Non-Scheduled Personal Property
Definition
- Common assets automatically covered by a property insurance policy that require neither an appraisal nor receipt for the insured to receive coverage. Non-scheduled personal property include items considered common enough that the vast majority of people would own them. Examples of non-scheduled personal property include clothing, small electronics, furniture, and kitchen appliances. Also known as "unscheduled property."
Synonyms
ubiquitous property, non-scheduled property, unscheduled property
Related Terms and Acronyms
- Appraisal — Definition,
- An estimate of the market value of a piece of real estate made by a competent professional who knows local real estate prices and markets.
- Coverage — Definition,
- The type or amount of protection afforded by an insurance policy.
- Fixture — Definition,
- Personal property that becomes real property when it is attached to a building. Examples include chandeliers, built-in bookcases and cabinets and drapery rods.
- Homeowners Insurance — Definition,
- A policy that includes hazard coverage, covering loss or damage to property and/or assets located within, as well as coverage for personal liability and theft.
- Insurance Claim — Definition,
- An application for benefits made by an insurance policyholder after an insured event.
- Personal Property (PP) — Acronym,
- Property that is movable and not permanently attached to a dwelling or structure.
- Property Insurance — Definition,
- Insurance that provides coverage for damages to property from a number of perils.
