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.