Check your homeowners or renters policy declaration page. You will find sub-limits that cap what the policy pays for certain categories of items:
- Jewelry, watches: $1,000-$2,500 total (all items combined)
- Firearms: $2,000-$5,000
- Silverware: $2,500
- Fine art: $2,500-$5,000
- Collectibles (coins, stamps): $1,000-$2,500
- Electronics: $5,000
- Cash: $200
If you own a $15,000 engagement ring and your jewelry sub-limit is $1,500, the most your homeowners policy will pay is $1,500. The other $13,500 is your loss.
What a Floater Covers That Homeowners Does Not
- Full appraised value: Agreed value, no depreciation, no sub-limits
- Zero deductible: Most floaters have no deductible at all
- Worldwide coverage: Covered at home, traveling, anywhere in the world
- Accidental loss: Dropping a ring, spilling wine on art, bumping a sculpture
- Mysterious disappearance: Item is gone and you do not know how (not covered by most homeowners policies)
- Breakage: Cracking a gemstone or breaking a collectible
What Items Should Be Scheduled?
Consider a floater for any single item or collection worth more than your policy sub-limit:
- Engagement and wedding rings
- Fine watches (Rolex, Omega, etc.)
- Fine art and sculptures
- Antiques and heirlooms
- Musical instruments (especially professional-grade)
- Camera equipment (professional photographers)
- Firearm collections
- Wine collections
- Sports memorabilia and collectibles
- Designer handbags
- Fur coats
How to Get a Floater
- Get items appraised: Professional appraisal within the last 2-3 years
- Contact your agent: Most carriers offer floaters as an add-on to your homeowners policy. Standalone policies are also available
- Provide appraisals and photos: The insurer needs documentation of each scheduled item
- Review agreed values: Make sure the insured amount matches or exceeds the appraised value
- Update regularly: Reappraise items every 3-5 years. Jewelry and art values fluctuate
Floater vs. Blanket Coverage
Two approaches to insuring valuables:
- Scheduled (itemized): Each item listed individually with its own appraised value. Best for high-value individual items. Requires appraisals but provides exact agreed-value coverage
- Blanket (unscheduled): One coverage limit for an entire category (all jewelry up to $25,000). No appraisals needed, but has per-item caps (usually $5,000-$10,000 per item) and may not cover the full value of your most expensive pieces
For most people, a combination works best: schedule your highest-value items individually and use blanket coverage for less expensive pieces.
Tips for Protecting Valuables
- Keep appraisals, receipts, and photos in a fireproof safe or cloud storage
- Update your home inventory when you acquire new items
- Notify your agent when you buy, sell, or receive valuable items
- Use a home safe for jewelry (may qualify for a premium discount)
- Take photos of items being worn or displayed for documentation
Get Your Valuables Covered
A personal articles floater is one of the most affordable and valuable insurance products available. An independent agent can add one to your existing homeowners policy or find a standalone option that covers your specific items.