A restaurant operator sought coverage for income lost when government orders and the COVID-19 pandemic interrupted its business. The policy covered business-income losses caused by direct physical loss of or damage to covered property. Applying Florida law and circuit precedent, the Eleventh Circuit held that the phrase requires a tangible alteration of property, not merely loss of use, reduced access, or economic harm caused by the presence or threat of a virus. Because the insured did not identify physical alteration requiring repair or replacement, its allegations did not trigger coverage. The court affirmed judgment for the insurer.