fancy home kitchen, protecting your personal belongings with an insurance floater

Home Insurance Floaters and High-Value Belongings

How your home policy extends coverage to your valuable or unique personal possessions.

Standard homeowners insurance in Plano, Texas, will offer coverage for your personal belongings.  However, your policy will place limits on this coverage, making it difficult to protect precious and high-value possessions.  For instance, home policies typically impose coverage limits on things such as money and coins, collectibles, firearms, fine jewelry, antiques, silverware, goldware, electronic data processing equipment, and so on.  Fortunately, homeowners can secure the coverage that they need with a floater policy.  But what is a floater policy, and what can it do for you?  Here’s what you need to know.

  • What is a Floater Policy?

A floater policy is a type of personal possession coverage that you secure separately from your home insurance.  This type of supplemental insurance is meant to offer coverage for items of particular value that cannot be completely covered on a standard home policy.

  • What Does Floater Insurance Cover?

Typically, floater policies cover a single category of items.  For instance, if you need to secure coverage for your firearms and fine art, then you would likely have to secure a different floater policy for these different types of belongings.  Because floater policies are specific to a category of items, they offer complete coverage and often offer coverage without the need for deductibles.  However, because floaters are less standardized than other forms of insurance, you should speak to your coverage provider to learn exactly what your policy will cover.

  • How Much Do Floaters Cost?

The cost of floater insurance depends on a variety of factors.  The primary consideration is the value of the items being insured and their susceptibility to damage or loss.  Naturally, the more valuable the items are, and the higher their risk for damage, the more expensive your insurance will be.  If your current home insurer offers the floaters that you need, then securing a policy with them will allow you to bundle your policies and save on your coverage.

This is what you need to know about floater policies and protecting your valuable possessions.  Do you have additional questions regarding your homeowners insurance in Plano, Texas?  If so, then contact the experts at Tri-Star Insurance/HUB International.  We are ready to assist you with all your coverage needs today.