Throughout your life you may collect, inherit, or be given some valuable items. If you’re a guy maybe you bought your wife a valuable fur. Maybe your grandparents handed down an antique. Or maybe you began a special collection as a child and it has grown in value. While homeowners policies help cover the contents of your home, for special objects you will want to purchase floater insurance, and, no, floater insurance is not for boats.
What Is It?
A floater insurance policy allows you to specify certain items that you want to make sure are appropriately covered should something happen to them. The nice thing about floater insurance is that there is no deductible. Full replacement value is provided in the case of:
- Mysterious disappearance
When choosing items to insure, a third-party appraiser will help you set the value of each item.
What Types of Items?
There is no saying exactly what each person finds valuable enough to want to protect with an extra level of insurance coverage. People value different things, but some of the most common items might include:
- Rare art
- Coin collections
- Stock certificates
- Special jewelry
If you’re not sure if your special item is worth floater insurance coverage, ask your insurance agent.
Homeowners insurance does cover the contents of your home, such as:
- Sports equipment
However, don’t lose sleep at night worrying about your valuables. If you have something from your grandparents, children, husband, wife, or something from your childhood that you treasure, you may want to look into floaters insurance. It may help you get the good night’s sleep that you deserve.