Property insurance is a type of insurance that helps protect an individual or business from financial loss resulting from damages to their property. Property can include things like homes, vehicles, and personal possessions.
There are several types of property insurance, including:
- Homeowners insurance: This covers damages to a person’s home and personal possessions due to things like fires, storms, and burglaries.
- Renters insurance: This covers damages to a person’s personal possessions while they are renting a home or apartment.
- Auto insurance: This covers damages to a person’s vehicle due to things like accidents, theft, and natural disasters.
- Business insurance: This covers damages to a business’s property, such as buildings and equipment, as well as lost income if the business is unable to operate due to a covered event.
Property insurance policies typically include coverage for damages caused by a specified list of events, as well as liability coverage to protect the policyholder from financial loss resulting from claims or lawsuits brought against them. It is important to carefully review your insurance policy to understand what is and is not covered.