If someone would suffer economic loss from damage to their property, they have:

An insurable interest refers to the requirement that an individual or entity must have a stake in the property or life that is insured, meaning that they would experience a financial loss if that property were damaged or destroyed. In the context of suffering economic loss from damage to property, having an insurable interest means that the person stands to lose financially due to potential damage to their property, thus justifying their purchase of insurance coverage.

This concept is fundamental in insurance policies as it ensures that the insured has a legitimate reason to purchase insurance—essentially, they need to be at risk of losing something financially. When someone is insured against property damage, they must be able to show that they would incur a loss if that property were harmed in order to prevent moral hazard, where a person might intentionally harm their asset for financial gain.

The other concepts, such as subrogation rights, proximate cause, and contingent claims, involve different aspects of insurance and liability but do not directly encompass the idea of experiencing economic loss due to damage to property in the same way that insurable interest does.