Unscheduled Property Floater

AAA

DEFINITION of 'Unscheduled Property Floater'

An insurance product that is added to an existing policy and provides coverage on a classification of property that has not been itemized. An unscheduled property floater usually provides coverage against damage, theft or loss. The additional cost is generally much lower than the original policy, and gives a more specific definition of what property is covered and in what circumstances.

INVESTOPEDIA EXPLAINS 'Unscheduled Property Floater'

You can break this definition down into two parts:


1. "Unscheduled property" is property that is covered in your main insurance, but is not specifically itemized or valued. These items do not warrant specific insurance and are usually associated with the original policy. For example, under home insurance, it could be things like clothes, jewelry, lawn mowers, sports equipment, cameras, etc. In the event of a fire you would normally add up all of these unscheduled items, estimate the value, and submit it for compensation.


2. Floaters are additions to your current coverage to make sure certain valuables are covered. If you add a floater you might pay more, but you also make sure these items can be replaced if something goes wrong, or missing.


In scheduled policies, each item would be individually listed with an approximate value. Floater policies are often purchased to provide coverage for property that may not be adequately covered in a standard insurance policy. There may be additional benefits such as coverage on home items even if the item is away from the house.

RELATED TERMS
  1. Wedding Presents Floater

    A type of insurance that can be added to a renter's or homeowner's ...
  2. Against All Risks - AAR

    An insurance policy that provides coverage against all types ...
  3. Floater Insurance

    A type of insurance policy that covers property that is easily ...
  4. Homeowners Insurance

    A form of property insurance designed to protect an individual's ...
  5. Named Perils Insurance Policy

    A home insurance policy that only provides coverage on losses ...
  6. Reinsurance Assisted Placement

    Insurance business that is developed with the help of a reinsurance ...
RELATED FAQS
  1. What level of reserve ratios is typical for an insurance company to protect against ...

    In the United States, and most developed nations, regulators impose required statutory capital reserve ratios on insurance ... Read Full Answer >>
  2. What risks do I face when investing in the insurance sector?

    Like all equity investments, insurance companies present investors with market risk. Insurance companies, like banks, also ... Read Full Answer >>
  3. What are the main factors that impact share prices in the insurance sector?

    The main factors that impact share prices in the insurance sector are interest rates, earnings and actuarial risk. In the ... Read Full Answer >>
  4. Why do insurance policies have deductibles?

    Insurance policies have deductibles for behavioral and financial reasons. Moral Hazards Deductibles mitigate the behavioral ... Read Full Answer >>
  5. Can I buy insurance to reduce unlimited liability in a partnership?

    Partnership insurance is actually quite common. Most of the time, partners buy insurance to safeguard against the possibility ... Read Full Answer >>
  6. Is it more important to have a low deductible or a low premium?

    The choice between a low deductible or a low premium is a personal one. There is no right or wrong arrangement, but there ... Read Full Answer >>
Related Articles
  1. Insurance

    Insurance Tips For Homeowners

    Use these simple ideas to save money and get better coverage for your house.
  2. Home & Auto

    The Beginner's Guide To Homeowners' Insurance

    Discover everything new homeowners need to know before they sign on the dotted line.
  3. Home & Auto

    4 Overlooked Homeownership Costs

    Mortgage payments aren't the only expense. Find what else you'll be on the hook for.
  4. Home & Auto

    Measuring The Benefits Of Home Ownership

    Price appreciation is the biggest factor, but it's not the only thing to consider.
  5. Home & Auto

    The Importance Of Property Insurance

    Property insurance is important, but there's a lot you need to learn in order to get the proper coverage.
  6. Home & Auto

    Insuring Against The Loss Of A Homemaker

    Read on to uncover the hidden economic value of a stay-at-home parent.
  7. Options & Futures

    Insurance 101 For Renters

    If it's time for you to leave the nest, find out how to protect your new home from disaster.
  8. Insurance

    How Does Cash-Value Life Insurance Work?

    Cash-value life insurance pays a beneficiary upon the death of the policyholder, and accumulates a cash value during the policyholder’s lifetime.
  9. Insurance

    Extreme Mortality Bonds: High Risk and High Reward

    Insurance companies issue extreme mortality bonds to cover their losses in the event of a large-scale disaster. Here's a look into these high-risk, high-reward bonds.
  10. Insurance

    The Best Way to Insure Your Jewelry

    What you need to know to keep those baubles, bangles and beads safe.

You May Also Like

Hot Definitions
  1. Bogey

    A buzzword that refers to a benchmark used to evaluate a fund's performance. The benchmark is an index that reflects the ...
  2. Xetra

    An all-electronic trading system based in Frankfurt, Germany. Launched in 1997 and operated by the Deutsche Börse, the Xetra ...
  3. Nuncupative Will

    A verbal will that must have two witnesses and can only deal with the distribution of personal property. A nuncupative will ...
  4. OsMA

    An abbreviation for Oscillator - Moving Average. OsMA is used in technical analysis to represent the variance between an ...
  5. Investopedia

    One of the best-known sources of financial information on the internet. Investopedia is a resource for investors, consumers ...
  6. Unfair Claims Practice

    The improper avoidance of a claim by an insurer or an attempt to reduce the size of the claim. By engaging in unfair claims ...
Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!