items often require more coverage than what is provided by standard insurance policies. Here's how personal articles floaters can help protect these valuable possessions:
Jewellery
Personal articles floaters are commonly used to provide additional coverage for jewellery, including watches, engagement and wedding rings, and other high-end pieces. Standard homeowners insurance policies often have limited coverage for jewellery, typically ranging from $1,000 to $1,500 per item. A personal articles floater can help fill this gap by providing higher coverage limits for these valuable items. It is important to note that items over a certain value, usually $1,000, will require an appraisal to be included in the personal articles floater.
Art
Fine art items, such as paintings, statues, rugs, vintage and antique furniture, rare books, and manuscripts, can also be covered under a personal articles floater. These items are often insured on a "valued basis," which means that in the event of a loss, the policyholder will receive a payment based on the amount specified in the schedule for that particular item. Personal articles floaters provide peace of mind for art collectors by ensuring that their valuable art pieces are adequately protected.
Antiques
In addition to fine art, personal articles floaters can also cover other types of antiques, such as antique furniture, china, crystal, silverware, and firearms. Antiques are often considered high-value items, and their coverage under standard homeowners insurance policies may be limited. By obtaining a personal articles floater, individuals can ensure that their antiques are fully protected in the event of theft, loss, or damage.
Overall, a personal articles floater serves as a valuable tool for individuals who own jewellery, art, antiques, and other high-value possessions. It provides the necessary additional coverage to protect these items, giving policyholders peace of mind and financial protection in the event of unforeseen circumstances.
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Frequently asked questions
A personal articles floater is a type of insurance policy that covers personal property that is easily movable and provides additional coverage beyond what a standard insurance policy does.
A personal articles floater covers valuable personal property that often requires more coverage than what is provided by a standard homeowner's policy. This includes items such as jewellery, fine art, furs, cameras, musical instruments, and sporting equipment.
A personal articles floater "floats" over your homeowner's policy and extends coverage for listed personal property. It covers personal property on an "all-risk" basis, meaning that unless a cause of loss is expressly excluded in the policy language, it is covered.
The cost of a personal articles floater policy depends on the types of property being insured, their values, and the location of the insured. Carriers typically charge a set rate per $100 or $1,000 of coverage.
