Insurance Terms Defined: Personal Property

Personal Property: all tangible or intangible property that is not real property.

Personal property coverage on your insurance policy will cover the property that you own inside your home that is not the actual structure or structures on it.  This could be things of material value or things of emotional or sentimental value, as long as you own it and, in most cases, can prove that you own or owned it.

In order to protect yourself against the loss of your personal property without it being reimbursed by your insurance company you should keep good records of your home.  Take video of your personal possessions and write down the serial numbers of your major material investments and keep them in a safe place away from the home.  This will only help when making a claim with your homeowners insurance.