By Tahir Abbas, Editor · Last updated 1 November 2026
Property insurance is the broad cover for buildings and the assets within them — homes, commercial premises, holiday lets and vacant properties. It protects against the physical risks that can destroy value overnight: fire, storm, flood, theft and the liability that follows an accident on the premises.
This guide explains what property insurance typically covers, what it leaves out, who it suits, and how to compare policies before you buy.
What property insurance typically covers
- Buildings: structure, fixtures and fittings
- Contents and stock, where included
- Fire, storm, flood, burst pipes and impact damage
- Theft and vandalism
- Property owner’s liability for injuries on the premises
What property insurance typically does not cover
- Wear and tear and gradual deterioration
- Damage from unoccupancy beyond the policy’s limit
- War, terrorism and nuclear risks, unless specifically included
- Contents above the policy’s limits, unless declared
Who property insurance is for
Homeowners, landlords, business owners and anyone with a financial interest in a building. It is often required by mortgage lenders and commercial leases.
How to choose and compare property insurance
- Insure for the rebuild cost, not the market value
- Check the perils covered: named perils versus all risks
- Compare excesses and whether accidental damage is included
- Look at cover for unoccupied periods and renovations
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Sources and Disclosure
This guide is general information, not financial advice. Plan features described here are general and vary by insurer and state; always read the sample policy before you buy. For the rules governing insurance in your state, see the consumer resources of the National Association of Insurance Commissioners (NAIC). Disclosure: Being Insurance is an independent comparison site. We may earn a commission when you buy through links on this page. That never changes which companies we list or the order we present them in.