Property Insurance

Property insurance for buildings, structures and contents owned by NC State is provided through the State Property Fire Insurance Fund (the Fund). All property is required to have coverage for losses caused by fire and lightning. Departments may choose (and should strongly consider) to purchase higher coverage levels. **Please note there is no coverage for personal property loss/damage under the Fund.

  • There is no charge for fire and lightning coverage for state-funded departments. Receipts-funded departments must pay for all insurance coverage.
  •  Higher coverage levels are available for any building and its contents Departments are responsible for premium payment for higher coverage levels. Departments are responsible for payment of losses beyond any purchased insurance coverage.
  • Buildings and contents are insured on a replacement cost basis.
  • Scheduled All Risk Coverage is available for high-value computers and miscellaneous equipment (i.e. video/sound equipment).
  • The current deductible for property and Scheduled All Risk is $5,000 per occurrence (Example: If multiple buildings were damaged during a tornado, only one $5,000 deductible would apply to all damage)
  • Building contents are insured based on location. If high-cost assets will move from building to building, consider insuring through the Scheduled All Risk policy.
  • Specialized equipment not covered under building contents can be covered under the Master Mobile policy. Examples of insurable equipment include sensors, vehicle mounted cameras or mobile equipment. The Master Mobile deductible is $1,000.
  • Higher coverage levels are available for any building and its contents Departments are responsible for premium payment for higher coverage levels. Departments are responsible for payment of losses beyond any purchased insurance coverage.

Remember to contact IRM when…