Floater Coverage Meaning: Explained
Floater coverage is an insurance policy that provides extended protection for property owners. This type of coverage is usually used to protect items that are of high value and that are not usually covered by other policies, such as jewelry, fine art, antiques, and other collectibles. It is often referred to as “all-risk” insurance or “blanket” insurance. Floater coverage is a great way to make sure that you are fully protected against any potential losses that may occur.
What is Floater Coverage?
Floater coverage is a type of insurance policy that offers a higher level of protection than a regular policy. It is not limited to a single item or location, but instead covers all items within a certain category. For example, if you have a jewelry floater policy, it will cover any jewelry items that you own, no matter where they are located. It also provides an extra layer of protection for items that are not covered by your other insurance policies. Floater coverage can be used to protect items that are valuable and that could be easily damaged or stolen.
What Does Floater Insurance Cover?
Floater coverage typically covers items such as jewelry, fine art, antiques, collectibles, and other items of high value. It is important to note that some items may be excluded from coverage, such as firearms and certain types of electronics. Additionally, some items may have special limits or exclusions, such as a limit on the amount that can be claimed for a single item. It is important to read your policy carefully to ensure that all of your items are covered.
What is the Difference Between Floater and Regular Insurance?
The primary difference between floater and regular insurance is the amount of coverage provided. Floater coverage typically offers a higher level of coverage for items that are not usually covered by other policies. Regular insurance typically offers a lower level of coverage and only covers items that are specifically listed on the policy. Floater coverage also offers a higher level of protection from potential losses due to theft, damage, or other causes.
How Much Does Floater Coverage Cost?
The cost of floater coverage will depend on several factors, including the type and value of items being covered. Generally, the higher the value of the items covered, the higher the cost of the policy. Additionally, some items may be subject to additional fees, such as appraisal fees. It is important to get multiple quotes from different insurance providers to ensure that you get the best coverage at the best price.
What are the Benefits of Floater Coverage?
Floater coverage provides a higher level of protection and can be used to protect items that may not be covered by other policies. It also offers protection for items that are of high value and can be easily damaged or stolen. Additionally, floater coverage often provides additional benefits, such as coverage for accidental loss or damage, as well as coverage for items that are lost or stolen while in transit.
How Do I Get Floater Coverage?
Floater coverage can usually be purchased from an insurance provider or an independent broker. It is important to research different providers to make sure that you are getting the best coverage at the best price. Additionally, it is important to read your policy carefully to ensure that all of your items are covered. If you have any questions, it is important to contact your insurance provider or broker to ensure that you fully understand your policy.
Conclusion
Floater coverage is a great way to protect items of high value that are not usually covered by other policies. It offers a higher level of protection and can provide additional benefits, such as coverage for accidental loss or damage. It is important to research different providers and to read your policy carefully to make sure that all of your items are covered. If you have any questions about floater coverage, it is important to contact your insurance provider or broker for more information.