Which type of insurance primarily covers damage to one's own property?

Property insurance is designed specifically to cover damage to one's own property. This type of insurance protects against risks such as fire, theft, and certain natural disasters, allowing individuals or businesses to recover financially if their property is harmed or lost. Property insurance can cover various assets, including buildings and personal belongings, depending on the policy's terms.

Liability insurance, on the other hand, is aimed at protecting against claims resulting from injuries or damage caused to another person or their property. Commercial insurance encompasses a broad range of policies, many of which may include property coverage but also cover liability and other business risks. Flood insurance is a specialized type of property insurance that only covers damage resulting from flooding, rather than a general coverage for all types of potential property damage.