Personal Property Insurance

Here is some general property insurance information and personal property insurance information.

Property insurance involves the indemnification of the insured by the insurer for the oss of, or damage to, identifiable property described either specifically or by general language in the policy.  That is what was stated in the 1973, Dallas Court of Appeals opinion, Cumis Insurance Society v. Republic National Bank of Dallas.

As stated in the 1989, Corpus Christi Court of Appeals opinion, Warrilow v. Norrell, coverage evaluations in the context of property insurance examine the relationship between perils covered under the policy and perils excluded under the policy.

Property insurance policies are intended solely to indemnify the insured for his or her actual monetary loss, and unless the insured has sustained an actual loss, the insurer has no liability.  This is according to the 1986, Houston Court of Appeals [14th Dist.] opinion, Highlands Insurance Co. v. City of Galveston.

The most popular types o personal property insurance are auto insurance and homeowners insurance.  Although both of these types of policies provide liability coverage, they also insure the property of the insured such as the insured’s auto or the insured’s home.   Other post on this blog discuss automobile property insurance and homeowners property insurance.