What is a key characteristic of personal property?

A key characteristic of personal property is that it includes items that are movable. Personal property refers to assets that are not fixed to one location and can be transported from one place to another. This typically encompasses various valuables, such as furniture, clothing, electronics, and other possessions that individuals own but do not constitute real estate.

In contrast, property that is permanently attached to land, such as buildings or land fixtures, falls under the definition of real property, not personal property. Items that cannot be moved would also not be classified as personal property, as they would be fixed or immovable. Additionally, while dwelling policies may offer coverage for the contents within a home, personal property is not inherently defined by its coverage under such policies. The essence of personal property is its intrinsic characteristic of being movable and not secured to a specific location.