Floater insurance policy insures property or items that are easy to relocate and offers extra coverage over what regular insurance policies doesn’t protect.
Such coverage could be for any item such as an expensive TV set, an antique, or even a piece of jewelry, etc.
If you’re planning to move, either a short distance or a long distance move and you have hired a moving company or moving labors to help you out with the move, buying a floater insurance policy for each of your high-value items can save you from a whole lot of trouble down the road.
With a floater insurance, you wouldn’t have to bother about a long drawn legal battle with the moving company you hire or the moving labor if any of your high-value items go missing or is damaged.
Sometimes, homeowners insurance is never sufficient enough to cover every item.
This is why adding floater insurance to a homeowners’ insurance policy guarantees the homeowner that the entire value will be restored in the event of a damage, loss or theft.
The floater insurance policy usually covers one item. So if you intend to get
Floater Insurance: A typical homeowner’s insurance policy does not cover everything!
A regular homeowners’ insurance policy consist of protection for all perils listed in your policy like windstorm, vandalism, fire and theft etc. for jewelry and other valuable items such as antiques etc.
Nonetheless, there are limit for some items. Jewelry and other small high value items can be easily stolen as such their risk of being exposed to the possibility of theft are higher.
To maximize coverage, many standard homeowner’s policies usually only offer about $1,500 in protection for such items.
This indicates that the insurance service provider will not offer more than $1,500 for replacement of any jewelry or other valuable item.
For individuals who are owners of antiques, furs, collectibles, jewelry or other expensive and hard to replace items, there are two options of increasing insurance coverage to levels that align with the actual value of such items:
Floater Insurance: How to increase insurance coverage to match the value of your items
1. Buy a floater policy
This coverage option provides the most extensive coverage for valuables. Floaters protect against losses of any type and that include the ones your homeowner’s insurance policy does not protect like unexpected losses.
However, before you can buy a floater, whatever you inten to buy coverage for must be appraised by an expert.
This coverage option provides the most extensive coverage for valuables.
Floaters protect against losses of any type and that include the ones your homeowner’s insurance policy does not protect like unexpected losses.
However, before you can buy a floater, whatever you intend to buy coverage for must be appraised by an expert.
2. Boost your liability limits
Going for this option is less costly than buying a separate floater policy.
However, protections are limited for both single items and entire losses.
For instance, the protection limit for a single piece could be $3000 with a total limit of $7000.
It is absolutely crucial to review floater insurance policies every two or three years to ensure assessment are still up-to-date.
Also, you may want to add new items, especially valuables you recently purchase.
Items you can insure with a floater insurance policy
- Sport equipment
- Collections of rare coins and other items
- Musical Instruments
- Postage stamps
- Fine arts
- intend etc.
With a floater insurance, you have the assurance that each of the insured items are absolutely safe financially if they can not be replaced such as in the case of an antique, old coins, old stamps, and historic jewelry etc.