Property

Covers losses to your building and business property. You can choose the Standard Form ( named perils ), which covers losses from perils listed in the policy. If you'd like broader coverage at a higher premium the Special Form (all risk) covers losses from all causes unless the policy specifically excludes them.

Property coverage includes your building and premises, permanently installed machinery and equipment (heating and air conditioning equipment, etc.), and business personal property (furniture, business stock, and property stored off premises).

You'll also have coverage against losses from crime (theft, forgery, counterfeiting, etc.) and for income lost when your business can't operate at full strength (Business Interruption).
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Is Your Property Insured Properly?

In 2005, Americans spent close to $150 billion remodeling the insides of their homes, according to the Harvard Joint Center for Housing Studies. Commercial property owners seemingly motivated by low interest rates and surging market values also spent billions improving their property with hopes of a nice return.

If you own property, we d recommend that you answer these questions:

Have you used the recent surge in real estate activity to push major improvements?
With all the improvements you ve made (assuming that you ve made them), do you know the current replacement value of your property?
Even if you purchased your property less than a year ago, do you know what market changes have occurred since then that might impact its replacement value?

The bottom line: Without enough insurance for your new and improved structure, a loss could completely wash out your efforts in improving its value. After all, your Property insurance is based on the replacement value of the property by today s standards, not what you paid for it a year ago.

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