What is NOT a feature of property insurance?

Liability coverage is not a feature of property insurance because it falls under a different category of insurance—liability insurance. Property insurance primarily focuses on protecting physical assets such as homes, buildings, and personal belongings against risks like fire, theft, or natural disasters, as well as providing coverage for physical damage to these properties.

In contrast, liability coverage protects the insured from claims made by third parties for bodily injury or property damage for which the insured is found to be responsible. This means that while property insurance looks at tangible assets and their protection, liability coverage specifically addresses legal obligations and claims arising from the insured's actions or negligence.

The other aspects—replacement cost coverage, direct payment to the insured, and coverage for physical damage—are all integral features of property insurance. Replacement cost coverage ensures that the insured will receive the value necessary to replace the damaged property without depreciation. Direct payment to the insured simplifies the claims process, allowing for quick reimbursement. Coverage for physical damage directly addresses the core purpose of property insurance, which is to protect the insured's property from various risks.