First party property insurance policies are commonly defined as the contract been an individual or business (the insured) and an insurance company (the insurer) providing financial protection for damages that can occur to a residence, commercial property, item of ownership or other piece of personal property (for example, vehicles and boats).

There are many factors that can cause damage to one of your assets and ensuring that your policy adequately covers the financial value of your home, business and/or personal property is of the utmost importance.

Some of the most common sources of property damage include:

  • Fire
  • Electrical (including short-circuit damages)
  • Water
  • Flood
  • Wind (tornado/hurricane)
  • Explosions (gas cylinders)
  • Burglary, Theft/Arson
  • Hail
  • Smoke
  • Earthquakes
  • Sinkholes
  • Lightning
  • Pipe Bursts
  • Ice / Snow / Sleet
  • Accident (car / truck / motorcycle / aircraft / bicycle)
  • Water Heater Failure
  • … Amongst many others.