Property insurance is an umbrella term for first-party insurance that protects against a loss to the policyholder’s interest in specific property. In a separate lesson, we discussed a property-insurance policy’s coverage grant, which creates the possible universe of coverage. In this lesson, we’ll look at a property-insurance policy’s typical conditions, exclusions, and limits, which reduce the policy’s potential coverage to its actual coverage area.

I. Property-Insurance Conditions

We’ll start...