A personal asset is something of value that you own.  Personal assets can include home, financial accounts, life insurance policies that have a cash value, real estate, businesses, cars, electronics, investment portfolios, collections of art, antiques and other valuables.  We may feel that once we own something, it is ours forever and therefore safe, giving us a false sense of security.  What is happening more and more is that legal judgments in lawsuits often exceed the amount you are insured for leaving your personal assets completely vulnerable.