Different types of Property Insurance

Nite

Valued Contributor
Different types of property insurance offers protection against property losses, and legal liability against damage to person or property of others.

HOME INSURANCE also known as homeowner’s insurance, covers damages to household property, building, burglary, theft, fire or flood disaster. It's probably the most widely purchased property insurance with the most claims.

AUTO INSURANCE commonly covers medical expenses resulting from bodily injury from accident, damage to car and liability for property damage, and personal injury to others. Amount of premiums depend on several factors, including value of the car and driving record.

MARINE INSURANCE covers damages to ships, cargo, terminals, and any goods dispatched from one country to another. Marine insurance provides a haven for shipping companies and couriers by giving them protection against transport related losses.

AGRICULTURE INSURANCE is there to protect against the loss of crops due to natural forces like, drought, flood or hail, and also the loss of revenue due to price declines of agricultural commodities.
 
Last edited:

btaliat

VIP Contributor
Thanks for this. I think the article will adress some questions on soke types of insurance policy on this forum. There are times where some properties can just be summed up together to be under home insurance. This article will let one knows that insurance on horses and other agricultural animals can be summed up under agricultural insurance.
 
OP
OP
Nite

Nite

Valued Contributor
Many people do not consider property insurance as important. The truth is, purchasing a property insurance is the best possible way to protect not just yourself, but your family, and also your business from financial liability in the event of any misfortune beyond your control, because it provides cover against a wide range of risks and perils
 

Wisdom01

VIP Contributor
Thanks for this , I think the common one I know about is auto insurance where you could get coverage for your car any incidents that might want to take place to your car as you move from one place to another I think or as a commercial vehicle too,
 
OP
OP
Nite

Nite

Valued Contributor
Auto insurance is quite popular, because it protects you against financial loss in the event of some accident or theft, and provides coverage for the damage to your auto. If an accident happens, the right insurance coverage will be there ot take care of any property or bodily injury costs that may arise.
 

Wisdom01

VIP Contributor
Auto insurance is quite popular, because it protects you against financial loss in the event of some accident or theft, and provides coverage for the damage to your auto. If an accident happens, the right insurance coverage will be there ot take care of any property or bodily injury costs that may arise.
Yeah Auto insurance tends to cover and protect any form of risk that might posed danger to the car you are insuring and that's the reason many go for auto insurance , and one thing the person need to note again is going for the insurance company that offers best premium for such insurance I think
 

btaliat

VIP Contributor
I don't know why people don't take agricultural insurance very serious. They don't know that it is also beneficial especially to the farmers and the society at large. There are many farmers who have stopped farming because of the losses recorded through various unfortunate instances which would have been covered by the insurance company.
 

Wisdom01

VIP Contributor
I don't know why people don't take agricultural insurance very serious. They don't know that it is also beneficial especially to the farmers and the society at large. There are many farmers who have stopped farming because of the losses recorded through various unfortunate instances which would have been covered by the insurance company.
I also noticed that it's not too common , but it seems they think they have got the right tools to prevent their crops from getting damaged, and I feel most farmers in other undeveloped countries are not truly interested insurance , they are not too exposed about it like that and they feel they wont need even if the fee that knows about it
 

Mandy96

VIP Contributor
I used to think that it is a coverage for everything concerning what belongs to the client. Seeing auto insurance now in the list makes me feel surprised because I did believe it only covers cars and the owners. I really appreciate your explanation. I have learned more from it
 

Wisdom01

VIP Contributor
I used to think that it is a coverage for everything concerning what belongs to the client. Seeing auto insurance now in the list makes me feel surprised because I did believe it only covers cars and the owners. I really appreciate your explanation. I have learned more from it
Although you cant just expect them to cover every property like that , there would actually be some level of difference and specification needed , so you insure in the right process and Know about what you are insuring against. So they would be able to cover the risk incase the need arises too I think ,
 
OP
OP
Nite

Nite

Valued Contributor
Wisdom01, btaliat. Agricultural insurance is a key element to stabilise farmers by compensating them for their loss of crops arising out of flood, drought, hail, fire and other causes. The problem is that most of the farmers don't have much knowledge about insurance, so they remain without cover. Agricultural insurance still suffers the structural, logistics and financial challenges to it's growth.
 

btaliat

VIP Contributor
I also noticed that it's not too common , but it seems they think they have got the right tools to prevent their crops from getting damaged, and I feel most farmers in other undeveloped countries are not truly interested insurance , they are not too exposed about it like that and they feel they wont need even if the fee that knows about it
That may be true but I think there are some circumstances that farmers can not even predict. At times, it may be because of too much rain or lack of it which may damage to the crops and sometimes it may be as a result of pest and diseases. In country like Nigeria, there is bandit disturbing farmers.
 

Wisdom01

VIP Contributor
That may be true but I think there are some circumstances that farmers can not even predict. At times, it may be because of too much rain or lack of it which may damage to the crops and sometimes it may be as a result of pest and diseases. In country like Nigeria, there is bandit disturbing farmers.
Yeah true the bandits are disturbing farmers , I think it would even make them not to think of insurance , since they are not sure of their farm business and many farmers too are not so educated and elightened about farming , Making it impossible to see farmers going for an insurance policy
 

Suba

Verified member
Thanks for sharing, basically property insurance is a type of insurance product that guarantees damage or loss to objects or goods that occur due to fire, natural disasters, riots or other damage caused by sudden events. so how important it is to have property insurance that will be useful in our lives in the future.
 
OP
OP
Nite

Nite

Valued Contributor
Property insurance is important for providing protection against crisis situations. Wide range of property insurance allows one to protect against the aftermath of the damages related to one's vehicle, properties that are immovable, or travel. These insurance contracts allows to compensate the material harm done to some extent. Majority of people frequently chose vehicle liability insurance, and then they go for other property damage insurance.
 
OP
OP
lamia5765

lamia5765

Valued Contributor
Even materials that becomes old becomes damaged because each component of vehicule has an age and after that it is abumed or no longer working perfectly as before.
 

Mika

VIP Contributor
As far as I know, an insurance policy can be basically divided into two categories, one, life insurance, two, non life insurance. Life insurance policy includes life insurance policy, health insurance policy, etc. Non-life insurance policy includes auto insurance, house insurance, business insurance, etc. I don't exactly know where agriculture insurance belongs, whether in the life insurance or non life insurance. It is tricky to answer because agriculture insurance includes crop or farm land insurance as well as farm animals insurance.
 
Top