Okuzeka
Insurance vocabulary · Property & Liability

Property insurance

Meaning in insurance, with examples

nounCore term

In insurance, property insurance means: Insurance that covers buildings, equipment, stock and other physical assets against damage or loss from events such as fire, flood, storm and theft.

In Turkish: mal sigortası, mülk sigortası

How it is used

A broad line for both companies and households. Businesses buy property insurance for offices, factories and warehouses; home insurance is one type of it. Underwriters look at construction type, fire protection and location.

Example sentences

  1. Our property insurance covers the warehouse, the machinery and the stock inside.

  2. Property insurance rates in coastal areas have risen after several severe storms.

Common collocations

  • commercial property insurance
  • property insurance policy
  • property damage
  • property insurer
  • home insuranceInsurance for a house or flat and the belongings inside it against risks such as fire, water damage, theft and storms.
  • fire insuranceInsurance that pays for damage to buildings, equipment and stock caused by fire and often by related events such as lightning and explosion.
  • business interruptionInsurance that pays for lost profit and continuing costs when a business has to stop or slow down because of insured damage, such as a fire.
  • sum insuredThe maximum amount an insurance company will pay under a policy, usually based on the value of the property or the amount chosen for a life policy.
  • perilA specific event or cause that can lead to a loss, such as fire, flood, storm, earthquake or theft.

More terms: Property & Liability

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This page explains English vocabulary for learners. It is not financial advice.