Buildings, equipment, and inventory can be damaged or destroyed in minutes. Property insurance covers physical loss or damage to tangible assets from insured perils such as fire, wind, theft, and vandalism. It is a foundational coverage for both households and businesses.

Forms may be named-peril or all-risk (open-perils). Valuation can be actual cash value or replacement cost. Business interruption and extra expense coverages are often added to protect income when operations are suspended by a covered loss. Deductibles and sub-limits apply to certain perils or property types.

Underwriting considers construction, occupancy, protection, and exposure. Accurate statements of values are essential for adequate limits and for coinsurance compliance. After a loss, prompt mitigation and detailed documentation support a smoother claims process. Property insurance remains the first line of financial defense for physical assets.

• Coverage for physical damage to tangible assets
• May be named-peril or open-perils
• Often packaged with business interruption
• Requires accurate valuation and risk information