When it comes to protecting your belongings, standard homeowners or renters’ insurance policies offer solid coverage, but only up to a point. What many people don’t realize is that those policies come with limits, especially when it comes to high-value personal property like jewelry, fine art, collectibles, or high-end electronics.
Enter the personal floater.
Often overlooked, personal floater insurance is one of the most effective ways to safeguard your most valuable items from unexpected loss. In this post, we’ll break down what personal floaters are, how they work, when you need one, and how they fit into your overall insurance plan.
Umbrella Policy
- Provides extra liability protection beyond the limits of your auto, home, or boat insurance
- Covers liability claims like lawsuits, medical bills, legal fees
- Protects against libel, slander, false arrest
- Coverage usually starts at $1 million
- Does not cover property, only liability
What Is a Personal Floater?
A personal floater is a type of insurance policy designed to provide additional coverage for specific high-value personal items not fully covered under your standard homeowners, renters, or condo insurance.
It’s called a “floater” because the coverage is not tied to a specific location. Instead, it floats with the insured item wherever it goes.
Why Do You Need a Floater?
Most standard policies have sub-limits. For example:
- Jewelry: $1,500
- Firearms: $2,500
- Silverware: $2,500
- Electronics: $2,500
A floater bridges the gap for expensive items like a $10,000 diamond ring or $8,000 in camera gear.
Real-Life Examples
- Jewelry: Samantha’s $12,000 necklace is only covered for $1,500 without a floater.
- Camera Equipment: James’s $8,000 gear is protected worldwide.
- Artwork: The Lopez family insures $50,000+ in art at appraised value.
Common Items Covered
- Jewelry and watches
- Fine art and sculptures
- Musical instruments
- Collectibles
- Furs and designer clothing
- Firearms
- High-end electronics
- Rare books or manuscripts
How It Differs from a Rider
A rider modifies an existing policy. A floater is often a separate policy for scheduled items.
Key Benefits
- Worldwide coverage
- Accidental loss protection
- Low or no deductibles
- Appraised value protection
- Flexible standalone or bundled options
Requirements
- Appraisal or receipt
- Photo or description
- Proof of ownership
What’s Not Covered?
- Wear and tear
- Manufacturing defects
- War or nuclear hazard
Cost
Usually $1–$2 per $100 of value annually. A $10,000 item may cost $100–$200/year.
Should You Get One?
If you own valuables over $2,500 or take them outside your home, yes.
Getting Started
- Take inventory
- Get appraisals
- Talk to your agent
- Review yearly
Final Thoughts
At Crain Insurance Group, we make sure your treasures are protected. Let’s talk floaters.