A person may have an insurable interest in a piece of property without owning that property.

Question

Quizplus · Accepted Answer

This is true. An insurable interest exists when someone would suffer a financial loss if the property is damaged or destroyed. So, even if the person does not own the property, they may have an insurable interest in it. For example, a tenant in a rented property may have an insurable interest in the landlord's building and their personal belongings inside it.

A Person May Have an Insurable Interest in a Piece