WHAT DO I NEED TO KNOW ABOUT PROPERTY INSURANCE

PROPERTY INSURANCE: DEFINITIONS, TYPES, AND BENEFITS

DEFINITIONS OF PROPERTY INSURANCE

It has been observed that so many people don’t understand the concept property insurance and as well casualty insurance and since they have no clue about such insurance policy/scheme they never apply for it thereby lacking behind on the best way to protect your family business, or property in the event that something might happen but we totally have our mind fixed that nothing can happen, though we ought not to think negative but “penny wise pounds foolish”       
Property insurance is a kind of insurance that protects a property insured from unforeseen actions or eventualities such as fire, theft or weather damage or even fight result. This property insurance can include automobile, aviation, marine and many more insurance that has to do with property.

This kind of insurance was first practiced in Great Britain. It has become so widely accepted that even the United States and African States practice this policy and it started with marine insurance. Property insurance involves physical things we can see which are also the natural thing or man made things and they involve our homes, buildings (commercial), motor vehicles, and personal possessions.


On the other hand, casualty insurance covers you for losses that happened to another individual definitely caused by you that is to say any damage you caused another individual and such unforeseen is covered by insurance then it is known as casualty insurance.

PROPERTY INSURANCE

There are various types of property insurance in detail will be discussed in this blog Getbeg Tutor Insurance  which are:

1)    Homeowners insurance

2)    Fire Insurance

3)    Flood or earthquake insurance

4)    Automobile insurance


This is how the casualty insurance works: If you caused damage on an individual or business organization it is called “third party coverage”. It states the damage caused by you in an individual then taken care of by the casualty insurance, if a person sues you for damage imposed on him/her knowing or unknowing your casualty insurance covers you.

Take note that both individuals and business entities can partake in the property insurance, you must stern the types of property/casualty insurance and choose the one that suits you best. It is also noted that:

Open perils cover all the cost of loss not specifically excluded in the policy and the common exclusion in an open peril phonemes include:


·        Earthquake

·        Floods

·        Nuclear incidents

·       Terrorism and war

Narrow perils require the actual cause of loss to be lifted in the poling for insurance to be provided. The common named peril include damage events such as

·        Fire

·        Lighting

·        Explosion and

·        Theft

Having known and understood what Property Insurance is, lets now discuss the different types of Property Insurance


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