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.

Related Articles...

Reinsurance The concept of 'reinsurance' is quite an interesting one. It comes down to the same sort of logic as 'who will guard the guards?' - in this case who will insure the insurers. The answer is, other... Saving on Home Insurance Home insurance splits into the bricks and mortar insurance - buildings insurance - and the stuff that you put inside your house such as your valuables - the contents, hence that bit is called the... Crop Insurance There are two main types of crop yield insurance available, which come under the category of types of agricultural insurance product. It is self-explanatory what crop insurance guards against -... Van Insurance Most people know about car insurance, but what about van insurance? Clearly if you drive a van then you need to know about van insurance. There are various different types of van insurance which... 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... 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... Contents Insurance Contents insurance is a type of insurance product that covers the items that you have - the contents - of your home. There are a range of different providers of contents insurance out there on... 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... Flood Insurance Flood insurance is a specific product under the umbrella of insurance and it covers - as the name suggests - losses that occur due to flooding. In many cases, this form of protection (flood... Prize Indemnity Insurance Prize indemnity insurance is a purchase that would be considered by someone offering a large prize and thus could stand to lose a considerable sum of money. This form of insurance would mean that...