What type of insurance is designed to cover loss or damage to property?

Property insurance is specifically designed to cover loss or damage to property. This type of insurance aims to provide financial protection against risks such as theft, fire, natural disasters, and other events that may result in damage to physical assets. It includes policies such as homeowners insurance, renters insurance, and commercial property insurance.

The primary focus of property insurance is on real and personal property, ensuring that if a loss occurs, the insured can recover the value of their lost or damaged property, thus allowing for repairs or replacements. This makes it distinct from other types of insurance, which serve entirely different purposes.

Liability insurance, on the other hand, covers legal responsibilities toward third parties for bodily injury or property damage. Life insurance provides a financial benefit to beneficiaries upon the insured's death, while health insurance covers medical expenses incurred due to illness or injury. Each of these other types of insurance addresses specific risks but does not focus directly on the protection of physical property itself.