DEFINITION of 'Floater Insurance'
A type of insurance policy that covers property that is easily movable and provides additional coverage over what normal insurance policies do not. This can cover anything from jewelery to expensive stereo equipment.
BREAKING DOWN 'Floater Insurance'
Often homeowner insurance will not fully cover some items, but adding a floater assures the homeowner that the full value will be replaced in the event of theft, loss or damage. These insurance policies generally cover one individual item, so if you have several items for which you want full coverage, you will need to get a floater for each.