In today’s life everyone works for and moves to achieve something which is dear or important to them. These entities or achievements can be called assets. Once a person has obtained or gained an asset the one thing which he/she must do is make sure that the particular asset is not lost and in case of a loss there is proper compensation for the lost asset. Doing this one can manage the risk which comes with attaining an asset. This can be done by what is called insurance.
We can say that insurance is a commodity sold by companies. The two entities involved in this sale are the insurer or the seller and the insured or the buyer. The monetary exchange is payment of an amount called the premium.
The insurer promises to financially compensate in the case of loss, of or to, the asset which is insured. In return the insured must give a known, relatively small amount of money (premium) as a payment for the guarantee provided by the insurer. The details of this transaction including the circumstances and conditions under which the loss of the asset will result in compensation are given in documents with the insured known as the insurance policy.
Is a business as old as the human society. It has its origin in the mid 1700 BC. Since then It has undergone a sea of changes and now is one of the most established and important type of business at the global level. There are thousands if not hundreds of thousands of insurance companies in the world who sell insurance for anything. From a barren plot of land to a fully furnished home, from the life of a dear one to a dear and vital part of the human body, all can be insured and at the right price be a secure asset.
In this scenario how does one decide, which insurance policy would be the optimal one to buy for reducing the risk on assets as well as not having to pay a huge amount as premium? There are hundreds of companies offering thousands of policies for insurance of the same asset. This makes it very difficult for a layman to decide which policy to invest in! The solution to this could be to inquire with different companies and ask for their estimates on the policy of choice and comparison through a detailed analysis. This is a lengthy, tedious and time consuming job.
This problem was resolved greatly after the advent of the internet. Profit or non-profit groups started to collect data and compile a list which offered estimates (also known as quotes) of the premium of the policies provided by different companies. One could browse through these policies on the site of the group providing the service and choose the policy best suitable for them.
In the present there are many groups providing such services and even earning sizeable profits by providing such home insurance services. You can visit any of the best companies in the insurance market.