A personal articles floater is important for an insured that possesses; high value jewelry, artwork, collectable knives, rare coins, musical instruments, cameras, electronics, furs, oriental rugs… (any valuable items). If you have a loss, a personal articles floater will give you piece of mind that your most valuable assets are insured. Most insurance policies have special limits of liability for certain items, meaning that the insurer will not pay more than the amount specified in the policy.
If you own valuable jewelry or other items that would be difficult to replace you can increase coverage: by raising the limit of liability or “scheduling” your individual pieces through the purchase of “floater” policies. Scheduling each piece or item may cost more in premiums, but it offers broader protection because the floater covers losses of any type, including accidental losses, such as dropping your ring down the drain of the kitchen sink or leaving an expensive watch in a hotel room that your homeowner’s insurance policy will not cover.
Before purchasing a floater, some items may require a professional appraisal. The cost of this service varies depending on where you live.
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