Basic property insurance is an insurance provided by China People's Property Insurance Company Limited for enterprises and institutions. Property owned by the insured or owned by others, managed or kept by the insured, and other property legally recognized as having an economic interest relationship with the insured may belong to the scope of the subject matter insured. Insurance of valuables such as gold, silver and jewelry must be specially agreed with PICC P&C Company in advance, but securities are not covered by this insurance. Under this insurance, PICC P&C shall be liable for the loss of the insured property caused by fire, explosion, lightning and other reasons, but shall not be liable for the loss of the insured property caused by rainstorm, flood, typhoon, storm, tornado, snowstorm, hail, ice, debris flow, cliff collapse, landslide, burst of plumbing pipes, robbery, theft and intentional acts of the insured. The insured must fulfill certain obligations, which is the premise for PICC P&C Company to undertake the liability for compensation.

Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.