What does Personal Property mean? Read on to discover the definition & meaning of the term Personal Property - to help you better understand the language used in insurance policies.
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.
We hope the you have a better understanding of the meaning of Personal Property.