Will personal property insurance floater cover a camera that falls into water?

This depends, did the camera float? Just kidding and I apologize. If you have an inland marine or floater policy which specifically lists the camera that fell into the water then you would certainly want to file a claim and let them do their job. Whether or not the coverage is afforded is dependent upon the cause of the damage and the terms of the policy. File the claim and deal with your carrier. Be truthful in all aspects and do not try to bend your story to what you think will help it be covered.