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 on a "schedule," or list. The property owner informs the insurance company which items they want to include in the schedule, and the insurance company calculates a premium rate for insuring those items.
Insuranceopedia Explains Schedule Floater
It's common for fine art, jewelry, musical instruments, wine, silverware, and a number of other expensive or luxury items to be covered by schedule floaters. Many people seek out this type of insurance because they don't think a typical homeowners policy will provide adequate coverage for all of their valuable possessions.
People who seek out schedule floaters often have property that is worth a considerable amount of money. They may, for example, have $10,000 worth of guitars, an $80,000 wine collection, or a painting valued at $250,000.