What Is Property Insurance?

want to purchase coverage for snow, sleet damage or ice. On the other hand, businesses in the west coast may consider an earthquake-insurance policy for them.

Property insurance can be insured in 2 ways namely: open perils and named perils. Open perils covers all the causes of loss not specifically excluded in the policy. Common types include damage resulting to earthquakes, floods, nuclear incidents, acts of terrorism and war. Named perils on the other hand, require the actual cause of loss to be listed in the policy for you to be able to claim insurance. These are the examples of named perils: damage causing events like fire, lightning, explosion and theft.

In addition, there are 2 lines of property insurance: commercial and personal lines. Commercial lines covers the following: automobiles, business owners (property and liability combined for smaller commercial customers), capital assets, crime and fidelity, electronic commerce, employment-related practices liability, equipment breakdown (known as boiler and machinery), farm, financial institutions, general liability, inland marine, management protection, market segments, medical-professional liability, package policies, property, umbrella, and workers compensation.

On the other hand, personal lines cover the following: automobile, dwelling property, homeowners (property and liability combined), inland marine (diverse personal goods), personal liability (including personal