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If you are looking for really strong homeowners coverage for your your recently purchased house, you will probably find that you will do better business on First Protective Insurance Company. Insurance companies, to many people’s surprise, are not a modern invention; rather, they have existed in some form or another throughout much of our history.
The earliest forms of insurance were maritime insurance. Because the biggest businesses before the 1600’s were by and large naval in nature (either military or merchant ships), maritime insurance was necessary to secure the safety of the ship and its cargo for safe passage to foreign lands. Not surprisingly, due to the very limited capital of ancient markets, the naval ships were very expensive to insure, and the premium rates were very high. Some of the earliest protective laws that we can find as we go through history are ones that regulated the usurious practices of insurers and kept profit margins to low levels (like, below 20%, an inconceivably high amount by today’s standards.)
The first example of modern insurance started in 1680 in England. It was a fire insurance company that started in response to the great fire of 1666, which was particularly devastating as there were open hearths in people’s houses, limited fireproofing, and most of the houses were made of timber. Insurance has grown to accommodate the many different mechanisms that the market has created; no shortly did the first automobile roll off into the streets than there was an insurance premium there to cover it. So from humble origins to doing better business on first protective insurance company, the private insurance model has been around for a very, very long time.
