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.

If you live in a flat, you can save money if your building is already covered by buildings insurance like this example - flexinsurance.com.au/residential-strata/

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.

Related Articles...

GAP Insurance If you have bought a car in recent times, then you will probably have come across GAP insurance as the vendor will have asked you if you want GAP insurance or not. If you are not familiar with... Bicycle Insurance Bicycle insurance, as with all insurance products, gives you a way to deal with the risk of having something happen to your bicycle - depending on the product you choose - and therefore having the... Types of Car Insurance There are various different types of car insurance product that are available in the UK. The minimum level of cover that is available to meet legal requirements is a product called third party... What Is Insurance? What exactly is insurance? It sounds like a very basic concept, but it is important to know what insurance is, in order to work out why insurance is so essential to modern-day activities, and why... Saving Money on Car Insurance Like with most types of insurance, the car insurance sector is extremely competitive. There are a lot of providers of this product, but also a lot of different factors that are taken into account to... Pet Insurance People love their pets - whether you are a cat lover or a dog lover, or prefer something like a rabbit, a guineapig, snakes, hamsters or indeed any animal that you can think of, then pet insurance... Travel Insurance One of the most common forms of insurance product is travel insurance. Wherever there is travel involved, there is invariably risk, and infact a range of risks, and therefore an insurance product... Home Insurance Home insurance is one of the most common types of insurance product, and anyone who has a home will be familiar with it. Home insurance is usually contrasted with contents insurance, which is a... Payment Protection Insurance Until a few years ago, not many people would have heard of Payment Protection Insurance, commonly referred to as PPI. Now it is almost inescapable, with TV adverts and text messages bombarding... Motorbike Insurance Motorbike insurance might sound like a bit of a niche category of insurance, but there are actually a huge number of people who ride these sorts of vehicles, and so even within this there are...