Required information Exercise 5-19 (Algo) Prepaid expenses—insurance LO 10 Skip to question   [The following information applies to the questions displayed below.]    A company makes the payment of a one-year insurance premium of $4,440 on March 1, 2019.   Exercise 5-19 (Algo

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Property Insurance

Property insurance protects property from unforeseeable loss or damage and covers property owners' liability. Property insurance provides financial compensation to the property owner or renter in the event of damage or theft, as well as to someone other than the owner or renter if that person is injured on the property. Property insurance covers all risks of damage caused by theft, fire, flood, cyclones, lighting, and natural calamities, among other things. The primary goal of property insurance is to require the property owner to cover the loss. A monthly premium is paid to the insurance company, and in exchange, the insurance company pays for damage based on the agreement stated in the policy. Property insurance protects assets such as a vehicle, auto, car, rental home, house, and valuable property.