Personal Property

Published: | Updated: October 16, 2017

Table of Contents

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.


How Well Do You Know Your Life Insurance?

The more you know about life insurance, the better prepared you are to find the best coverage for you.

Whether you're just starting to look into life insurance coverage or you've carried a policy for years, there's always something to learn.

Share this:

Connect with us

Email Newsletter

Join thousands receiving the latest content and insights on the insurance industry.