Definition - What does Personal Property mean?
Personal property refers to movable assets owned by an individual or a business. It is distinct in that it is intended for personal use, must be movable, and must have been gained in a socially appropriate manner. Property insurance offers coverage for personal property, and optional scheduled property or floaters can provide extra coverage for high value items.
Personal property is also known as movable property, movables, or chattels.
Insuranceopedia explains Personal Property
Any assets permanently fixed in one location, such as land and buildings, do not qualify as personal property. There are two main types. Tangible personal property can be touched and handled physically. Jewelry, machinery, household goods and furniture are some examples. On the other hand, intangible personal property cannot be physically handled. Examples include bonds, intellectual property and shares.
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