What Property Is Covered and Where? 

The declarations also describe the property to be insured. The description can be very specific, designating a particular item to be insured (specific insurance), or it can be a blanket description, such as “personal property located at 1550 Willow” (blanket insurance).

 Blanket coverage may also mean that the insured’s covered property is insured at any location, rather than at only a particular location.

An almost endless variety of property can be insured: buildings (real property), tangible and intangible business and personal property, property owned by the insured, and nonowned property. 

In addition to the brief description contained in the declarations, the insuring agreements will describe in detail the property that is covered by the policy. 

You’ll learn more about the types of property that can be insured as you progress through the course.

? When Property Is Insured

Insurance policies specify the date and time, including where and in what time zone coverage begins and ends. This is known as the policy period.

In some states, the exact time of day policies start and stop is set by law to maintain uniformity between companies and to prevent gaps in coverage when an insured changes insurance companies.