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. Coastal Barrier Improvement (CBI) ...

    A federal law that makes federal disaster relief and federal ...
RELATED FAQS
  1. What kinds of costs are included in Free on Board (FOB) shipping?

    Free on board (FOB) shipping is a trade term published by the International Chamber of Commerce or ICC, that indicates which ... Read Full Answer >>
  2. Why should value investors consider the insurance sector?

    Insurance companies receive steady cash flows for years with irregular payouts. Following these payouts, insurance companies ... Read Full Answer >>
  3. What do insurance companies qualify as hazardous activity?

    An insurance company defines a hazardous activity essentially as any type of undertaking with a high level of risk of injury ... Read Full Answer >>
  4. How much do changes in interest rates affect the profitability of the insurance sector?

    Interest rate risk for insurance companies is a significant factor in determining profitability. Although rate changes in ... Read Full Answer >>
  5. What demographic trends are creating potential profits for insurance companies?

    Insurance companies can profit from demographic trends by marketing and writing specific policies suited to changes in the ... Read Full Answer >>
  6. What is the usual profit margin for a company in the insurance sector?

    The best estimates of the average insurance company net profit margin are between 3 and 8%, with a likely median average ... 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

    Who Needs Extortion Insurance?

    Insurance can help mitigate the financial damage of an extortion plot, but it’s important to read the fine print before taking out one of these policies.
  9. Insurance

    Indexed Universal Life Insurance: The Pros & Cons

    What you need to know, to see if these vehicles fit into your financial plan.
  10. Insurance

    Do You Need Kidnap & Ransom Insurance?

    Americans working abroad – and high-profile individuals traveling frequently in kidnapping hot spots – should consider this type of protection.

You May Also Like

Hot Definitions
  1. Social Security

    A United States federal program of social insurance and benefits developed in 1935. The Social Security program's benefits ...
  2. American Dream

    The belief that anyone, regardless of where they were born or what class they were born into, can attain their own version ...
  3. Multicurrency Note Facility

    A credit facility that finances short- to medium-term Euro notes. Multicurrency note facilities are denominated in many currencies. ...
  4. National Currency

    The currency or legal tender issued by a nation's central bank or monetary authority. The national currency of a nation is ...
  5. Treasury Yield

    The return on investment, expressed as a percentage, on the debt obligations of the U.S. government. Treasuries are considered ...
  6. Bund

    A bond issued by Germany's federal government, or the German word for "bond." Bunds are the German equivalent of U.S. Treasury ...
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!