What type of coverage is offered by personal property floaters?

Personal property floaters provide open peril coverage, which means they protect against loss or damage from any peril except for those specifically excluded in the policy. This type of coverage offers a broad scope of protection, making it an attractive option for individuals looking to ensure that their personal belongings are comprehensively covered.

In the context of floaters, this means that policyholders can claim for losses incurred from numerous risks without the limitations usually associated with named peril coverage, where only explicitly listed perils are covered. Additionally, many personal property floaters can be structured without deductibles, allowing the policyholder to receive the full insured amount in the case of a covered loss.

This extensive form of coverage is particularly beneficial for items that might not be adequately covered under a standard homeowner's or renter's insurance policy, such as high-value personal possessions, jewelry, or fine art. The flexibility of open peril coverage helps ensure that individuals are better protected against unforeseen events that could result in financial loss.