Property
Updated: 19 October 2024
What Does Property Mean?
Property refers to any component of a person’s estate that can be owned by an individual, a group of people, or a legal entity such as a corporation. Property is categorized into real property and personal property. It can be insured against damage by purchasing a property insurance policy.
Insuranceopedia Explains Property
Property insurance provides coverage for the owner or anyone with an interest in the property, including protection against loss of income generated by the property. It safeguards against most risks, such as theft, fire, and natural disasters. Property can be insured in two ways:
- Open perils: Covers all causes of loss except those specifically excluded in the policy.
- Named perils: Covers only the specific causes of loss listed in the policy.
