by Katarzyna Radzka

Created on: August 11, 2009

Unforeseen accidents are a part of everyday life. At home, at work, on the playground we are at risk of getting into an accident, having something stolen or being struck by an uncontrollable misfortune like a fire or earthquake. Insurance is something that helps us feel a little safer about these unexpected events, and protects us financially in case something does happen.

The types of insurance available vary. The type of insurance you decide to take out will also depend on what you need and want insured. When you own your own home, property insurance is a type of insurance that should be seriously considered. Casualty insurance is another form that could come in handy.

Property insurance

Property insurance usually covers your home or business building, as well as the contents within these places against things like damage, theft or loss. Not all property insurance policies cover everything, read the fine print to make sure that you are covered for everything. Some policies only cover against fire damage, others against theft. When taking out property insurance it's important to check that it is for multiple perils - fire, theft, loss, etc.

The type of property insurance you take out will also depend on your location. If you live in a zone where earthquakes are unlikely, you won't need to take out earthquake insurance. If you live in a wet zone where heavy rain occurs regularly, making sure your property insurance covers flood damage will be a good idea.

Casualty insurance

Casualty insurance is a little different. It covers the loss and liabilities of a person or property. The loss or liability is also due to unexpected accidents but it excludes life, health and fire accidents. For these you will need separate coverage.

Casualty insurance covers things such as burglary, fraud or terrorism. If your house is robbed and you have casualty insurance, you may be able to recover the financial cost of whatever was stolen. If you've come in contact with terrorism and have been hurt, casualty insurance will cover any medical costs incurred.

Casualty insurance is beneficial for both business owners and home owners. If you live a high risk life where unexpected accidents have a tendency to occur, covering yourself with casualty insurance is beneficial. For businesses, it protects you when someone in the work force is injured

The type of insurance you choose will depend on your personal situation. Before taking any insurance out it's important to ask lots of questions, and be certain what the insurance policy, whether it's property or casualty, covers. The insurance policy should match your needs and wants and not have you left out in the cold when an unexpected accident occurs.

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