Real Estate Glossary

What is Insurance?

A contract between an individual or organization and an insurance company that protects them from financial loss in the event of a specified incident, such as an accident, theft, or damage to property. In the context of real estate, insurance is often required by lenders to protect their investment in a property and can also be used by buyers to protect their home. Types of insurance that may be related to real estate include homeowners insurance, title insurance, flood insurance, and more.