What does the basic form of property insurance generally cover?

The basic form of property insurance typically covers a specific list of perils that could damage the insured property. In the context of many standard property insurance policies, this often means that it includes 11 named perils. This list typically includes events such as fire, lightning, theft, vandalism, and certain types of water damage, among others.

This specificity is important because it helps the policyholder understand exactly what risks are covered and under what conditions. If an event occurs that is not on the list of specified perils, the insurance would not provide coverage for that loss. This is in contrast to other forms of policies, such as comprehensive coverage, which may include a broader range of risks or "all risks," meaning that coverage is provided for all perils except those that are explicitly excluded.

Understanding this distinction is crucial when evaluating property insurance options, as it directly affects the level of protection and peace of mind a policyholder might have regarding their insured property.