A Personal Article Floater (PAF) is a type of insurance policy that provides coverage for personal items that are not typically covered under a homeowner's or renter's insurance policy. A PAF is also known as a "scheduled personal property" or "personal property endorsement" policy.
The purpose of a PAF is to protect valuable or high-priced items, such as jewelry, artwork, musical instruments, or electronic equipment, that may not be fully covered by a standard insurance policy. A PAF typically covers the full value of the item, rather than a percentage of its value, and may also provide coverage for loss or damage caused by accidents, theft, or natural disasters.
To purchase a PAF, an individual must typically provide a detailed description and appraisal of the item to be insured. The cost of the policy will depend on the value of the item and the level of coverage required.