Property Insurance Coverage
Definition - What does Property Insurance Coverage mean?
Property insurance coverage is financial compensation for a loss or damage to property. It can also cover for liability. There are various types of property insurance policies that also vary in the risks they cover.
Insuranceopedia explains Property Insurance Coverage
Property insurance refers to many insurance policies that involve a building, a piece of land, or a belonging such as a car. The building might be a house for dwelling or a commercial space and coverage for the two can be different.
Where buildings are concerned, the risks can be named and specified or one can avail of an all-risk policy. The contents in the building can also be insured. If a policyholder thinks the coverage is lacking, they can add an additional feature, called a rider, at a cost.
Aside from a loss or a damage to the property, coverage can also include liability, which occurs when the property (and therefore the property owner) causes damage or injury to someone's body or property.