Which type of insurance policy covers both property and liability in a single contract?

A package policy is designed to cover both property and liability in a single contract. This type of insurance is especially beneficial for businesses or individuals who require multiple types of coverage, as it simplifies the insurance process by combining different protections into one policy.

By purchasing a package policy, insured individuals achieve not only cost savings, but also streamlined management of their insurance needs. Typically, package policies include essential coverages such as property damage, personal injury, and legal liability, providing comprehensive protection against various risks.

The other options do not encapsulate both property and liability coverage in one policy. Rental policies are often focused on providing coverage for a tenant's personal property and may include some liability, but they typically do not cover both aspects comprehensively like a package policy does. A liability policy, on the other hand, is strictly focused on offering protections against claims resulting from injuries and damages to others, absent property coverage. Health insurance policies are unrelated to property and liability, as they are intended to cover medical expenses rather than property-related risks.