Definition for: Property Insurance
"Property insurance" is insurance that provides financial protection against the loss of, or damage to, real and personal property caused by events such as fire, weather, or theft. Depending on the terms of the policy and the coverage amounts, property insurance can encompass fire insurance, flood insurance, earthquake insurance, or homeowner insurance. The insured pays a premium for the policy, and the insurance company issues a policy stating the terms, limitations and deductible amounts.
