Unscheduled Property Floater

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.

BREAKING DOWN '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. Commercial Property Floater

    A specific type of floater that is attached to an insurance policy. ...
  2. Floater Insurance

    A type of insurance policy that covers property that is easily ...
  3. Jewelry Floater

    An optional addition to a homeowners insurance policy that protects ...
  4. Scheduled Personal Property

    Additional coverage that's over and above the typical coverage ...
  5. Conditional Sales Floater

    A type of insurance that protects a seller of property that is ...
  6. Distribution Clause

    An insurance policy provision which determines how the coverage ...
Related Articles
  1. Insurance

    The Best Way to Insure Your Jewelry

    What you need to know to keep those baubles, bangles and beads safe.
  2. Bonds & Fixed Income

    What are Floating-Rate Notes?

    A floating-rate note is a debt instrument with an interest rate that “floats,” or varies. They are also called floaters.
  3. Home & Auto

    What Is And Isn't Covered By Homeowners Insurance

    Understanding what your insurance covers can be confusing. Learn what almost all insurance policies have in common.
  4. 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.
  5. Home & Auto

    Intro To Insurance: Property And Casualty Insurance

    By Cathy ParetoProperty and casualty insurance is insurance that protects against property losses to your business, home or car and/or against legal liability that may result from injury or damage ...
  6. Insurance

    How Much Homeowners Insurance Should You Carry?

    This breakdown of coverage into its component parts will provide the answer.
  7. Entrepreneurship

    Insurance Coverage: A Business Necessity

    Don't go to work without this policy in place - especially if your work is in your home.
  8. Investing

    How To Insure Non-Traditional Assets

    You acquire these assets to hedge against financial turbulence in conventional investment markets. What's the best way to protect them?
  9. Insurance

    6 Best Renters Insurance Providers

    Here are six companies that consistently offer excellent renters insurance at competitive rates.
  10. Insurance

    5 Types Of Insurance You Can (And Should) Afford

    With insurance and warranties being offered on seemingly everything, it's hard to know what policies are worth your money. Learn about five affordable insurance policies that are worth considering.
RELATED FAQS
  1. Does renters insurance cover jewelry?

    Learn what kind of coverage renters insurance provides for your jewelry, and find out what steps you can take to optimize ... Read Answer >>
  2. Does renters insurance cover moving?

    Learn how a renters insurance policy will only provide coverage during a move under certain circumstances, such as damage ... Read Answer >>
  3. How does the 80% rule for home insurance work, and how do capital improvements affect ...

    The 80% rule refers to the fact that most insurance companies will not fully cover the cost of damage to a house due to the ... Read Answer >>
  4. Does renters insurance cover bike theft?

    Learn how the theft of bicycles is covered under a renters policy and some tips for ensuring you receive a fair value for ... Read Answer >>
  5. Does homeowners insurance cover fires?

    Understand if your homeowners insurance policy covers fire damage so you can protect what is likely to be your most valuable ... Read Answer >>
  6. Does renters insurance cover pet damage?

    Understand the potential snags when it comes to renting a place as a pet owner, and become wiser when it comes to liability ... Read Answer >>
Hot Definitions
  1. Goldilocks Economy

    An economy that is not so hot that it causes inflation, and not so cold that it causes a recession. This term is used to ...
  2. White Squire

    Very similar to a "white knight", but instead of purchasing a majority interest, the squire purchases a lesser interest in ...
  3. MACD Technical Indicator

    Moving Average Convergence Divergence (or MACD) is a trend-following momentum indicator that shows the relationship between ...
  4. Over-The-Counter - OTC

    Over-The-Counter (or OTC) is a security traded in some context other than on a formal exchange such as the NYSE, TSX, AMEX, ...
  5. Quarter - Q1, Q2, Q3, Q4

    A three-month period on a financial calendar that acts as a basis for the reporting of earnings and the paying of dividends.
  6. Weighted Average Cost Of Capital - WACC

    Weighted average cost of capital (WACC) is a calculation of a firm's cost of capital in which each category of capital is ...
Trading Center