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Insurance Policies Relevant to Real Property (Land) - Explained

What is Property Insurance?

Written by Jason Gordon

Updated at September 27th, 2021

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Table of Contents

What is Homeowners & Renters Insurance?What is Property Coverage? What is Liability Coverage? What is Fire Insurance?Discussion QuestionAcademic Research

What is Homeowners & Renters Insurance?

Homeowner and renters insurance are combination policies that protects property as well as individuals present on the property. The primary characteristics of a homeowner and renters policies are as follows:

Next Article: Common Types of Business Insurance Back to: INSURANCE LAW

What is Property Coverage? 

The homeowner or renters policy will generally insure the subject property against damages from specific types of occurrence, such as fire, theft, flood, etc. It will generally cover the physical residence as well as private buildings located on the real estate.

What is Liability Coverage? 

The homeowner or renters policy generally provides protection (or indemnification to the property owner) against losses resulting from personal injuries suffered on the insured property.

What is Fire Insurance?

Fire insurance insures specific property for a specific amount against damages from fire and fire-related damages (such as smoke, water, etc.) These policies exclude coverage for certain types of fires, such as certain fireplace fires or arson. These policies often place other conditions on coverage, such as the policy owner living at the location where the insured property is located.

Related Topics

  • Hazard Insurance 
  • Homeowners, Renters, and Fire Insurance?
  • Participating Community (Flood Insurance)

Discussion Question

Why do you think these are common forms of property coverage? Can you think of a reason why mortgage holders would require a homeowner to purchase such a policy? How do you feel about the ability of an insurer to select specific instances of damage or causes of damage to exclude from coverage?

Academic Research


insurance policies real property

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