What is Property Insurance?
Property insurance is your financial protection against risks that are most likely to hit your property like fire, theft, weather damage and other such occurrences. Property insurance may also include specialized insurance for other forms of hazards or accidents not covered by the basic policy.
There are two ways that the property is insured. First, open perils, which covers losses not specifically excluded from the policy except earthquakes, floods, terrorism or war and nuclear incidents. The other way is named perils which requires specific events to be named in the policy that will be covered by the insurance provider. All other events not named in the policy will be exempt from insurance coverage.