Property insurance can be purchased based on the property’s actual cash value (the replacement cost minus depreciation), its replacement value (the cost of replacing an item without deducting for depreciation) or an agreed-upon amount (commonly used for art objects and other unique items).
Basic property insurance will cover your losses in the event of a problem such as a fire or a lightning strike, and will pay the cost of removing property to protect it from further loss.
Additionally, a standard small business policy will usually cover losses from windstorm, hail, explosion, theft, and damage caused by aircraft, automobiles or vandalism.
Optional coverage can insure against earthquakes, floods, building collapse and glass breakage.
Property insurance can be categorised by what is insured and by the events leading to a loss.
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