Unscheduled Property Floater

What Does Unscheduled Property Floater Mean?

An unscheduled property floater is an add-on to a property insurance policy that provides coverage for certain types of property that are not itemized. It generally offers protection against loss, damage, or theft in exchange for an additional premium. This differs from a scheduled property floater, which lists each covered item individually along with its specific value.

Insuranceopedia Explains Unscheduled Property Floater

To understand the term “unscheduled property floater,” it’s important to first define “unscheduled property” and “floaters.”

• Unscheduled property refers to items covered under a primary insurance policy but not individually listed, described, or valued. In a home insurance policy, this can include items like jewelry, furniture, clothing, and more.
• A floater is an additional policy that provides extra coverage for movable property.

An unscheduled property floater, therefore, extends coverage to a specific category of property without itemizing individual items or assigning specific values. For instance, it might cover all chairs a policyholder owns without specifying or listing each one individually.

Standard homeowners and renters policies set per-item and per-category limits on personal belongings, so a floater is often the only way to close the gap. For a full breakdown of what a base policy does and does not pay for, see what homeowners insurance covers. Items like jewelry tend to have especially low sub-limits, sometimes $1,000 to $2,000 total, which is why separate jewelry coverage is a common reason people add a personal property floater to their policy.