Property insurance provides protection against most risks such as fire, theft, and weather damage. And this includes specialized forms of insurance such as fire insurance, theft insurance, earth quake insurance etc…Property is insured in two ways i.e., open perils and named perils. Open perils cover all causes of loss excluded in policy. Like nuclear incidents, terrorism activity and war. While on the other hand named perils require the actual cause of the loss to be listed in the policy which include damage such as events like fire, lightning, explosion and theft.
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