Unscheduled Property Floater
Definition
An unscheduled property floater is an endorsement to an existing property insurance policy that provides blanket coverage for personal items that are not individually listed or valued. It protects groups of belongings—such as clothing, electronics, or sports equipment—under a single coverage limit and deductible.
How it works
- Added as a rider (endorsement) to a homeowners or renters policy.
- Covers unspecified personal property items up to a total coverage limit rather than listing each item and value.
- Typically protects against listed perils (e.g., theft, fire) and often extends to off‑premises losses (for example, items stolen while traveling), depending on the policy.
- Payment after a covered loss is generally replacement cost or actual cash value, minus the deductible.
- Premium for an unscheduled floater is usually modest compared with the main policy, but it does increase the overall premium.
Unscheduled vs. Scheduled Floaters
- Unscheduled (blanket) floater: one overall limit applies to all covered items; best when you have many lower‑value items that don’t justify individual listings.
- Scheduled floater: each high‑value item is listed with its own declared value (often requiring appraisal or receipts); provides more complete coverage for expensive items like fine jewelry, art, or collectibles.
- It’s possible to carry both: schedule high‑value pieces and use unscheduled coverage for the rest.
Typical items covered
- Clothing and accessories
- Consumer electronics (phones, laptops, cameras)
- Sports equipment
- Small appliances and tools
Note: Some categories—especially jewelry—may have sublimits under an unscheduled floater and may require scheduling for adequate protection.
Considerations when choosing coverage
- Coverage limit: make sure the floater’s ceiling reflects the aggregate value of items you want covered.
- Deductible: check how the deductible applies (per claim or per item).
- Perils covered: confirm whether off‑premises losses and specific risks (e.g., theft outside the home) are included.
- Documentation: keep receipts, photos, and appraisals for faster claims processing—scheduled items typically require stronger proof of value.
- Cost vs. benefit: schedule individual items if their value or sentimental importance would not be fully recovered under an unscheduled floater.
Key takeaways
- An unscheduled property floater provides blanket coverage for multiple personal items that aren’t individually listed.
- It’s cost‑effective for many lower‑value possessions but may have coverage limits or sublimits for certain categories.
- For expensive or unique items, a scheduled floater is often the better option.
- Review policy limits, perils covered, deductibles, and documentation requirements to ensure adequate protection.
Sources: Insurance Information Institute; Jewelers Mutual Insurance Group.