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Q.What does Property Insurance cover?
A.Property insurance provides coverage to the business for loss or damage to property caused by such things as fire, theft, and vandalism. Business property coverage typically falls into two categories:
- Real Property - Building: This provides coverage should something happen to the building itself. It is important to analyze the policy to see exactly what it includes, but generally this type of policy covers damage caused by fire, lightning, wind, vandalism, or the weight of snow on the roof. Some occurrences such as earthquakes, hurricanes, and even general wear and tear are often excluded.
- Personal Property: This provides coverage for loss or damage to the property inside the building such as files, furniture, inventory, materials, etc... Analyze the policy because some policies exclude computers and phone systems.
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