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Does your insurance policy cover your Valentine’s Day gift?

Valentine’s Day is a couple of weeks behind us now. It is one of the biggest jewelry shopping times of the year. That makes it a great time to learn more about insurance floaters.

What it is

An insurance floater is an insurance policy or policy endorsement that covers items that are valuable and easily movable. Many times in commercial insurance it is called an inland marine. Most times this type of policy gives a scheduled amount of coverage for each item on the floater schedule and covers them both on and away from your premises. At this point, you may be wondering why you would need this coverage if you have a homeowners or renters policy.

What it covers

Homeowners and renters policies have a lower limit of coverage for these types of important items. Many times the limit is as low as $1,500 for theft. This helps keep insurance costs from getting out of control. Items that are generally part of these lower coverage categories are things like:

  • Jewelry

  • Furs

  • Collectables

  • Cameras

  • Antiques

  • Art

  • Firearms

  • Musical equipment

How it works

You can see how this could directly affect you if you purchased jewelry for Valentine’s Day. Let’s take the average cost of an engagement ring for 2016, which was around $5,978. Even if your loved one's ring was four times less than the average, you have nearly taken up your entire $1,500 limit with one piece of jewelry. Now, add that to a couple of wedding rings, several earrings, bracelets, necklaces and your Valentine’s Day purchase, and you are seriously under insured.

That is where the floater comes in to cover your valuables. By scheduling each piece of valuable jewelry, you make sure they are insured for a proper limit to be able to replacement in the event of a theft. The other benefit of a floater is the ability to select a separate and lower deductible than your standard homeowners or renter’s deductible. For most companies today, a $1,000 deductible is usually the base deductible on a homeowner’s policy. You can easily select a $250 deductible for a floater and many companies still have a $100 deductible option.


If you have any of the items mentioned in this article, it is important to discuss your policy limits and options with your insurance agent. It is the only way to make sure you will be covered in the event of a claim. You can also contact one of our advisors, who will be happy to discuss this topic further with you.

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