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
non-scheduled property, unscheduled property, ubiquitous 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.
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