People insure their property so they dont have to worry about their property to be damaged by any accident. Around the world there are many natural hazards every year. Many people lose their home, their vehicles etc. And people also lose their property because of robbery. If someone has an insurance policy of the property the insurance company would give money for any loss by natural hazard or robbery. And in return the insurance company will keep some money in their hands from the insured. So insurance policy can support people when they are in danger. Suppose you have a nice, luxurious house. I didnt have homeowners insurance for the house. But unfortunately someday your nice, luxurious house is burnt by an electric short circuit or by a terrible hurricane. You will lose your shelter instantly and a great loss of money or property. You never imagined about this situation and you are in great danger because you do not have enough money for a new home. Now look at this side, if you have homeowners insurance for your house and your house is destroyed or greatly damaged by any natural hazard or by any accident you wouldnt have to bother. In that case insurance company will give you money for your new house or for repairing your old house. So why not have homeowners insurance for your house?

By having homeowners insurance you will have no tension about your home. In the United States of America and in the United Kingdom most of the people have homeowners insurance. They also insure their car, their health, their life, etc. Actually life there is so costly, without health insurance a medium earnings people cannot actually pay the expenses of medical treatment. So they insure almost everything. Insurance companies also provide people in different insurance policies under different conditions. Before having any insurance policy one should read the insurance policy condition papers thoroughly unless insurance companies may cheat. There are many insurance companies around the world. Not all of them are in business because there are some risks in this business. When any terrible natural calamity appears insurance companies have to pay a lot of money. Specially, homeowners insurance cost them much when a hurricane or flood appears because thousands of houses are destroyed in that havoc. This business is about risk management, so there are a lot of risks.

This is a tough business; many insurance companies had destroyed because of the risks in this business. And actually this business is not actually a business. This is gambling. Because the condition is about if someone have homeowners insurance he agrees with the term that he will pay money until a certain period of time is over and if his house is destroyed within this time the insurance company will pay for his loss. So this is surely this loss. So in Islamic countries people are not attracted to insurances. So the business of insurance companies is not very good in these countries.