Your homeowners insurance policy covers quite a lot. Between storm damage, vandalism and other risks, comprehensive coverage can guarantee a high degree of fiscal protection over the years. Still, standard home insurance policies don’t cover everything.
While they’re effective at protecting the homeowner’s average assets, sometimes assuring fiscal coverage for one’s dwelling—and even third-party claims—isn’t enough.
Unique Risks and Coverage
Because standardized homeowners insurance policies tend to meet most homeowners’ needs, today’s policies sometimes fail to accommodate for particularly unique risks. Understandably, most policies cater to a homeowner’s most common risks.
It might not be apparent, right away, but some of your high-value personal possessions may not have enough coverage. Fortunately, there’s still protection available. The insurance world offers something called a personal floater policy which addresses the problem of high-value possessions. You can insure items of high values for their specific losses.
What is a Floater Insurance Policy?
Floater insurance is a type of coverage which offers extra protection where regular policies don’t. Specifically, it covers expensive personal possessions—like jewelry, electronics, artwork and even valuable furniture. Floater policies are quite flexible, assuring the homeowner gets the full value of their personal property if it’s broken, lost or stolen.
Normally, floater policies cover a single item—but it’s still possible to find coverage for multiple items. In most cases, however, the items need to be of the same type for assured coverage. To insure different items, you might need different floaters on the same policy.
Finding the Right Floater Policy
To get the most out of your floater policy coverage, you should revisit your floater policy every couple of years. This assures the valuations are current—which is even more important if you’ve made new purchases or investments.
To get started, account for all of your valuable materials—including any rare collections, silverware, instruments, electronics or musical instruments. Your insurance provider can help you appraise them—beginning your journey to finding wonderful floater coverage.