Which term describes coverage for loss of property or income due to perils such as theft or fire?

Property coverage is the term that specifically addresses the protection of loss related to physical assets, including both property and income. It encompasses various perils such as theft and fire, which can result in significant loss for the insured party. This type of coverage is designed to reimburse policyholders for the financial impact of damage or destruction to their belongings, providing them with the means to recover and replace lost or damaged property.

Liability coverage, on the other hand, pertains to damage caused to others or their property, and does not cover the insured's own property losses. Health coverage focuses on medical expenses and healthcare-related costs, rather than property losses. Disability coverage deals with income replacement due to an individual's inability to work because of a disability, rather than loss from property perils.

Thus, property coverage is the correct term that aligns with the risk of loss stemming from events like theft and fire, ensuring that individuals and businesses can mitigate financial losses related to their physical assets.