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
Same as term: generally accepted accounting principles (GAAP): ...
National agency supported by property insurance companies. The bureau is used by companies that do not have their own claims adjusters. ...
Coverage on fur coats as well as other clothes that have, fur trim. Protection is provided at any location on an all risks basis subject to the exclusions of wear and tear, war, and nuclear ...
Coverage for present and past U.S. uniformed services members under one of these programs: United States Government Life Insurance (USGLI) established in 1919 to provide RENEWABLE TERM LIFE ...
Collection of numbers to record and analyze data such as occurrences of events and particular characteristics. Statistics are absolutely vital to all elements of insurance. In life and ...
Employee individual retirement account funded by an employer or a self-employed person. (Also known as SEP-IRA.) Differs from a pension plan in that contributions are immediately vested and ...
Property, liability, or health coverage that takes precedence when more than one policy covers the same loss. In order to avoid OVER INSURANCE, or paying an insured more than the actual ...
Cost of replacing damaged or destroyed property with comparable new property, minus depreciation and obsolescence. For example, a 10-year-old living room sofa will not be replaced at ...
Nominal interest rate minus the rate of inflation. ...
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