Property insurance covers you property whether home or business against loss or damage structure or its contents. It provides protection against most risks to property, such as fire, theft and some weather damage. Property is insured in two main ways - open perils and named perils.
- Open Perils - over all the causes of loss not specifically excluded in the policy. Common exclusions on open peril policies include damage resulting from earthquakes, floods, nuclear incidents, acts of terrorism and war.
- Named perils – this require the actual cause of loss to be listed in the policy for insurance to be provided. The more common named perils include such damage-causing events as fire, lightning, explosion and theft.