What is the main difference between a "personal property floater" and a homeowners policy?

The distinction between a personal property floater and a homeowners policy primarily lies in the scope of coverage each provides. A personal property floater is specifically designed to insure high-value or unique items on an individual basis, such as jewelry, art, collectibles, or antiques. This type of policy allows for tailored coverage that can address the specific risks associated with those items, offering protection against loss or damage even when the items are away from the insured's premises.

In contrast, a homeowners policy typically covers a broader range of personal property, including furniture, clothing, and various household items. However, it often includes limits on certain categories of high-value personal property. For example, the homeowners policy may not fully cover the replacement cost of jewelry or art, or it might impose conditions or deductibles that could be unfavorable for the insured.

Thus, the correct answer highlights that the personal property floater is specialized for high-value items, while the homeowners policy provides more general coverage for a wider variety of property, underlining their different purposes in property insurance.