Coverage against insured's buildings, business personal
property and personal property of others. Loss of
business income or extra expenses incurred because of physical
loss by a covered peril to the insured's property can also be
covered.
Some policies cover multiple causes of loss specified in
the policy such as:
- Fire
- Windstorm
- Hail
- Explosion
Other policies cover any cause of direct physical loss not
specifically excluded, the preferred approach.
Difficult-to-insure causes of loss, such as flood and
earthquake, can sometimes be added by endorsement.
Businesses need it because landlords or mortgage lenders
require at least some level of property
coverage.
