Property insurance covers building and contents (real property) owned by individuals or businesses against physical loss or damage. It can be written on specified perils or open perils basis.

It is important to make sure you have adequate limits of coverage. A professional appraisal of your building is the most accurate resource for determining the proper limit of coverage. Many times your bank already has an appraisal on file as part of their loan underwriting process. Otherwise, your agent can help you determine adequate limits using building cost guides they have access to, along with detail you provide based on the construction of your building.

Property policies can also provide other important coverage such as business personal property, loss of business income and cost of extra expense (due to a covered property loss), equipment breakdown coverage and food spoilage coverage.