Which statement regarding Personal Article Floaters is false?

The statement regarding Personal Article Floaters that indicates they have a deductible of $500 is false. Traditionally, Personal Article Floaters are designed to provide a broad range of coverage for specified personal property, often with no deductible or with a very low deductible depending on the policy. This characteristic allows for more comprehensive coverage for valuable items, such as jewelry, fine art, or collectibles.

Personal Article Floaters offer coverage tailored to individuals' specific items, ensuring that valuable possessions are adequately protected, even against risks that might not be covered under standard homeowners policies, such as accidental loss or mysterious disappearance. By highlighting the flexibility and protection of these floaters, it becomes evident why a standard $500 deductible would not align with the intent and structure of such specialized insurance coverage.

Thus, the statement about the deductible being a set amount is misleading in the context of the comprehensive and personalized nature of the Personal Article Floater.