Property Insurance
Property insurance is a product that applies specifically to property, and has various different types of specific that are subsets of the general umbrella term 'property insurance'.
Specific insurance products include those that are specific to phenomena such as earthquakes or floods or specific issues such as boiler insurance that deals just with problems with boilers.
Obviously there are lots of different things that could be insured against when it comes to properties, relating to weather conditions, the contents, the bricks and mortar itself, specific threats to the house such as arson, and much more besides.
Therefore there are two main types of insurance, known as open and named perils. As the titles suggest, named peril insurance states that a specific cause must be listed on the insurance for cover to be provided: thus something like fire would need to be named on the policy if you want to claim for a fire on the policy. In contrast on an open peril policy, anything that isn't specifically excluded would be covered by the policy. Therefore things like damage from floods, earthquakes and so on could commonly be listed as an exclusion on such a policy.
It is said that the origin of property insurance was the devastating Great Fire of London in 1666, so it has been around for quite some time!
There are several different types of cover available. One would be replacement coverage, which covers the cost of replacing the property. This is contrasted with something called actual cost value insurance, where depreciation is taken into account. There are also some other types of coverage available. There are many companies that provide property insurance and so it is very important to do a good deal of research to ensure you find a policy that matches your needs and is competitively priced: search comparison sites can be useful in this goal.
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