Property insurance provides protection against to the property from the risks , like fire, theft and a few weather damage. This includes special kinds of insurance like fire insurance, flood insurance, earthquake insurance, home insurance. Property is insured in two ways—open perils and named perils.
Open perils cover all the cause of losses not specifically excluded within the policy. Common exclusions on open peril policies include damage resulting from earthquakes, floods, nuclear incidents, acts of terrorism, and war. Named perils require the proper particular reason behind losses to be listed within the policy for insurance to be provided. The more common named perils include such damage-causing events as fire, lightning, explosion, and theft.