Property insurance and its types

Protection against dangers to property includes insurance against things like fire, theft, and weather damage. This could include specialist insurance policies like boiler insurance, inland marine insurance, fire insurance, flood insurance, earthquake insurance, and insurance against earthquakes and floods. Similar to liability insurance, the phrase "property insurance" can refer to a wide range of insurance subtypes, some of which are given below:

Aviation insurance

safeguards the hulls, replacement parts, and associated liability risks, including third-party and passenger responsibility. Airports, including air traffic control and refueling operations for international airports through smaller domestic ones, may also be included in this group.

Boiler insurance

protects against unintentional physical damage to boilers, equipment, or machinery. It is often referred to as boiler and machinery insurance or equipment breakdown insurance.

The danger of physical loss or damage to property during building is covered by builder's risk insurance.

Typically written on a "all risk" basis, builder's risk insurance covers harm resulting from any source (including the insured's carelessness) that is not otherwise expressly excluded. Builder's risk insurance is protection against physical loss or damage caused by an insured peril for a person's or organization's insurable interest in materials, fixtures, or equipment used in the construction or renovation of a building or structure.

Earthquake insurance

Property insurance that pays the policyholder in the case of property damage from an earthquake is known as earthquake insurance. Earthquake damage is typically not covered by standard home insurance plans. The deductible on earthquake insurance contracts is typically substantial. Rates are influenced by both the home's construction and location, which affects the risk of an earthquake.

Accident insurance

A fidelity bond is a type of casualty insurance that protects policyholders from damages brought on by certain people's fraudulent actions. It typically covers a company's losses brought on by its employees' dishonest behavior.

Insurance against flooding-related property loss is available.

In certain regions of the nation, a lot of American insurers don't offer flood insurance. The National Flood Insurance Program, which acts as the insurer of last resort, was established by the federal government as a result.

Home insurance

Home insurance, also known as hazard insurance or homeowners insurance (often abbreviated as HOI in the real estate market), offers protection for the policyholder's home in the event of damage or destruction. The policy may not cover specific hazards in particular locations, such floods or earthquakes, which call for supplemental insurance.

Problems with maintenance are normally the homeowner's responsibility. For those who rent housing, the policy may cover inventory or this can be purchased as a separate coverage. In some nations, insurance companies provide a package that may include liability and legal obligation for accidents and property damage brought on by household members, including dogs.

Landlord insurance

Residential or commercial property that is rented to tenants is covered by landlord insurance. It also covers the landlord's responsibility for those who live there. In contrast, the majority of homeowner's insurance exclusively covers owner-occupied residences and excludes liability or damage caused by tenants.