Floater Insurance: Extra Protection for Your Special Assets

Your Santa Barbara homeowner's insurance protects your structures, property, and possessions from a variety of common threats. However, the provided coverage might not be enough to replace your most treasured items. Floater insurance provides additional coverage for high-value items in your home. What can these special coverages do for you?

What is Floater Insurance?

Floater insurance policies are an addition to typical homeowner insurance policies. Unlike your homeowner's policy, this coverage usually only applies to one item at a time. That means you'll need a policy for each of your high-value items.While your primary insurance policy covers almost everything under your roof, the coverages are usually limited to a certain dollar amount. If your item costs more than that to replace, you could find yourself coming out of your pocket for significant amounts of cash. With a floater policy, you'll receive enough funds to fully replace or repair your affected item.Floaters are designed to protect small, high-value items that are easy to carry and thus easy to steal. Some of the possessions you may need a floater policy for include:

• Jewelry and fine art

• Cameras and audiovisual equipment

• Sporting goods intended for non-professional use

• Musical instruments that are not used as part of a professional act

• Silverware and high-value dinnerware

• Collectible postage stamps

• Rare and collectible coins

Aren't sure if your item qualifies, talk to your insurance agent for a more definitive list of items included in these policies.

Things You Should Know About Floater Insurance

• Floater insurance often covers events that your homeowner's policy doesn't, like an accidental loss. If you lose your favorite watch while gardening or misplace your diamond jewelry, your floater coverage could still pay out.

• This type of coverage requires an initial professional appraisal. This allows the insurance company to assign a dollar value to your item. Be sure to have your items reevaluated every 2 or 3 years to ensure their full value is accounted for.

• Remember to add newly obtained gifts and purchases to your floater policy right away.

Your insurance agent can give you the best guidance on which option works best for you. Contact Brashears Insurance for a personalized assessment of your insurance coverage needs.