Risk is an undesirable future event that may or may not occur. There are several types of risks including likely events, events with high impact, events outside of your control, and unknown events. Risk management involves identifying risks, reducing risks, contingency planning, and risk monitoring. Risk exposure is a calculation that assigns a numeric value to risks by multiplying the probability of occurrence by the total loss, allowing risks to be compared. A risk matrix is an alternative tool that can prioritize risks differently than risk exposure calculations. Property damage refers to harm caused to public or private property either by people who are not the owners or by natural phenomena.

1. Calculation of Estimated Risk for Individual/Family

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