Insurance exists long time ago where it was first to serve as a protection to the global trader's goods against loss due to pirate attacks in the sea. The insurance company during that period of time will bear all the losses of the unfortunate traders using the money it has gathered from other participating traders in order to help the unfortunate traders.
Property Insurance / Fire Insurance
If any of these perils has caused the fire on each property building, the Insured therefore has the right to make a claim against the Insurance Company where the policy is written.
So learn the benefits this Fire Insurance can offer to you and start insuring your property immediately. Remember, prevention is better than cure.
Houseowner/Householder Insurance
Similar with Fire Insurance policy, the Houseowner/Householder Insurance mainly covers the property you have against theft, fire, and also flood (depends on the extended perils you may add). Instead protecting the building, Householder Insurance covers all the belongings inside your property such as your HiFi, Plasma TV, Sofas, Kitchen Cabinet, Expensive Vases, Expensive Sculpture, and many more.
Some people only take up Fire Insurance but forgetting about the household items which could be higher than the property itself.
So my suggestion is, whenever you buy Fire Insurance policy from your insurance provider, try asking about the Householder/Houseowner Insurance as well. Make it as add on item in your Fire Insurance policy.
Motor Insurance
Motor Insurance policy or some states called it as Vehicle Insurance policy is vital and a must have policy for car/vehicle owner to own.
Motor Insurance covers any mobile items ranging from its cubic capacity, model, type, and usage of each vehicle. Normally, a lower cubic capacity engine vehicle will bear a lower premium amount if to compare with a higher cubic capacity engine.
As for motor sport vehicle or high performance race car, other types of Motor Insurance will apply and normally the premium rate is much higher than other normal vehicle.
In general, Motor Insurance policy covers the insured against loss or damage to his/her own vehicle and the third party vehicle.
In addition, some insurance providers do add PA (Personal Accident) Insurance policy in the Motor Insurance policy to add value as well as to satisfy their customers' needs.
Travel Insurance / Travel PA
It's a must have insurance policy especially for travelers. The policy coverage can be for one day trip or to a month trip depending on the purpose of the Insured.
Why a travel insurance?
Travel insurance can protect the insured from loss due to flight delay, where some insurance providers will compensate the Insured with the unavoidable factors like this. Some Travel Insurance also covers the insured against loss of baggage, hospitalization, accident, or other misfortune depending on each insurance provider.
Summary
In my next article on "The Benefit of Insurance (Part II)", I will elaborate on the Electronic Equipment Insurance, Machinery Insurance, Burglary Insurance, and Marine Insurance.
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