Which statement about Personal Article Floaters is FALSE?

The statement that Personal Article Floaters have a $500 deductible is considered false because these policies typically do not have a standard deductible; instead, the deductible can vary based on the insurer and the specific terms of the policy. Personal Article Floaters are designed to provide coverage for valuable personal property on an open-peril basis, meaning they cover losses from all risks unless expressly excluded.

The other statements are accurate. Personal Article Floaters do pay the least of the specified values for damaged property, ensuring that claims are settled at the actual cash value, the cost of repair or replacement, or the predetermined coverage limits. Additionally, these policies are favorable for their worldwide coverage, which allows policyholders to have protection for their items regardless of their location.