Which type of insurance is designed to cover risks associated with property damage?

Property insurance is specifically designed to cover risks associated with damage to physical property. This includes losses related to various incidents such as fire, theft, vandalism, or natural disasters. Property insurance helps protect the financial interests of property owners by providing compensation for repairs or replacements necessary due to covered events.

In contrast, life insurance is focused on providing financial support to beneficiaries upon the death of the insured, thus it does not address property-related risks. Liability insurance, on the other hand, protects the insured from legal claims for damages they may have caused to others or their property, but again, it does not cover the insured’s own property damage. Health insurance covers medical expenses incurred due to health issues and does not relate to property damage or loss. Each type of insurance serves a distinct purpose, but property insurance is the only option that directly addresses risks to property itself.