What does Property Insurance aim to do?

Property insurance primarily aims to indemnify individuals against the loss or damage of their property. This type of insurance provides financial protection that helps policyholders recover from events such as theft, fire, or natural disasters that lead to the loss of their belongings or real estate. The principle behind property insurance is to restore the insured to the same financial position they were in before the loss occurred, thus the focus on indemnification.

While life insurance, liability coverage, and travel insurance are essential components of personal lines insurance, they serve different purposes. Life insurance provides financial benefits to beneficiaries upon the policyholder's death, liability insurance covers legal claims for personal injury or property damage caused by the insured, and travel insurance focuses on protecting travelers against risks related to their trips. Therefore, these options do not align with the primary function of property insurance, which is specifically geared towards protecting physical assets.