Definition: The word "personal property insurance" refers to the insurance coverage provided by a third party (usually an insurer) in exchange for the personal possession of the insured's personal property, such as furniture, clothing, tools, or other items that are owned by the owner and are not intended to be sold. Personal property insurance typically covers losses caused to the insured's property due to natural disasters or theft. The coverage provided under personal property insurance is designed to protect the value of an individual's possessions against damage or loss due to events beyond their control, such as a fire or natural disaster. The policy often includes provisions for depreciation of the insured's property, as well as liability coverage in case of claims arising from the insured's negligence. In summary, personal property insurance is a type of insurance that provides protection against potential losses or damages resulting from natural disasters, theft, or other events beyond an insured's control.
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