What Is Basic Property Insurance Coverage

Basic Form – covers your property against fire, lightning, explosion, smoke, windstorm, hail, riot, civil commotion, aircraft, vehicles, vandalism, sprinkler leakage, sinkhole collapse, volcanic action.

What is the difference between basic and broad form coverage?

A basic form policy that typically covers fire, explosions, storms, smoke, riots, vandalism, and sprinkler leaks. A broad form policy that adds more coverage, such as damage from broken windows and other structural glass, falling objects, and water damage.

What are the two basic forms of property insurance?

• All-risk policies, covering a wide range of incidents and perils except those noted in the policy.
• Peril-specific policies that cover losses from only those perils listed. Examples of these include fire, flood, crime, and business interruption insurance.