Schedule Floater

What Does Schedule Floater Mean?

A schedule floater is an endorsement that can be added to a homeowners or property insurance policy to provide coverage for specific items listed on a “schedule.” The property owner notifies the insurance company of the items they wish to include, and the insurer calculates a premium rate based on the value and risk associated with insuring those items. Schedule floaters fall under the broader category of personal property floaters, with the difference being that scheduled items are listed and valued individually rather than covered together under a single blanket limit.

Insuranceopedia Explains Schedule Floater

It’s common for items such as fine art, jewelry, musical instruments, wine, silverware, and other expensive or luxury possessions to be covered by schedule floaters. Insurers typically request appraisals or receipts to confirm the value of each scheduled item, so having a home inventory already in place makes the process much easier. Many people opt for this type of insurance because they believe a standard homeowners policy won’t provide sufficient coverage for their valuable items.

Individuals who seek out schedule floaters often own property worth a significant amount of money. For example, they might have $10,000 worth of guitars, an $80,000 wine collection, or a painting valued at $250,000. How a carrier treats high-value items can vary, so it’s common to compare quotes from the top homeowners insurance companies before settling on a policy.