What It Is: “Third Party Property Damage” coverage focuses on costs associated with the repair or replacement of another person’s property if the policyholder is responsible for its damage.
The Story: Picture John, who, while reversing his car, misjudges the distance and crashes into a neighbor’s ornate gate, damaging it. While the mistake is regrettable, John’s “Third Party Property Damage” coverage ensures he doesn’t have to dip into his savings to repair the gate. His insurance steps in, keeping neighborly relations smooth.
Last modified: August 11, 2023
