What type of insurance covers losses due to theft or damage to physical property?

Property insurance is designed specifically to cover losses related to physical property such as buildings, personal belongings, and other tangible assets. It provides financial protection against risks associated with theft, vandalism, fire, and certain natural disasters. This type of insurance can cover both the structure of a property and the contents within it, thereby helping individuals or businesses recover financially after an incident that results in damage or loss of their physical assets.

Liability insurance focuses on protecting against claims resulting from injuries and damage to other people or property, rather than covering the insured's own property. Life insurance provides financial compensation to beneficiaries upon the death of the insured individual, while health insurance covers medical expenses. Neither of these addresses losses due to theft or damage to physical property, which accentuates the distinct role of property insurance in safeguarding personal and business assets.