Using firm-level survey data from the World Bank (World Bank, 2005) and employing a two-stage (probit and Cragg) estimation procedure, we examine the effect of ownership structure on the decision of Indian firms to purchase property insurance. We find that firms with a high degree of managerial ownership and leverage, plus firms with high growth options, high asset tangibility and public listing status are more likely to insure their assets than other entities. We also observe that different factors determine the amount of property insurance purchased, in particular, the higher the degree of managerial ownership and indebtedness the less indemnity coverage acquired. Additionally, the younger the firm the greater the amount of insurance purchased. We contend that our results shed light into the risk management behavior of Indian firms and that such insights could be of relevance to international and domestic business investors, local managers, and policymakers, amongst others.