What type of insurance covers loss or damage to property?

Property insurance is specifically designed to cover loss or damage to property. This includes various types of assets such as homes, buildings, personal belongings, and other types of physical property. The primary function of property insurance is to provide financial protection against risks that could cause loss or damage, like fire, theft, vandalism, or natural disasters.

In contrast, casualty insurance generally refers to a broad category that covers losses from accidents or incidents that result in liability but does not specifically focus on property itself. Life insurance provides financial benefits to beneficiaries upon the policyholder's death, and health insurance covers medical expenses incurred due to illness or injury. These other types of insurance do not address the direct coverage of property loss or damage, which is the fundamental role of property insurance.