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
Association of life insurance companies focusing on legislation and public relations that may affect the life insurance business on federal, state, and local levels. Membership is composed ...
Measurement of the amount of capital (assets minus liabilities) an insurance company has as a basis of support for the degree of risk associated with its company operations and investments. ...
Extra layer of life insurance coverage. This term is often applied to double indemnity. For example, some life insurance policies provide a death benefit of a multiple of the face value if ...
Attachment to a commercial package policy to cover counterfeit currency, depositor's forgery, employee dishonesty, and the loss of money, money orders, and securities by the insured ...
Health insurance plan where a group of physicians and dentists provide medical services to a group of individuals for a predetermined fee. It is a basic type of HEALTH MAINTENANCE ...
Arrangement between the buyer and the seller in which there is a mutual agreement to buy or sell a security at a given price at a stipulated future date. These contracts are effected on a ...
Life insurance coverage on a child in which the initial face amount of the life insurance policy increases when the child reaches the age of majority, with no corresponding increase in ...
Disciplined approach to managing an insurance company's bond portfolio duration. When interest rates rise, the average maturity and duration of the bond portfolio is lengthened, resulting ...
Protection of the property of the business that is damaged or destroyed by perils such as fire, smoke, and vandalism; and/or if the actions (or nonactions) of the business' representatives ...
Have a question or comment?
We're here to help.