Community Property

Definition - What does Community Property mean?

Community property is property that is jointly owned by a legally married couple. It is not considered the exclusive property of either party in the marriage; rather, ownership is split between them.

Insuranceopedia explains Community Property

Community property often includes a home or a vehicle. Insurance coverage for community property, then, can often be quite substantial and required to protect the owners from major losses. While the property is jointly owned, the insurance policy that covers the community property may be purchased and held by a single person.

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