property-insurance

Vocabulary Word

Definition

'Property insurance' is a safety net that covers the cost of any damage to your house or property. So if there's a fire or someone breaks in and takes something, the insurance can help pay for it.

Examples in Different Contexts

For businesses, property insurance is key to safeguarding physical locations and assets. A business owner might state, 'Our property insurance policy protects us from significant financial loss in case of fire or flooding.'

Practice Scenarios

Public-Policy

Scenario:

For people living in disaster-prone areas, proper insurance coverage can make a substantial difference in their recovery efforts in case of disasters.

Response:

I agree. Incentives could be provided to ensure more households in prone zones have property insurance coverage.

Business

Scenario:

We are looking to expand our real estate portfolio. It's crucial to evaluate the insurance requirements for the new properties.

Response:

Let's consult with our insurance broker to make sure our property insurance covers all the potential risks for these new properties.