{"id":7302,"date":"2024-10-08T05:01:52","date_gmt":"2024-10-08T05:01:52","guid":{"rendered":"https:\/\/youset.ca\/?p=7302"},"modified":"2026-03-16T12:11:17","modified_gmt":"2026-03-16T12:11:17","slug":"what-is-floater-insurance","status":"publish","type":"post","link":"https:\/\/youset.ca\/en\/blog\/what-is-floater-insurance\/","title":{"rendered":"Floater Insurance in Canada: What Is It and Do You Need It?"},"content":{"rendered":"\n<p><span style=\"font-weight: 400;\">When you think of ways to protect your personal belongings, <\/span><a href=\"https:\/\/youset.ca\/en\/home-insurance\/\"><span style=\"font-weight: 400;\">home insurance<\/span><\/a> <span style=\"font-weight: 400;\"> is probably right up there on your list. After all, it\u2019s designed to cover the personal belongings inside your home or on your property. However, most policies only cover damages up to a certain amount and may not sufficiently cover, or even refuse to cover, particularly expensive items. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">That\u2019s where floater insurance comes in.<\/span> <span style=\"font-weight: 400;\">In this article, you&#8217;ll learn what floater insurance is and how it complements your <a href=\"https:\/\/youset.ca\/en\/blog\/how-to-read-a-home-insurance-policy\/\">home insurance policy<\/a>. You\u2019ll also find a list of questions to consider, helping you decide if floater insurance is the right fit for you and your most prized possessions. <\/span> <span style=\"font-weight: 400;\"><\/span><\/p>\n\n\n\n\t<section id=\"post-callout-block_8f342cb435559fc79a52fa336bd12ba7\" class=\"post-block py-8\">\n\t\t\t\t<div class=\"px-6 py-8 border-l-8 border-indigo-500 rounded-l-lg md:py-11 md:px-12 bg-grayBluish-50\">\n\t\t\t\t\t\t\t<p class=\"mb-6 text-grayBluish-900 h3\">Key takeaways<\/p>\n\t\t\t\t\t\t\t\t\t\t<div class=\"prose body-2 text-grayBluish-900\"><p>Floater insurance is an add-on to your home, tenant, or condo insurance policy that provides full coverage for high-value items at their appraised value if they\u2019re lost or damaged due to a covered peril. It extends protection beyond standard policy limits to ensure valuable items are fully insured.<\/p>\n<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t<\/section>\n\n\n\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-a-floater-in-insurance\">What is a floater in insurance?<\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">A floater in insurance is an add-on to your home, condo, or <\/span><a href=\"https:\/\/youset.ca\/en\/tenants-insurance-guide\/\"><span style=\"font-weight: 400;\">tenant insurance policy<\/span><\/a> <span style=\"font-weight: 400;\"> that covers high-value items at their full appraised value if they are lost or damaged due to a covered peril. By extending coverage beyond what a standard policy offers, a floater ensures that expensive and valuable individual items are fully protected.<\/span> <\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">While it may sound like a policy more appropriate for boats or other aquatic equipment, floater insurance gets its name because it protects easily movable property, even when it\u2019s not at home. In other words, the insured items can &#8220;float&#8221; or move from place to place and still remain protected.<\/span> <\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">There\u2019s no specific minimum dollar amount that qualifies an item for a floater policy, any item of high market value that may not be adequately covered by your home insurance policy can be a suitable candidate for one. Here are some common examples:<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/youset.ca\/en\/blog\/jewellery-and-home-insurance\/\"><span style=\"font-weight: 400;\">Jewellery and watches<\/span><\/a><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Electronics (Sound systems, video game consoles)&nbsp;<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Fine art (Paintings, drawings, sculptures)&nbsp;<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Antiques<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Camera equipment<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Musical instruments (Pianos, guitars, violins)<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Sports equipment (Skis, <a href=\"https:\/\/youset.ca\/en\/blog\/does-insurance-cover-bicycle-theft\/\">bicycles<\/a>, golf clubs)<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Rare books and comics&nbsp;<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Wine collections<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Entertainment, historical, and sports memorabilia<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Firearms<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Precious gems and stones<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Model trains<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Coin or stamp collections<\/span><\/li>\n<\/ul>\n\n\n\n<p><span style=\"font-weight: 400;\">Keep in mind that when adding a floater, your insurer will typically request a receipt or appraisal upfront. If you ever need to file a claim, you&#8217;ll be asked to provide those documents again to the claims adjuster, along with a detailed description, proof of ownership, and any relevant documentation of the loss or damage.<\/span><\/p>\n\n\n\n\t<section id=\"post-cta-block_0365fb91d6d10d5ddedc46e27206c89e\" class=\"post-block pt-8 pb-8 lg:pb-20\">\n\t\t\t\t<div class=\"lg:flex justify-between gap-x-6 rounded-lg bg-indigo-600 px-8 py-7 shadow-[0_2px_10px_0_theme(colors.surface.background.disabled)]\">\n\t\t\t\t\t\t\t<h3 class=\"text-white lg:mb-0\">Get the best price on insurance year-after-year<\/h3>\n\t\t\t\t\t\t<div>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.app.youset.ca\/start?lng=en&#038;externalId=blog\" class=\"the-button the-button--white !text-text-primary\">Get a quote<\/a>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/section>\n\n\n\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-is-floater-insurance-right-for-you\">Is floater insurance right for you?<\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">A floater insurance policy isn\u2019t necessarily for everyone &#8211; it really depends on what you own, how valuable those items are, and whether your existing insurance policy provides enough coverage. To help you determine if additional protection in the form of a floater is needed, ask yourself the following questions.<\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span style=\"font-weight: 400;\">Do you own any items that exceed your home insurance policy\u2019s coverage limits?<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">What item(s) exceed your home insurance policy\u2019s coverage limits?<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Would these items be hard or expensive to replace?<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Have you had these items professionally appraised in the last 5 years?<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">How frequently do you take these items outside your home?<\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400;\">Have you ever lost or damaged a valuable item in the past?<\/span><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-does-floater-insurance-work\">How does floater insurance work<\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">Every home insurance policy comes with coverage limits, which means you&#8217;ll only be compensated for damages up to the maximum amount specified in your policy documents. Unfortunately, these limits may not be enough if your high-value items, like electronics, jewelry, or artwork, get damaged, lost, or stolen.<\/span> <\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">The way it works with floater insurance is that you can insure individual high-value items for their appraised or replacement value by adding a floater to your home, condo, or tenant insurance policy. This ensures that if the item is damaged, lost, or stolen, you can <\/span><a href=\"https:\/\/youset.ca\/en\/blog\/home-insurance-claims\/\"><span style=\"font-weight: 400;\">file a claim<\/span><\/a> <span style=\"font-weight: 400;\">for its full insured value.\u00a0<\/span> <\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">For example, let\u2019s say your home was broken into, and your home insurance covers your valuables up to $8,000. However, among the stolen items is your <a href=\"https:\/\/youset.ca\/en\/blog\/does-home-insurance-cover-engagement-rings\/\">heirloom engagement ring<\/a>, valued at $10,000. In addition to the ring, some necklaces and watches were also taken. Your home insurance policy will only cover up to $8,000 for all of those valuables combined, leaving you undercompensated for your loss. <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">On the other hand, if you had a floater policy specifically for your ring, you&#8217;d be reimbursed for the value you insured it at. <\/span> \u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-floater-vs-endorsement-what-s-the-difference\">Floater vs. endorsement: What\u2019s the difference?<\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">There are many ways to customize your insurance policy, including with floaters and <a href=\"https:\/\/youset.ca\/en\/blog\/insurance-endorsements-in-canada\/\">endorsements<\/a>. If you don\u2019t know the difference between them, though, you might not get the coverage you need or expect. To avoid that and help you make an informed decision, here\u2019s a simple breakdown of the differences between a floater and an endorsement in insurance.<\/span>\n\n&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-floater\">Floater<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><b>Definition: <\/b> <span style=\"font-weight: 400;\">A floater covers one particular item for its entire appraised or replacement value. You can cover multiple items by adding multiple floaters to your policy.<\/span><\/li>\n\n\n\n<li><b>Purpose: <\/b> <span style=\"font-weight: 400;\">Offers extra, bespoke protection for items that may exceed the coverage limits of a standard home insurance policy.<\/span><\/li>\n\n\n\n<li><b>Example:<\/b> <span style=\"font-weight: 400;\"> Engagement rings often necessitate an increased coverage limit in the form of a floater.\u00a0<\/span><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-endorsement\">Endorsement<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><b>Definition:<\/b> <span style=\"font-weight: 400;\"> Endorsements, also referred to as riders, are modifications to an existing insurance policy that change the terms of coverage. They are used to add, remove, or alter coverage.<\/span><\/li>\n\n\n\n<li><b>Purpose:<\/b> <span style=\"font-weight: 400;\"> Allows you to customize your policy without the need to purchase an entirely new policy.<\/span><\/li>\n\n\n\n<li><b>Example:<\/b> Individuals with a home-based business might obtain an endorsement to ensure their equipment and inventory are fully covered.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-next-steps\">Next steps<\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">If you own a valuable item, a floater policy can fill any gaps in your insurance coverage. Curious about how much home, tenant, or condo insurance costs with a floater policy? With the <\/span><a href=\"https:\/\/www.app.youset.ca\/start?lng=en&amp;utm_source=organic&amp;utm_medium=blog&amp;sourceId=sou_5cfb985153d64a9fb8cb3b54f5103ef1&amp;externalId=organic\"><span style=\"font-weight: 400;\">YouSet platform<\/span><\/a><span style=\"font-weight: 400;\">, it\u2019s simple! Just tell us about yourself, your home, and the belongings in question, and our algorithms will compare insurers and find exclusive discounts to ensure you&#8217;re getting the most coverage at the best possible price.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>When you think of ways to protect your personal belongings, home insurance is probably right up there on your list. After all, it\u2019s designed to cover the personal belongings inside your home or on your property. However, most policies only cover damages up to a certain amount and may not [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":7303,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[467,453,451,463],"tags":[],"class_list":["post-7302","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-condo-insurance","category-home-insurance","category-insurance-tips","category-tenant-insurance"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.6 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Floater Insurance in Canada: What Is It and Do You Need It? - YouSet<\/title>\n<meta name=\"description\" content=\"A floater in insurance is an add-on to your home, condo, or tenant insurance policy that protects a specific, high-value item.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youset.ca\/en\/blog\/what-is-floater-insurance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Floater Insurance in Canada: What Is It and Do You Need It?\" \/>\n<meta property=\"og:description\" content=\"%\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youset.ca\/en\/blog\/what-is-floater-insurance\/\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/yousetinsurance\/\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-08T05:01:52+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-03-16T12:11:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youset.ca\/wp-content\/uploads\/2024\/10\/What-Is-a-Floater-in-Insurance-YouSet.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1080\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Emily May\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Emily May\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/youset.ca\\\/en\\\/blog\\\/what-is-floater-insurance\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/youset.ca\\\/en\\\/blog\\\/what-is-floater-insurance\\\/\"},\"author\":{\"name\":\"Emily May\",\"@id\":\"https:\\\/\\\/youset.ca\\\/en\\\/#\\\/schema\\\/person\\\/0686aae361019707f752e540bb05fb40\"},\"headline\":\"Floater Insurance in Canada: What Is It and Do You Need It?\",\"datePublished\":\"2024-10-08T05:01:52+00:00\",\"dateModified\":\"2026-03-16T12:11:17+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/youset.ca\\\/en\\\/blog\\\/what-is-floater-insurance\\\/\"},\"wordCount\":975,\"publisher\":{\"@id\":\"https:\\\/\\\/youset.ca\\\/en\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/youset.ca\\\/en\\\/blog\\\/what-is-floater-insurance\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/youset.ca\\\/wp-content\\\/uploads\\\/2024\\\/10\\\/What-Is-a-Floater-in-Insurance-YouSet.webp\",\"articleSection\":[\"Condo insurance\",\"Home insurance\",\"Insurance tips\",\"Tenant insurance\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/youset.ca\\\/en\\\/blog\\\/what-is-floater-insurance\\\/\",\"url\":\"https:\\\/\\\/youset.ca\\\/en\\\/blog\\\/what-is-floater-insurance\\\/\",\"name\":\"Floater Insurance in Canada: What Is It and Do You Need It? 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