Maryland Mass. Michigan Minnesota Miss. Missouri Montana Nebraska Nevada New Hamp. New York N. Carolina N. Dakota Ohio Oklahoma Oregon Penn. Real property is land and buildings.
Personal property is movable goods.
If the insured property is damaged or destroyed, the insurance company covers the loss, unless the loss is excluded. For example, a particular policy on a house may only cover fire. If the house is destroyed by flood, and flood is an excluded risk, the insurance company has no obligation to pay. If the loss is covered, the amount of the payment depends on the estimated value of the property and the terms of the policy. Replacement value policies are those paying the insured the cost of replacing the lost property.