What is the purpose of a personal property floater?

A personal property floater serves the purpose of providing coverage for specific high-value items against loss or damage. Standard homeowners insurance policies often have limitations on the coverage for valuable personal property, such as jewelry, art, collectibles, or electronics. A personal property floater supplements this by extending the coverage for these items, typically on an actual cash value basis, and may also account for a wider range of risks than standard policies do, such as accidental loss.

For homeowners with significant personal assets, having a personal property floater is crucial in ensuring that they receive the full value for their items in case of theft or damage, which may not be adequately insured under a typical homeowners policy. This specialized coverage can help protect one's investments in high-value items and provides peace of mind knowing that they are better shielded from potential financial losses.