Want to know how many types of property insurance coverages are provided by the insurance companies? Here, we are going to discuss the twelve common types that are mostly offered by the insurers.
Explosion Insurance Coverage: Unpredicted circumstances can occur at any time. Loss of property due to the explosion is covered under this type of insurance.
Fire Insurance: Damages to the property caused by fire is covered under this kind of insurance. Fire insurance is a property allowance that is specifically designed to protect the property, and in case if the incident occurs, the person is compensated with such allowance.
Home Insurance: Liability and property are the two elements that are covered by this insurance. Usually, single premiums are used that could cover all the risks. Where it is connected with numerous personal insurances, it is also called multiple line insurance coverage since it includes private homes as well.
Volcanic Eruption Coverage: Sometimes, it may happen that your house is situated near an active or dormant volcano. So, nobody knows when it erupts. In such a case, any damages occurred to the property due to the volcano eruption is compensated under this insurance coverage.
Hurricane Insurance: Natural disasters are unpredictable in nature. Any damages or losses occurred to the property is covered under this insurance plan.
Flood Insurance: To compensate you in a state when floods damage your property, flood insurance coverage is offered to ease you with the repairment.
Aircraft Insurance Coverage: In case your property is near the runway or in a village where several aircrafts fly, if any aircraft falls or crashes onto your property, you will be compensated under this insurance policy.
Theft Insurance: Theft and burglary are the frequent incidents of the UK. Any loss or damages occurred due to such circumstances will be paid under this insurance coverage.
Hail Insurance: Hail insurance is a type of insurance policy that guards the property against the damages caused by the hail.
Riot or Civil Commotion Insurance: Sometimes, we would have observed the rebel or civil violence in the region due to which numerous properties get damaged. This insurance policy covers all such damages or losses since it also involves an element of liability coverage.
Earthquake Insurance: Earthquake is one of those natural calamities that can bring massive disaster in case of even minor shocks. This type of insurance plan is designed to cover all the losses or damages caused by an earthquake to your property. Depending upon the region and construction of the house like wood or bricks, the costs may differ. Remember that houses made of wood usually have cheaper rates than the houses made of bricks or concrete.
Replacement Cost Coverage Plan: To ease the property insurance client in the future regarding the decrease in the cost of a house or increase in the value of the currency, replacement cost coverage plan is offered. This insurance policy is designed to pay the client the cost of the property regardless of the decrease or increase in the currency so that the customer may get the same new type of product with that money.