Endorsement -

When a change is made to a policy, this is referred to as an "endorsement". For example: You have a home insurance policy already in effect and you call your Insurance Agent up and request that they add on coverage for a plot of vacant investment property that you just purchased. The Agent would complete what is known as an endorsement to the policy or a change. Endorsements can also remove coverage. The important thing to know when referring to the term is that a change of some kind was made to the policy.

Floaters -

Floaters are items that are attached to a Homeowners Policy that cover items that either are not covered directly by the main policy or have a separate limit of coverage, deductible or covered peril. Things that might need to be placed on a floater:

• Jewelry
• Guns
• Antiques and Collectibles
• Electronics
• Computers
• Home Business Pursuits

Say for instance you have a Wedding Ring that is worth $8000. Under your home insurance policy, there might be a limitation of $2500 max coverage payouts for jewelry or maybe $1500 per item max payout. When placed on its own floater, the ring would be covered for the amount it is appraised for as well as by additional losses such as Theft or Mysterious Disappearance.

Note: If you have expensive pieces of individual jewelry, make sure that you have an updated appraisal prior to requesting the floater. Most insurance companies require that you have a copy of an appraisal submitted that was made within the last 3 years.

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