Your homeowners, renters, and condo owners’ policies have sub limits within them for certain valuable articles such as jewelry, silver, firearms, furs etc. Most companies will allow these limits to be increased by endorsement. However, increasing the limit may not broaden the coverage.
Unscheduled Property Floater: An unscheduled property floater is a way to provide additional insurance on categories of personal contents on a broad basis. Instead of separately listing each firearm in a collection and the amount of insurance required, the policy provides coverage for the firearm category and assigns a limit the company is willing to accept. The additional premium for this type of floater is typically much lower than a scheduled property floater.
Scheduled Property Floater: A scheduled property floater provides a specific amount of coverage for specific items. You might list items such as these:
- One man's watch - Rolex Model XYZ – appraised value $18,000
- One woman's wedding ring - 2 ct diamond in 18 ct gold band – appraised value $6,000
- One antique 16-gauge shotgun - Remington – appraised value $8,000
With a scheduled property floater, the policyholder insures by item rather than by category and the insurance company agrees to accept limits based on the appraisals. Although a higher premium is charged, a scheduled property floater will pay the limits on a per-item basis rather than a per-category basis.
Contact us for more information.