In property insurance, what is typically covered under personal property?

Personal property coverage in insurance is designed to protect the tangible belongings of individuals that are not permanently affixed to the structure of a building. Items included under this coverage typically consist of personal items that are movable, such as furniture, electronics, clothing, and other household possessions.

This protection is essential for homeowners or renters, as it covers loss or damage to personal belongings due to various perils like theft, fire, or vandalism. The focus is on items that a person uses and enjoys in their daily life, which aligns with the definition of personal property.

In contrast, real estate properties refer to land and buildings, which are not included in personal property coverage; instead, they fall under a different kind of coverage within property insurance. Financial investments are intangible assets that do not qualify as personal property in the context of insurance. Additionally, vehicles used for business typically require separate commercial vehicle insurance rather than being covered under personal property policies. Thus, personal belongings such as furniture and electronics represent the right category of items protected under this coverage.