What Are Personal Home Insurance Floaters?

What Are Personal Home Insurance Floaters?

Secure additional coverage for your belongings with personal home insurance floaters.

Standard home insurance in East Elmhurst, New York, offers coverage for your home’s physical structure, your personal liability risks, and your personal possessions.  However, all insurance policies are subject to certain coverage limitations.  One of the limitations that home insurance policies face is that they cannot adequately cover high-value or unique belongings.  Fortunately, you can secure the additional protection that you need with floater coverage.  Here is what you need to know about this supplemental insurance option.

Home Insurance and Limited Personal Property Coverage

The personal property coverage included in standard home insurance policies is subject to certain limits.  For instance, policyholders typically have very low coverage limits for their valuable or unique possessions.  Typically, these limits are not enough to cover the items’ full value.  Some of the under-insured categories of belongings include the following:

  • Money, coins, and medals
  • Securities, checks, casher’s checks, travelers’ checks, money orders, and other negotiable instruments
  • Manuscripts and passports
  • Stamps, trading cards, and comic books
  • Firearms
  • Silverware and goldware
  • Fine art, rugs, and antiques
  • Jewelry, furs, and designer clothing items
  • Electronic data processing equipment

Floater Insurance Coverage

Homeowners who do not have adequate coverage for their belongings under their standard home insurance can secure additional coverage with a floater policy.  Floater insurance policies can be used to cover specific categories of items.  These policies obviously offer higher coverage limits, and many do not require the policyholder to pay a deductible for coverage.   Please keep in mind that floater policies do not usually cover multiple categories of items.  This means that, if you need additional coverage for several types of property, you will need to carry multiple floaters.  For instance, you may have one floater to cover your jewelry, another for your electronics, and another for your unique collectible items.

This is what you need to know about supplementing your existing personal property insurance with a floater policy.  Do you have questions about the limitations of your home insurance in East Elmhurst, New York?  If so, then contact the experts at 01 Insurance.  We are ready to assist you with all your home coverage needs today.