What are "floaters" in regard to insurance coverage?

"Floaters" refer to a specific type of insurance coverage designed to provide additional protection for valuable items that may not be adequately covered by standard insurance policies, such as homeowners or renters insurance. These items often include jewelry, fine art, collectibles, and other personal belongings that could exceed the coverage limits of a basic policy.

By acquiring a floater policy, individuals can ensure that these specific items are covered for their full value, providing peace of mind in case of theft, damage, or loss. Standard insurance policies might have limits or exclusions when it comes to certain categories of personal property, which is why a floater is beneficial for those assets that require more specialized coverage.