Financial Protection flipbook 2024

Personal Property Endorsements (Floaters) Basic homeowners, condominium, and renters policies commonly have a maximum coverage limit for the combined value of certain property. Theft of jewelry, for example, might be limited to $1,000 or $1,500. There are other disadvantages to the personal property coverage in standard policies, including the fact that they generally protect you only from certain incidents (damage and accidental loss are typically excluded) and may be subject to a high deductible. A Scheduled Personal Property (SPP) endorsement to your homeowners, condo, or renters policy can be customized to cover single items or a class of luxury goods, and it typically covers more incidents (except those specifically excluded), including theft, mysterious disappearance, and sudden, accidental loss. Valuables such as coin and stamp collections, jewelry, silverware, computers, cameras, sporting goods, guns, musical instruments, fine art, and antiques are examples of classes of personal property that might be insured separately.