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🏠 '''Property insurance''' is [[Definition:First-party insurance | first-party coverage]] that indemnifies the [[Definition:Insured | insured]] for physical damage to, or loss of, tangible assets — buildings, equipment, inventory, and personal belongings — caused by covered perils such as fire, windstorm, theft, or vandalism. It sits alongside [[Definition:Liability insurance | liability insurance]] as one of the two foundational pillars of the [[Definition:Property and casualty insurance (P&C) | property and casualty]] sector, and it is written for both [[Definition:Personal lines | personal]] and [[Definition:Commercial insurance | commercial]] risks, from single-family [[Definition:Homeowners insurance | homeowners]] policies to multibillion-dollar schedules covering global corporate real estate portfolios.

📑 Coverage is typically structured around a named-perils or [[Definition:All-risk policy | all-risk]] (also called "open perils") framework. Named-perils forms cover only the specific events listed in the [[Definition:Insurance policy | policy]], while all-risk forms cover any cause of loss not explicitly [[Definition:Exclusion | excluded]] — the latter offering broader protection but at a higher [[Definition:Premium | premium]]. Key policy components include the [[Definition:Declarations page | declarations page]] specifying covered locations and values, [[Definition:Deductible | deductibles]] or [[Definition:Self-insured retention | self-insured retentions]], [[Definition:Coinsurance | coinsurance]] clauses that penalize undervaluation, and sub-limits for perils like flood or earthquake that carry concentrated [[Definition:Catastrophe | catastrophe]] exposure. Larger programs often include [[Definition:Business interruption insurance | business interruption]] coverage, which reimburses lost income while damaged property is being restored.

🌪️ Accurate property valuation and [[Definition:Catastrophe modeling | catastrophe modeling]] are central to healthy results in this line. Carriers depend on detailed appraisals, geospatial data, and probabilistic models to estimate potential losses and set [[Definition:Rate | rates]] that reflect true exposure, while [[Definition:Reinsurance | reinsurance]] programs absorb peak-scenario losses that would otherwise threaten the insurer's [[Definition:Surplus | surplus]]. In recent years, the convergence of [[Definition:Climate risk | climate change]], rising construction costs, and urban concentration has intensified pressure on property [[Definition:Pricing model | pricing]] and availability, making disciplined [[Definition:Underwriting | underwriting]] and proactive [[Definition:Loss control | loss control]] more critical than ever for both carriers and [[Definition:Policyholder | policyholders]].

'''Related concepts'''
{{Div col|colwidth=20em}}
* [[Definition:Business interruption insurance]]
* [[Definition:Catastrophe modeling]]
* [[Definition:All-risk policy]]
* [[Definition:Coinsurance]]
* [[Definition:Homeowners insurance]]
* [[Definition:Commercial property insurance]]
{{Div col end}}

Definition:Property insurance - Revision history

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