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Property Insurance

propert Insurance, Money and FinanceProperty insurance 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.


Property Insurance can be broadly categorized into:

  • Fire Insurance
  • Boiler Insurance
  • Flood Insurance
  • Earth quake Insurance
  • Home Insurance

Under property insurance, the insurer insures the insured in two ways:

Open Perils: Under this property insurance policy, the loss of property incurred by any cause which is not excluded under the policy is covered or the loss is compensated. The exclusion includes loss of property due to earthquake, flood, terrorism or war and nuclear incidents.

 Named Perils: Under this insurance policy of property the loss of property due to fire, explosion, theft, burglary and lightning are covered. Under Property Insurance the contents within the property is also covered, which includes:

  • Household appliances
  • Furniture & fixtures
  • Jewellery
  • Personal items at your home

The Home Insurance as Property insurance is often referred to as are "term contracts" which means, the contract of insurance between the insured and insurer remains in effect for a certain period of time.A sound home insurance policy often covers the following:

  • Replace almost all the belongings of the house.
  • Covers the rebuilding of the house, if it is destroyed by natural calamities.

Property Insurance is a must in today's age where the loss of a property by any natural disaster or mishap is almost covered. It assures the insured to lead a peaceful life and get their hard earned money returned in case of any accident which lead to the loss of property.



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