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Open Perils Coverage

The ISO personal property floater form PM 00 19 12 02 applies open perils coverage to most of the kinds of personal property found in a typical home, including, under certain circumstances, property of others. The insured's additions and alterations to the part of the residence occupied by the insured as a tenant, or to a condominium unit owned by the insured may also be covered. Modern homeowners, condominium, and renter's policies have primarily supplanted the need for separate personal property floater coverage; however, in some circumstances (for example, where the insured escrows payment for insurance as part of his mortgage arrangement, or has large collections of personal property which he or she does not want to cover under the homeowners form), the need for separate inland marine personal property coverage exists. The form could also presumably be used for a college student away from home with a large amount of personal property.