Do you need a “floater” insurance policy?

Do you need a “floater” insurance policy?

A “floater” insurance policy covers property that can be easily moved or transportable, increasing the risk of it being damaged or stolen. Floater insurance can provide you with additional coverage over and above the coverage provided by a standard home insurance policy.

The typical home insurance policy covers your home and most of its contents up to the amount that is specified in the policy. However, most expensive items aren’t covered or have very low limit caps on the amount recoverable from the policy. By purchasing a floater insurance policy separately from your home insurance policy, these types of items can be covered.

One of the benefits of a floater policy is that it may provide much better coverage when compared to raising the liability limits on your standard home insurance policy. Adding a floater policy guarantees that the full value of your insured item will be replaced in the event of loss, damage, or theft.

The cost of a floater policy is dependent upon a number of factors, primarily the value of the item(s) being insured and the nature of the insured property. Companies that offer floater policies usually base their policy pricing on past experience with regards to the loss of the item(s) you want insured. The more unique, unusual, or rare an item is, the chances are you’ll pay a higher premium.

Protect the things you love the most

Floater insurance policies typically cover one individual item. Therefore, if you have several items that you want to have fully insured, you’ll need to purchase a floater policy for each one.
A floater insurance policy covers individual items including:

  • Fine art
  • Musical instruments
  • Cameras
  • Jewelry
  • Furs
  • Sporting equipment
  • Antiques
  • Books

Rare coins and collections such as baseball cards, comic books, stamps, and coins can also be insured under a floater insurance policy. You should plan to review your floater policies every few years to make sure that valuations are kept current and if you need to add new purchases.

How it works

If you’re considering purchasing supplemental policies such as a floater insurance policy, you’re going to want to spend some time researching different companies and the floater insurance policy options that they have to offer. Enlisting the services of a home insurance policy broker such as Dan Fraisse of Fraisse Insurance can save you a lot of valuable time and money.

Dan is an independent insurance broker which means that, although he works with many insurance companies such as Allstate, State Farm, and Progressive, he’s working for you to find a policy that fits your particular needs. He can take the hassle out of shopping for a floater insurance policy.

Call or click today and let Dan Fraisse get you the best coverage for the best price.