Author Box
Articles Categories
All Categories
Articles Resources

Personal Property Insurance - What Counts As Personal Property?

April 08, 2012 | Comments: 0 | Views: 181

There are many terms people use to describe the items in their home and/or business. Personal property, contents, belongings, chattel and assets are the terms used interchangeably. provides this definition: "A type of property which, in its most general definition, can include any asset other than real estate. The distinguishing factor... is that personal property is movable. That is, the asset is not fixed permanently to one location as with real property such as land or buildings."

Let's visualize a building, whether it's your house, apartment or business. Imagine cutting the roof off and lifting the building up in the air. Now, turn it upside down and shake it. Everything that falls out is personal property. It's that simple to determine what falls under this category and what will be covered under that section of your insurance policy.

Therefore, all of the items in your home, apartment, or business that are furniture, electronics, appliances, clothing, jewelry, toys, tools, decorative items, etc., are all personal property.

This is a common discussion I have with our inventory clients. Often when providing this service, we're asked to make sure we get photos of built-in bookcases, their newly installed granite kitchen counter tops, their closet organizer system or brand-new hardwood floors. We always take the time to explain the turn-your-house-upside-down scenario to our clients. Until this discussion, many didn't realize that all other items - the ones that do not fall out when flipping the building upside down - are considered part of the structure.

In addition to the items listed above, built-in appliances, carpet and other flooring, kitchen cupboards, closet organizers that are built in, light fixtures, fireplace mantles, and other items like these, are not personal property.

Now that we've covered what counts as personal property, why is it important to know this? Your homeowners insurance is divided into two sections. One is the structure insurance and the other is the personal property insurance. (This is also what is covered when you purchase renter's insurance.)

Another key reason to understand how your insurance policy covers your contents is to help determine if you're property insured. When you create your home inventory, it's important to remember what is considered personal property and what is considered part of the structure. If you list the items noted above, it will inflate the value of your contents, thus you might purchase more insurance than is necessary.

Having this knowledge will help ensure you are neither under- or over-insured.

Cindy Hartman is Co-Founder of Hartman Inventory Systems LLC, a complete personal property inventory turnkey business package. This franchise alternative guarantees success when following the established program. It provides all the tools and resources needed to start and grow an inventory service company. Major components are hands-on training, national certification, complete marketing package, life/business coaching program, guaranteed market area, and continued support. She and her husband also provide personal property inventory services through Hartman Inventory LLC, a woman-owned business.

Source: EzineArticles
Was this Helpful ?

Rate this Article

Article Tags:

Personal Property




Home Inventory


Personal Property Insurance


Insurance Agent

Auto insurance is probably one of the most expensive insurance types in Canada. An average car insurance policy in Canada costs approximately $1,200 per year and in Ontario, the largest Canadian

By: Alex Saltykov l Insurance > Car Auto l July 09, 2013 lViews: 553

Your house is often your largest investment that you need to protect via insurance. We created a list of multiple savings tips related to Home insurance and hope that these will help you to save a

By: Alex Saltykov l Insurance > Home Owners Renters l December 27, 2012 lViews: 380

Most auto insurance companies design specific car insurance policies for classic and antique cars. If you think you have a classic car and want classic car insurance, you will need to be sure that

By: Richard l Insurance > Car Auto l October 17, 2012 lViews: 570

Business Overhead Expense Insurance Plans can provide cash flow to the business in the event of a disability to a key employee or owner. For a small, growing company it might make the difference

By: T. Spencer White l Insurance > Disability l July 17, 2012 lViews: 243

Workers compensation costs are rising. According to a recent report by the Workers Compensation Research Institute (WCRI), indemnity costs per claim (the loss of earning capacity, payments for lost

By: Kelly C. Williams l Insurance > Workers Compensation l July 08, 2012 lViews: 221

One of the most helpful government programs out there is the SSI Disability program. A person that is legitimately disabled, and cannot work to provide an income for themselves for their family

By: Oleg Winter-Burnett l Insurance > Disability l July 04, 2012 lViews: 282

A couple easy tips to help you perform your own iPad insurance comparison. Learn a few details to consider that you may not have thought about but could save you money.

By: Jon Childersl Insurance > Personal Propertyl April 15, 2012 lViews: 162

Shopping for the best iPad insurance can be confusing. Learn three things you need to look for when making your decision.

By: Jon Childersl Insurance > Personal Propertyl April 07, 2012 lViews: 162

Take a look at how the Apple extended warranty and iPad insurance compare. Find out which one would be best for you and your needs.

By: Jon Childersl Insurance > Personal Propertyl April 07, 2012 lViews: 160

Learn more about new iPad insurance and how easy it is to get. Discover how it can save you a lot of headaches when using your iPad.

By: Jon Childersl Insurance > Personal Propertyl April 04, 2012 lViews: 149

You may be trying to decide between iPad 2 insurance or the factory extended warranty. Learn more about the differences and decide which is better for you.

By: Jon Childersl Insurance > Personal Propertyl March 31, 2012 lViews: 153

When shopping for tablet insurance all policies may appear very similar. Here are six items to be sure to note before purchase.

By: Jon Childersl Insurance > Personal Propertyl March 31, 2012 lViews: 179

The new retirement plan many baby boomers have is not sitting in a rocking chair. It's starting a business to help fund their life after the corporate world.

By: Cindy Hartmanl Business > Career Advicel April 12, 2012 lViews: 138

Certification is not required for the home inventory industry. Learn why it's important to have this designation anyway.

By: Cindy Hartmanl Insurance > Personal Propertyl February 28, 2012 lViews: 131

The price of an inventory is not a generic price across the board. It depends on the thoroughness, quality and options provided after the initial service. This article points out the variations of

By: Cindy Hartmanl Insurance > Home Owners Rentersl February 16, 2012 lViews: 155

Discuss this Article

comments powered by Disqus