Knowra Property insurance Property insurance Property insurance covers buildings, possessions, and other physical assets against loss or damage caused by specified risks, in exchange for premiums.
Insurance policy : A contract that sets the terms under which an insurer provides financial protection. It defines the property, risks, exclusions, and limits that determine coverage.
Homeowners insurance : Insurance that combines coverage for a home, personal belongings, liability, and related living costs. It is the common personal policy for owner-occupied homes and belongings.
Liability insurance : Insurance that protects against covered legal responsibility for injury or damage to others. It addresses claims against the insured, rather than direct loss to the insured’s property.
Catastrophe bond : A security that transfers specified catastrophe risks from an issuer to investors, who may lose principal if a trigger occurs. It lets insurers and reinsurers transfer large property-loss exposures to capital markets.
Premium (insurance) : The price paid to an insurer for an insurance policy. Premiums fund the insurer’s promise to cover specified property losses.
Renters insurance : Insurance that protects a tenant’s belongings and may cover liability and temporary living expenses. It covers a renter’s possessions without insuring the building itself.
Life insurance : Insurance that pays a benefit upon an insured person’s death or, in some policies, survival to a specified date. It insures a human life rather than physical assets.
Reinsurance : Insurance purchased by insurers to transfer some of their risks to other companies. It helps property insurers manage accumulations of severe or widespread claims.
Deductible : The amount an insured person pays toward a covered loss before insurance pays the remainder. A deductible assigns part of each property claim’s cost to the policyholder.
Commercial property insurance : Insurance that covers businesses’ buildings, equipment, inventory, and other physical assets. It protects business property from insured physical losses.
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