Personal Property Insurance
Definition of "Personal Property Insurance"
When people think of home insurance policies, they usually only think about the obvious coverage of its house structure. But that, known as Dwelling Insurance, is only one of the coverage areas of a homeowner’s insurance umbrella.
The personal property insurance is one of them and, to put it in a simple explanation, it protects objects inside your home. For instance: Hail cracked the window and from that a piece of art was ruined by water? Personal property insurance covers the damage. A burglar broke in and stole some jewelry? Personal property insurance saves the day.
Most people think this type of coverage only make sense for people with unique, expensive, irreplaceable objects, but that is far from true. In situations of an "Act of God", for instance, lots of individually inexpensive appliances can get damaged and collectively add up to a huge amount. Imagine you have to buy a new TV, fridge, dishwasher, computers…
Better start looking with different eyes to personal property insurance coverage, right?
Real Estate Tip:
There are better ways to practice your detachment than losing all your belongings: find a real estate agent to help you protect your material world!
Popular Insurance Terms
Policy used to provide the funds for buy and sell agreements under which an income payment or a series of income payments is paid to the buyer of the disabled partner's interest contained ...
Number of individuals exposed to the risk of illness, sickness, and disease at each age, and the actual number of individuals who incurred an illness, sickness, and disease at each age. ...
Approved or accepted policy for a particular type of risk. The only type of risk covered by a standard form mandated by law is the fire policy. In 1886, New York adopted a standard fire ...
Same as term Assignment Clause: feature in a life insurance policy allowing a policyowner to freely assign (give, sell) a policy to another or institution. For example, in order to secure a ...
Found under the "Exceptions and Exclusions Section for All Medical Benefits" in many health insurance policies that exclude: complications arising from elective, nontherapeutic voluntary ...
Specified amount received by an insured at the end of an endowment period (usually the face amount of the endowment policy), or by the owner of an ordinary life policy (usually the ...
Employee of the insurance company who has the authority to appoint brokers on behalf of the insurance company. This supervisor has the objective and responsibility to sell the insurance ...
Payment of an employee's employee benefit insurance plan benefits to the employee's individual retirement account ( IRA) or to another plan maintained by the employer. ...
Same as term Bail Bond: monetary guarantee that an individual released from jail will be present in court at the appointed time. If the individual is not present in court at that time, the ...
Have a question or comment?
We're here to help.