Property insurance refers to a type of insurance that covers damage or loss to property, such as buildings, contents in a building, and other items. This includes both physical damage and losses caused by various events, including fire, windstorms, hail, vandalism, theft, lightning, and more. The policy provides financial compensation for repairing or replacing damaged property, so that homeowners or businesses can get back on their feet as quickly as possible without having to bear the full cost of repairs themselves. Property insurance is an essential part of protecting one's assets and ensuring peace of mind in case of unexpected events.