Fun Fact Friday: History of Property Insurance

Property insurance as we know of it today, can be traced back to the Great Fire of London, which in 1666 devoured more than 13,000 houses.

The devastating effects of the fire converted the development of insurance “from a matter of convenience into one of urgency”.

You would pay your local fire brigade a premium and display your plaque on your building which represented fire protection.

In the event of a fire, the houses displaying the plaque were the ones saved so they didn’t have to pay for damage sustained.

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