A floater is a type of inland marine insurance that provides extra coverage for mobile high value items like jewelry, fine art, or high-end electronics. In addition, a floater offers open perils coverage for specified items that gives you more coverage than a standard homeowner’s insurance policy. By scheduling them individually, you ensure your most prized possessions are protected.
The $10,000 Heartbreak in Highland Park
Julianna is a resident of Highland Park and owns a beautiful diamond engagement ring appraised at $10,000. She knows her homeowners policy had $50,000 in personal property coverage. She assumed that the personal property coverage would include her diamond ring. When the ring disappeared while she was traveling, she was shocked to find out her policy had a $1,500 sub-limit for jewelry theft.
This left her with an $8,500 loss that she had to pay on her own. If Julianna had used a floater to schedule that specific ring, she would have received more money for her stolen ring.
Why Your Standard Policy Isn't Enough
Most Texas homeowners don't realize their policy has limited coverage for certain categories of personal property. The insurance company uses sub-limits to reduce their risk.
- Jewelry & Watches: Often capped at $1,000–$2,500 for theft.
- Firearms: Frequently limited to $2,500.
- Silverware & Fine China: Often capped around $2,500.
- Fine Art & Collectibles: Limits vary, but rarely cover high-end gallery pieces.
The Benefits of a Floater
When you schedule an item with a floater, you get three major upgrades:
- Increased Coverage: Depending on the policy, you can insure items for full replacement cost value or agreed value.
- Broader Protection: A floater offers open perils coverage which includes mysterious disappearance. If you lose your expensive watch at a Longhorns game or a stone falls out of your setting in the backyard, a floater pays to repair or replace your item.
- No Deductible: In most cases you don't have to pay your home insurance deductible for scheduled items. The floater pays from dollar one.
How to Add a Floater
To add a floater, you typically need two things:
- A Recent Appraisal: Usually from within the last 2-3 years to prove what the item is worth today.
- A Detailed Description: Serial numbers, high-res photos, and gemstone certificates (like GIA reports).
Are Your Expensive Items Actually Protected?
If you have a collection of items or a piece of jewelry that you couldn't afford to replace tomorrow, relying on a standard homeowner’s policy is a gamble. You’re essentially self-insuring for everything above that tiny sub-limit.
Don't wait for a mysterious disappearance to check your limits. Most Texans have thousands of dollars in unprotected assets sitting in their closets or safes. Our personalized risk assessment looks at your high-value items and helps you get the right coverage so your valuables are truly secure.