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Insurance coverage refers to the amount you are protected for by the insurance provider. It covers the risk of potential loss that might occur in the future.
Also Read - Insurance Meaning
There are many types of insurance coverage each covering a separate risk. These are:
a) Life Insuranceb) Health Insurancec) Auto Insuranced) Travel Insurancee) Home Insurance
For example, when you buy a life insurance policy, you protect yourself against the risk of death. If you have purchased a life insurance policy and die during the policy, your family receives a death benefit.
Thus, the sum that your family will receive at your death is the ‘insurance coverage’.
To be covered under insurance, you are required to pay small amounts known as premiums.