What is classified as tangible property in insurance terms?

In insurance terminology, tangible property includes physical items that can be touched or physically quantified. Vehicles and buildings fall into this category as they are both concrete assets that have a physical presence and can be damaged or destroyed, thus making them insurable.

Tangible property contrasts with intangible property, which encompasses items that do not have a physical form. For instance, insurance policies are agreements rather than physical items, bank accounts represent monetary assets but are not physical objects, and stocks and bonds are financial instruments that also lack a physical presence. Understanding this distinction helps in accurately classifying and insuring assets in personal and commercial contexts.