Spreading the risk is the foundation of insurance.

Before there was money, villagers would all help rebuild a home if it burned down. If they didn’t, they didn’t receive help when the same thing happened to their home. But there were no free insurance quotes at the time! In the 2nd and 3rd centuries BC, the Chinese and Babylonians would spread their goods over several ships to reduce the risk of it all being lost.  Later, the people of Rhodes invented the idea of “general average.”  Several merchants would ship their goods together and proportionally pay a part of a premium each in case of storm or sinkage.

Achaemenian monarchs insured their people. They were the first to do this by having “gifts” brought to a notary office to be registered and have the value assessed.  Every year during the Iranian New Year, gifts were presented to the monarch. If the gift value exceeded 10,000 Derrik in gold, it was put in a special office. If during the year, the person needed help because of some sort of trouble, a feast, constructing a building, a marriage, or something else, the registration would be checked. If they had given a gift that exceeded 10,000 Derrik, they would double the credit.

The Greek and Romans founded “benevolent societies” or guilds in 600 AD to take of the family and pay funeral expenses upon death of one of the members. These guilds, in one form or another, continued through the Middle Ages.  Insurance became much more specialized after the Renaissance in Europe.  In the 14th century, Genoa invented separate insurance contracts or policies. This helped with the development of marine insurance.  In the late 1680’s, Mr. Edward Lloyd opened a coffee house that became a popular place for people to meet to insure cargoes and ships. Today, Lloyd’s of London is still the leading market for marine and other types of specialist insurance even though it is not strictly an insurance company.

Insurance as we know it today started with a fire.

The Great Fire of London in 1666 destroyed 13,200 homes. This prompted Nicolas Burbon to open “The Fire Office” in 1680 to insure buildings.  The first insurance company in the United States was formed in what is now called Charleston, South Carolina in 1732.  Shortly after, in 1752, Ben Franklin founded a fire insurance company. His fame helped make insurance popular and common practice.

Today, there are many competitors to choose from and it can be confusing.  Luckily, the Internet can help you sort through the competition and get the best deal for you for free insurance quotes. Experts suggest that you seek at least three insurance quotes before making a purchase.

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