Community Property

What Does Community Property Mean?

Community property refers to assets jointly owned by a legally married couple. It is not considered the exclusive property of either spouse; instead, ownership is shared equally between them.

Insuranceopedia Explains Community Property

Community property often includes assets such as a home or a vehicle. As a result, insurance coverage for community property can be substantial and is often necessary to protect the owners from significant losses. Although the property is jointly owned, the insurance policy covering the community property may be purchased and held by just one person.