Property insurance is a type of insurance that provides financial protection for individuals and businesses against loss or damage to their property. This can include buildings, homes, personal possessions, and other types of real and personal property.
There are different types of property insurance, such as homeowners insurance, which covers a person’s home and personal property; and commercial property insurance, which covers a business’s buildings, inventory, and other assets. Property insurance can also include coverage for loss or damage due to specific perils such as fire, wind, hail, theft, and other types of damage.
It can also include liability coverage, which helps pay for damages or injuries that occur on the insured property and for which the policy holder is held responsible. Policyholder may have to pay a deductible before the insurance company starts covering the expenses. The cost of property insurance can vary depending on factors such as the location, type and value of the property, as well as the level of coverage required.
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