What is Blanket or Scheduled Coverage for Expensive Personal Property?

A

The correct answer is A. Personal property floater.

A personal property floater is an insurance policy that provides coverage for expensive personal property that is not adequately covered by a standard homeowner's insurance policy. This type of policy can either provide blanket coverage or scheduled coverage for specific items.

Blanket coverage applies to a group of items, such as jewelry or electronics, up to a specific amount. Scheduled coverage, on the other hand, provides individual coverage for specific high-value items, such as art, antiques, or musical instruments.

Personal property floaters are typically used to insure items that exceed the coverage limits of a standard homeowner's insurance policy. For example, a standard policy may limit coverage for jewelry to $1,000, but a personal property floater can provide coverage up to the appraised value of the jewelry.

It's important to note that personal property floaters typically have their own deductibles, which can be higher than the deductible on a standard homeowner's policy. Additionally, the premiums for personal property floaters can be more expensive than the premiums for standard homeowner's insurance policies.

Peril refers to a specific type of risk that is covered by an insurance policy, such as fire or theft. Condominium insurance is a type of policy that provides coverage for owners of condominium units. Co-insurance is a provision in an insurance policy that requires the policyholder to maintain a certain level of insurance coverage in relation to the value of the insured property.