What type of policy covers damage to the insured's own property?

Property insurance is designed to protect the policyholder from financial loss due to damage to their own property. This type of insurance typically covers events such as fire, theft, vandalism, and certain natural disasters, depending on the terms of the policy. By having property insurance, an individual or organization can receive compensation to repair or replace their damaged possessions, which helps them recover financially from unexpected events.

In contrast, liability insurance focuses on protecting the insured from legal claims or lawsuits arising from injuries or damages they may have caused to other parties. Health insurance provides coverage for medical expenses resulting from illnesses or injuries, while life insurance offers financial protection to beneficiaries upon the death of the insured. None of these other types of insurance policies cover damage to the insured's own property, making property insurance the correct choice.