What is a common characteristic of polices typically known as floaters?

Floaters are insurance policies designed to provide coverage for movable property, or items that are not fixed to one location. This characteristic allows them to cover valuables that might be transported frequently or stored in various places, such as jewelry, art, or equipment. For instance, if someone takes a valuable item to different locations, a floater policy will ensure that the item is protected against theft or damage regardless of where it is at any given time.

The nature of floaters is fundamentally tied to their mobility, which distinguishes them from other types of insurance policies that typically cover risks associated with stationary property. Policies that focus solely on items fixed in one location do not have the versatility that floaters provide, highlighting the unique advantage of these policies in insuring items that are often on the move.