Homeowner's and renter's insurance primarily protects against which of the following?

Homeowner's and renter's insurance primarily protects against loss from theft and common disasters. This type of insurance is specifically designed to cover damages to personal property resulting from various perils such as fire, storms, and theft. Homeowners' insurance also provides liability protection, which covers injuries that may occur on the property, but the core focus remains on safeguarding personal belongings and the structure of the home itself against the risks mentioned.

The other options do not align with the primary functions of homeowner's and renter's insurance. Investment risk pertains to financial loss related to investment performance, which is outside the scope of this insurance. Health-related expenses are typically covered by health insurance rather than homeowner's or renter's insurance. Income loss refers to the reduction of earnings, which is generally addressed through different types of insurance, such as disability or unemployment insurance, not through homeowner's or renter's insurance.