Insurance generally protects lives and property against specified harm or damage and it provides compensation if the specified event occurs. Home owners and tenants need property insurance. A homeowner's policy generally covers contents and personal property in situations where damage can occur.
Insurable perils can include fire, lightning, theft, storms, explosions, water problems and smoke.
Related types of protection can be purchased with property insurance including personal liability for homeowners and tenants and temporary accommodation insurance. Renters should ask about tenant insurance, and people who own condominiums and cottages need special insurance too. Automobile insurance protects people and cars when they are involved in car accidents. The cost of coverage varies. It depends on your driving record, your age, your sex and the make, model and age of your car.