Property Insurance


All University buildings and contents are covered for All Risk Special Form Property Insurance through the State Property Fire Insurance Fund, which is managed by the NC Department of Insurance. Previously, the fund required only Fire and Lightning coverage which was free for generally funded departments. Now, each department must pay for Property insurance. We allocate premium based on departments’ occupied square footage on campus.

This Property Insurance covers all NCSU state-owned buildings and contents on a replacement cost basis. All leased spaces must specifically request coverage for their contents. Please note there is no coverage for personal property loss/damage under the Fund. If you have any questions regarding the building or contents coverage, please contact the Insurance and Risk Management department.

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.
Scheduled All Risk Coverage is available for high-value computers and miscellaneous equipment (i.e. video/sound equipment). Scheduled equipment is insured for the same perils as the All Risk Special form with the addition of Flood and Power Surge.

See this table for a visual of the covered perils.

Specialized equipment not covered under building contents can be covered under the Master Mobile policy or other available insurance policies. Examples of insurable equipment include sensors, vehicle mounted cameras or mobile equipment. The Master Mobile deductible is $1,000. Please reach out to the IRM office to discuss other leased or owned equipment or property.

All University buildings and contents are covered for the following perils subject to a $5,000 deductible (unless otherwise noted):

  • Fire
  • Lightning
  • Windstorm
  • Hail
  • Explosion
  • Aircraft or Vehicles
  • Riot or Civil Commotion
  • Smoke
  • Vandalism
  • Sprinkler Leakage
  • Sinkhole Collapse: sudden sinking or collapse of land into the ground or empty spaces created by the action of water in limestone or dolomite
  • Volcanic Action
  • Falling Objects: does not include loss or damage to property in the open or property in the interior of the building unless the roof of an outside structure is first damaged by the falling object
  • Weight of Snow, Ice or Sleet
  • Water Damage: accidental discharge or leakage of water or steam as a direct result of breaking apart or cracking of any part of a system or appliance (other than sump system including its related equipment and parts) containing water or steam.
  • Theft
  • Any other loss not specifically excluded (see the exclusions below)


  • Ordinance or Law – Requiring tearing down of property or ordinances requiring increase cost of construction while repairing damages from a covered cause of loss
  • Governmental Action – Seizure or destruction of property by order of governmental authority.
  • Nuclear Hazard – Nuclear radiation or radioactive contamination unless the radiation results in a fire.
  • Utility Services – Power or utility failure occurs off premises.
  • War and Military Action – War, warlike action by a military force, insurrection, rebellion, revolution, usurped power, or action taken by governmental authority in hindering or defending against any of these.
  • Water exclusion – Flood, surface water, waves, tides, tidal waves, overflow of any body of water, or their spray all whether driven by wind or not. Mudslide or mudflow. Water that backs up or overflows from a sewer, drain, or sump. Water under the ground surface pressure on or flowing or seeping through foundations, walls, floors, paved surfaces, basements (whether paved or not), or doors, windows, or other openings. BUT if water described above results in fire, explosion, or sprinkler leakage the fund will pay for the damaged caused by the fire, explosion, or sprinkler leakage.
  • Artificially generated electrical current – including electric arcing that disturbs electrical devices appliances or wires.
  • Smoke, vapor, or gas from agricultural smudging or industrial operations.
  • Wear and tear – Rust corrosion, fungus, decay, deterioration, hidden or latent defect or any quality in property that causes it to damage or destroy itself. Smog. Settling, cracking, shrinking, or expansion. Nesting or infestation or discharge or release of waste products or secretions by insect, birds, rodents, or other animals. Mechanical breakdown including rupture or bursting cause by centrifugal force.
  • Water, other liquids, powder, or molten material that leaks or flows from plumbing, heating, air conditions, or other equipment (except for fire protective systems) caused by or resulting from freezing. UNLESS you do your best to maintain heat and you drain the equipment and shut off the supply if heat is not maintained.
  • Voluntary parting with any property if induced by fraud, trick, or false pretense.
  • Rain, snow, ice, or sleet to personal property in the open.
  • Steam boilers, steam pipes, steam engines, hot water heaters caused by a condition inside the equipment.
  • The interior of a building or structure or to personal property in the building caused by rain, snow, sleet, ice, sand, dust, whether driven by wind or not unless the building first sustains damage caused by a covered cause of loss to its roof or walls through which the rain enters.
  • Theft of building materials not attached to the building unless held for sale.
  • Missing property which the only evidence of the loss is a shortage in inventory or other incident where no physical evidence to show what happened.

Additional property insurance information, including policies, invoicing and reporting property values is available on the Department of Insurance website.

Remember to contact IRM when…