Both of the companies who joined hands to facilitate the population of Florida were state running insurance companies. We are not going to discuss both of them in detail. But we look on the conditions, when there is no name of Florida insurance Corporation means before its establishment. The people of Florida were in a great trouble at that time because neither the insurance company allows compensating for the losses caused by natural mishaps like Windstorm etc. This is why the property insurance is recommended and must for the business owners. This type of insurance can be acquired through a agreement called as a Property Insurance Policy. What is a property insurance policy? The legal agreement between the procurer of policy and the insurance company is known as a property insurance policy. For other additional coverage for extra expense and the business interruption, commercial property insurance offers liability policies. The extra expense includes the payment made to resume the business operation due to possible damage or loss of the building. The liability policies of commercial property insurance give protection to the owner against the expenditure of a court case and the possible judgment. A Seven-member of Board of Governors is the responsible panel who regulate Florida Citizens Property Insurance Corporation, and its operations in the state. These governors have the responsibilities to ensure that the business of Florida Citizens Property Insurance Corporation runs smoothly. State Treasurer appoints these governors for the period of three years. While planning to have Florida property insurance, one should insure the equal amount of money to construct your home back again in any disaster situation. Your security interest would not affect Florida property insurance because it does not depend much on it. But still in many states, it is illegal to have more insurance cost as compared to the replacement cost. Many insurance companies have a brief description about the perils occur by the policies and they also consider those damages. One of the most important perils is lightening damage and fire. This is most well-known reasons of damages. Falling objects, theft, volcanic eruption and weight of snow or sleet are also the examples of perils.