Other than your car, probably your life, the one other important investment you would need to insure includes your home and its contents to protect them from varying risks ranging from lightning to larceny.

If you are a businessman, your business premises may even be more important - materially - and you would need to insure it from events such as flood, fire or even burglary.
To take it one step further, you could even insure your machinery - which is also classified as property - against loss of profit in case of breakdowns.

Before you recoil at the thought of spending a large bundle of hard-earned cash on what may seem intangible, calm yourself with the knowledge that the total cost for adequate property insurance would not put you in the poorhouse.
And even though paying premiums are no fun - especially for the businessman constantly keeping tabs on the bottom-line - it is a prudent move. Besides, knowing that one is covered in case of any mishap is a comfort.
There are many types of property insurance packages to choose from, depending on one's needs.

For homeowners, there is the straightforward homeowners' insurance package. Such an insurance package is already a mandatory requirement by banks anyway if you have applied for a mortgage. This is to ensure they are protected in case something happens to you or the property.

But because property insurance is not exactly as popular as say, life insurance, or as visible, a large number of house-proud homeowners do not think of the fact that they may be losing a lot of money if something happened to their home - after the renovations.
In fact, industry experts suggest that whenever you make a significant home improvement - modernize or extend the kitchen, add a bathroom, build an extra bedroom - you should update your homeowner's policy to reflect the added value.
To make life even easier - and more risk-proof - it may be a smart idea to have a chat with your insurer before you start any renovations. That way, if there is damage while work is in progress, you are more likely to be fully covered.

However, more relevant to the dweller would be the coverage of his or her home contents - where the insurance company will insure the contents in the house.
However, if you operate a home business, do not assume that your equipment or liability for clients and others who visit you will be covered under your homeowner's policy. In fact, it is highly likely that you may have to protect your home-based business through a separate policy.

In the age of connectivity, more people are deciding to run their own businesses or consultancies or merely work from home - which means you spend more time, probably have more valuable equipment such as high-end computers and other technological gadgets and even may entertain potential clients at home. You, your equipment - and even your potential clients - need some form of protection.

Another fairly important insurance package - especially for corporations - would be the fire and lightning insurance package. This very basic package is designed to cover private dwellings, offices or commercial interests and their contents against fire and lightning.
However, it is advisable that a homeowner should get some additional coverage against loss or damage due to events such as flood and theft. Although these "extras" - which "ride" on top of your basic policy - may cost a little more, it pays to play safe.

Unfortunately, items such as money, personal effects elsewhere than in the premises, motor vehicles, living creatures and works of art are excluded from the scope of coverage.
However, insurance companies being nothing but thorough, also provide coverage for these items - which can be insured under separate policies subject to individual consideration.
For factories, there is another insurance package that would take care of such potential problems. It is generally known as boiler and machinery insurance. This provides coverage against the accidental breakdown of boilers, machinery or equipment, including computer systems and telephones or communication systems. Coverage usually includes reimbursement for property damage, expediting expenses, and business interruption losses.
Insurance companies even provide cover against business interruption, a package that would most likely be welcomed by the entrepreneur. The business interruption package generally covers the loss of earnings as a result of damage or loss of business property.