What is Property Insurance?
Property insurance provides protection against most risks to property. This can include fire, theft, and water damage, as well as, other specialized forms of coverage such as earthquake and boiler insurance. A few types of property insurance coverages are Replacement Cost coverage, Actual Cash Value coverage and Extended Replacement Cost coverage. When an insurance policy of this nature is obtained, the coverage limit established is the maximum amount the insurance company will pay out in case of loss of property.
Property is insured in two ways; Open Perils and Named Perils. Open Perils cover all the causes of loss that are not expressly excluded in the policy. Common omissions on Open Peril policies include damage resulting from earthquakes, acts of terrorism, war, floods and nuclear incidents. Named Perils, on the other hand, require the factual cause of loss to be listed in the policy in order for coverage to be administered. The most common Named Perils include incidents such as fire, theft, explosions and lightning.
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