This type of insurance is gaining more popularity with owners of houses, apart ments, flats, and another real estate.
Too many events that happen against the owners’ will can badly affect the property. Obviously the policy cannot 100% protect against all those unexpected events, but the owner of the insured property can truly expect to be claimed in such cases. The policy provides protection against most risks to property such as damages caused by leaking water from neighbors, fire resulting from faulty wiring, gas leaks, etc.
However, property insurance should be differentiated from personal property insurance. In case of property insurance, the object of the insurance is real
estate: i.e. walls, roof, interior décor and utilities. The outstanding objects located inside of the house will be classified as personal property: i.e. jewelry, collections of antiques, as well as furniture and another items which should be insured separately.
The policy can be signed for long and short term service, or for a vacation or business trip, for example.