Hey reader, we already talk about insurance and type of insurance now we are going to talk about property insurance. Do you know what is property insurance????? we already discussed briefly about property insurance do you remember???? If not, we will talk about that in detail don’t be panic let’s get started…………
Property insurance is an insurance that provide protection against the risk of property damage, loss, theft, damage by fire etc. This includes specialized form of insurance such as fire insurance, earthquake insurance, flood insurance, home insurance or boiler insurance. Property is insured in two main ways-open perils and named peril.
Now we are going to talk about open perils, is open peril specially excluded in the policy do you know????? If not, you should know so, answer is no why should answer be no???? because open peril covers all the causes of loss not specially excluded in policy. Common exclusions on open peril policies include damages resulting from earthquake, nuclear incidents, flood, acts of terrorism and war.
Now the turn is for Named perils it is a special peril; would you guess why is it?? Don’t worry I will help you to know about that. Named peril require the actual cause of loss to be provided. The most common peril that include those damage-causing events as fire, explosion, lightning and theft.
Advantages of property insurance
According to survey published in the journal of financial planning we found that many homeowners have vastly misguided views of what their homeowner’s insurance actually covers.
Liability coverage is a liability that is in addition to covering the value of your home or other property, may insurance policy include an important provision for liability coverage.
Don’t guess – know about that You should know about their policy. So, it will help to ensure that what is and what is not cover in insurance policy.
Business that are home based are not covers. This doesn’t include a home study, but rather a place where people come into your home as customers such as customer
It helps in reducing risk of theft damage due to any reason like fire, natural disaster etc. by giving claim to his/her customer.
Now, that should be clear to you about property insurance that how much it is necessary important for us.