What is the purpose of a personal property floater (PPF)?

A personal property floater (PPF) is designed to provide insurance coverage for personal property on an open perils basis, which means it covers a wide range of risks unless specifically excluded in the policy. This type of coverage is particularly beneficial for individuals who own valuable items such as jewelry, art, or collectibles that may not be fully protected under standard homeowners or renters insurance policies.

By offering open perils coverage, a PPF ensures that the property is safeguarded against a variety of potential risks, such as theft, accidental damage, or loss, without the need to specify each individual item and its value. This flexibility makes a PPF an attractive option for those looking to protect personal belongings that may be frequently moved or are at higher risk of loss.

Other options suggest limitations or different focuses that do not align with the broad protective nature of a PPF. For example, coverage for property in a specific location pertains more to homeowner's policies which typically cover property at a defined premises rather than offering the flexibility of a floater. Limiting coverage based on specific items contradicts the PPF’s open perils structure, and insuring commercial assets falls outside the personal scope of a personal property floater, which is solely for personal items.