What Does Personal Property Floater (PPF) Mean?
A personal property floater is a separate insurance policy that covers a valuable item. Insured persons can set the coverage amount on a personal property floater so that it will fully replace a valuable item that gets lost, damaged, or stolen. Personal property floaters are used to cover valuables like jewelry, artwork, firearms, furs, silverware and other expensive pieces of property.
Insuranceopedia Explains Personal Property Floater (PPF)
While homeowner's insurance does offer coverage for personal belongings, it has limits to the amount it will cover. For example, your policy might only pay a maximum of $2,000 to replace all your jewelry. If you have a $20,000 necklace, this won't come close to replacing the loss. A personal property floater provides the extra coverage to cover these more expensive belongings.
A personal property floater also typically covers more risks than a regular homeowner's policy. For example, many policies replace items that are lost while you're traveling or that break on their own, two risks usually excluded by homeowner's policies.