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
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Method of funding a pension plan after a worker retires. An employer purchases an annuity or sets aside a sum when an employee retires that will pay monthly lifetime benefits. ...
State operated insurance company used in workers compensation insurance in some states where the risks are so great that the commercial insurance companies cannot operate at affordable ...
Transfer of rights under an insurance policy to another person or business. For example, to secure a debt, it is not uncommon for the policyowner to transfer to the creditor his rights to ...
Investment strategy that advocates the transfer of amounts from one category of investment to another category according to a perception of how each of these categories of investments will ...
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Evidence of a temporary contract obliging a life or health insurance company to provide coverage as long as a premium accompanies an acceptable application. This gives the company time to ...
Coverage that can be converted into permanent insurance regardless of an insured's physical condition and without a medical examination. The individual cannot be denied coverage or charged ...
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