About Property Insurance

PROPERTY INSURANCE???

As you know your home, your apartment, your business's building , accounts-receivable records, furniture, machinery, inventory, supplies and even intangible assets such as trademarks, when they are damaged, theft or loss occurs, they need insurance, so property insurance is covered on those things. 

While Life insurance refers to a contract between the policy owner and the insurer, where the insurer agrees to pay a sum of money upon the occurrence of the insured individual's or individuals' death or other event, such as terminal illness or critical illness. 

Property insurance also provides protection against most risks to property, such as fire, theft and some weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance or boiler insurance. Property is insured in two main ways - open perils and named perils. Open perils cover all the causes of loss not specifically excluded in the policy. Common exclusions on open peril policies include damage resulting from earthquakes, floods, nuclear incidents, acts of terrorism and war. Named perils require the actual cause of loss to be listed in the policy for insurance to be provided. The more common named perils include such damage-causing events as fire, lightning, explosion and theft.