In the world we have 3 major types of real estate property. They are divided into groups: vacant land, residential properties and commercial properties. Buildings is the major importance of national economy, real estate market, residential housing, construction industry and others industries. Also the major importance of real estate management is risk management, and one of the part of risk management – property insurance. A part of risk management is determination of risk versus reward. Risk Transfer - the most prevalent way of dealing with risk is to purchase insurance to transfer the risk to the insurer. The main sense in property insurance is building recovery value, also what kind of risks will cover insurance, for the property. It could be “named perils coverage” (A property insurance term referring to policies that provide coverage only for loss caused by the perils specifically listed as covered) or “all risks coverage” (Property insurance covering loss arising from any fortuitous cause except those that are specifically excluded). This is in contrast to named perils coverage, which applies only to loss arising out of causes that are listed as covered. The research focus sets property insurance elements and factors influencing them. The significance of the topic is set by the economy and industry in Latvia sustainable risk management model in constructing, property management and insurance industries in accordance with probably future losses on property. The comparison, data analysis and logical access methods have been used in the study and the recommendations on the improvement of the situation have been developed.