Which are two main types of property insurance?

The selection of homeowners insurance and renters insurance as the two main types of property insurance is accurate because both policies specifically cover personal property and liability associated with residential spaces. Homeowners insurance protects not only the dwelling itself but also the personal belongings within it and provides liability coverage in case someone is injured on the property. Conversely, renters insurance offers similar coverage for personal property and liability, but is geared towards individuals who rent their living spaces rather than owning them. Both types serve the fundamental purpose of safeguarding the insured's property from risks such as theft, fire, and other specified perils.

In contrast, options including health insurance, disability insurance, life insurance, and automobile or liability insurance are not classified as property insurance. They focus on different areas of risk management—health and life policies cover medical costs and life-related risks, while automobile and liability insurance typically address vehicle-related risks rather than property protection in residential contexts. Thus, homeowners insurance and renters insurance distinctly represent two essential categories of property coverage within the realm of insurance.