Damage Insurance is a type of coverage that protects individuals and businesses from financial losses due to damage to property. This insurance can cover various incidents, such as natural disasters, accidents, or vandalism, depending on the policy. It helps policyholders recover costs associated with repairs or replacements, ensuring they are not left with a significant financial burden. Typically, Damage Insurance policies require the insured to pay a premium, which is a regular payment made to maintain coverage. In the event of a claim, the insurance company assesses the damage and compensates the policyholder according to the terms of the policy.