14
Aug

What is a “Floater” and Do I Need One?

What is a Floater and Do I Need One.jpg

The word “floater” is a term usually associated with New Jersey Renters Insurance. If you own many expensive items in your living space such as jewelry, collectibles, or other high-priced items you might want to consider adding a floater to your policy.

Many standard New Jersey renters insurance policies will only offer up to a certain dollar amount for expensive items you own. Adding a
floater to you policy will provide additional coverage for these valuables. The floater will protect them in the event these items are accidentally lost or stolen.

For the floater to be effective you will need to keep the receipts and/or appraisals for the items covered by the
floater. It is also important that all of your expensive items be appraised properly. Your premium will be determined based on the appraised value and in the event of a
claim.