Personal Effects Floater
What Does Personal Effects Floater Mean?
A personal effects floater is a type of insurance coverage that protects personal property for individuals who are traveling. It can cover items such as laptops, suitcases, jewelry, clothes, and other personal belongings taken on a trip. Personal effects floaters can be offered as either specified risk or open peril policies.
Insuranceopedia Explains Personal Effects Floater
Tourists and frequent travelers commonly purchase personal effects floaters to insure valuable items that may be easily lost, damaged, or stolen while on a trip. However, individuals who own mobile homes and lack a homeowner’s policy may also find them useful.
Personal effects floaters are not as widely used in the property insurance market today as they once were, primarily due to the expansion of coverage options for personal property under homeowner’s policies. Nevertheless, they remain a viable option for travelers, particularly those who carry many expensive items with them.
