A property insurance company provides insurance for the properties that ensures protection of the property against the risks such as weather damage, fire and theft. Open perils and named perils are the two ways that a property can be insured.
There are a number of property insurance companies available giving numerous property insurance quotes and policies. There are even specialized insurance plans available such as flood insurance, fire insurance, earthquake insurance, boiler insurance and home insurance to safeguard the property.
There are two ways that a property can be insured and they are � open perils and named perils. The individuals can have property insurance from the property insurance companies through a written contract which is called policy and the individual is a policyholder with an insurance company.
The policyholder pays the insurance company premiums against which the company agrees to pay for some predefined types of damages and losses.
Property insurance is a way to protect the property and its contents while the prime benefit is the monetary value. There are various types of property insurance offered by the property insurance companies. Depending on the needs and requirements of the policyholders, the insurance companies design their insurance policies.
In case of a landlord, rental insurance property is a type of insurance that safeguards his properties that are damaged from the negligence of the tenants. Renters property insurance companies give the insured ones a protection against the loss of rented property that include furniture, electronic goods and clothing. The renters insurance also pays for the personal properties if someone damages his property in the insured one�s home. If due to fire or other disaster the house of an insured person becomes uninhabitable, then the renters property insurance pays the living expenses.
Homeowner�s property insurance is another type of insurance being given by the insurance companies that protects the homeowners against the damages caused by fires, theft, earthquake, vandalism or flood. Most lenders demand the buyers to have homeowner�s property insurance when they apply for mortgage.
Builder�s risk insurance is a special insurance type given by the insurance companies that compensates against the damage caused to a building while under construction. According to the common theory, a building under construction is the property of the owner when it is situated at the owner�s site and hence the owner is responsible for any loss or damage occurred to that. The builder�s risk insurance covers the losses caused by fire, wind and lightning while excluding the causes such as earthquake, flood, terrorism or war.
Last Updated on : 12th Sept. 2013