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
Rate applied when two or more separate buildings are insured under one policy, and/or when two or more separate contents are insured under one policy. ...
Modest life insurance coverage to pay burial expenses upon the death of an insured. ...
Combination policy plan of fidelity insurance and crime insurance under five standard agreements: Insuring Agreement dishonesty of employees on either a COMMERCIAL BLANKET BOND or ...
In some states, principle of tort law providing that in the event of an accident each party's negligence is based on that party's contribution to the accident. For example, if in an auto ...
Additions or subtractions of a mortality table to reflect changing levels of mortality due to advancement in medicine, geriatrics, and sanitation. These adjustments make a mortality table ...
Utilization of source (s) of funds to pay for losses. Source (s) of funds can be classified as: internal a RETENTION program is established to use funds from within the organization to pay ...
Surrender of rights by an insured against the third party to an insurance company that has paid a claim. ...
Provision in automobile insurance, such as the personal automobile policy (pap), stating that a particular policy furnishes adequate coverage, the minimum of which is at least equal to that ...
Coverage for all kinds of personal property whether inside or outside an insured's (home) to include jewelry, musical instruments, cameras, fine arts, and precious stones. The insurance ...
Have a question or comment?
We're here to help.