What type of property policy covers both commercial and residential properties?

The property insurance policy is designed to cover a wide range of property types, including both commercial and residential properties. This kind of policy is typically broader in scope than other more specialized policies. It provides coverage for various risks such as damage from fire, theft, or natural disasters, and it can be tailored to meet the specific needs of both residential and commercial property owners.

Homeowners insurance specifically caters to residential properties, offering protection mainly for owner-occupied homes and their contents. Renters insurance is focused solely on individuals who rent properties and protects personal belongings, but it doesn’t cover the physical structure. On the other hand, commercial property policies are intended exclusively for business-related properties, covering firms against risks associated with commercial premises. Thus, the property insurance policy stands out as the most versatile option that accommodates the needs of both residential and commercial properties.