Floaters for More Expensive Items
Do you have items in your home that might be worth more than the payout amount on your homeowner’s policy if you were to file a claim? Your grandmother may have given you a beautiful set of earrings from the turn of twentieth century or you may have a substantial collection of CD’s in your home. If something were to happen to those things, your homeowner’s insurance policy may not be enough to cover the loss.
If you have any high ticket items (or ones with significant sentimental value) you might want to consider having an appraisal completed on them to find out their monetary worth. Once you know how much you stand to lose financially if something were to happen to your items, you might be more inclined to purchase a floating insurance policy for them.
Floating insurance policies (floaters) cover those types of items that might not fully be covered by your homeowner’s policy. Even if you have never filed a claim before and can offer proof of damage, your homeowner’s policy can only pay up to the maximum allowance your policy offers. In most cases, homeowner’s policies only pay up to a maximum of $1000 for a piece of jewelry or $1500 total for a collection of jewelry. So if grandma’s earrings are worth $5000, you would only get back about 1/5 of their worth if you filed a claim against your homeowner’s policy.
Purchasing a floater for your more expensive items is a good idea if you are afraid of losing them in any way. Of course filing a claim won’t necessarily get you back the damaged, lost or stolen item, but it could help you replace it with something else. If you are interested in finding out more about floaters, give us a call. We can help you decide if having a floater for an item or collection of yours would be beneficial to you.