property insurance

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July 13, 2026

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Property insurance protects against direct loss or damage to property, consequential losses, liability for damages, or losses due to dishonesty or failure of others. It is typically divided into homeowner's and commercial contracts, each with insuring agreements, covered property identification, conditions, and exclusions.12345

Homeowner's policies can be basic (HO-1), broad (HO-2), or special form (HO-3), which is the most common and covers all damage except for specific exclusions like floods or earthquakes. Renter's insurance (HO-4) covers personal belongings for tenants, while specialized policies exist for condominiums (HO-6) and mobile homes (HO-7). Business property insurance, like the Building and Personal Property Coverage Form (BPP), can cover buildings, equipment, and personal property, and can be extended to include newly acquired property or property off-premises.624

Indirect losses, such as lost profits or fixed charges due to direct damage, can also be insured through business income insurance, extra expense insurance, or rent and rental value insurance. Excluded perils in homeowner's policies often include freezing when vacant, weight of ice or snow on certain structures, vandalism when vacant for over 30 days, and earth movement or flood.25

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insurance
Property insurance
Two main types of contracts—homeowner’s and commercial—have been developed to insure against loss from accidental destruction of property. These contracts (or forms) typically are divided into three or four parts: insuring agreements, identification of covered property, conditions and stipulations, and exclusions.
Read More
Two main types of contracts—homeowner’s and commercial—have been developed to insure against loss from accidental destruction of property. These contracts (or forms) typically are divided into three or four parts: insuring agreements, identification of covered property, conditions and stipulations, and exclusions.
Read More