Personal property

Personal property is referred to all those properties excluding the real property. It may be tangible or intangible. As for as taxing is concerned all the tangible properties are taxable. But there are exceptions for the taxing of such property also.

Tangible personal property often exclude land, buildings etc which can be measured, weighed or touched. In other words, they are property that is not part of the building. In real estate insurance parlance, they are called contents.

It is a part of the homeowner policy that protects the contents and belongings of the home. There are various insurance companies that provide coverage for personal property. They are called content insurance. But there are several restrictions on the amount for the contents in a standard homeowners insurance policy. The policy covers all the possessions but pays less for the losses incurred for the possessions when they are away from the home.

More Terms Explained