What is the primary purpose of property insurance?

The primary purpose of property insurance is to protect against loss or damage to physical assets. This type of insurance is designed to provide financial coverage for loss resulting from perils such as fire, theft, vandalism, or natural disasters affecting tangible property like homes, cars, and other personal belongings. By ensuring that individuals or businesses can recover financially from such losses, property insurance plays a crucial role in risk management and financial stability.

The other options do not align with the primary function of property insurance. For instance, while covering legal expenses is an important feature of some insurance products, it pertains more to liability insurance than to property insurance specifically. Additionally, providing a source of income during retirement and enhancing personal wealth through investments fall outside the realm of property insurance, as these concepts are more associated with life insurance and investment vehicles. Thus, option B clearly identifies the fundamental objective of property insurance within the insurance industry.