Definition - What does Property mean?
Property can be defined as one or more components of a person’s estate that can either be owned by a single person, a group of people, or a legal entity like a corporation. Property is divided into real property and personal property. Property can be insured against damage by purchasing a property insurance policy.
Insuranceopedia explains Property
Property insurance is one that covers the owner or someone else with an interest in the property. The insurance covers the loss of income produced because of the property. Property insurance provides protection against most risks to property such as theft, fire, and natural disasters. Property can either be insured in two way:
- Open perils – covers all of the causes of loss not specifically excluded in the policy.
- Named perils – covers only the actual causes of loss to be listed in the policy.