An insurance policy covers a specific risk or cause of loss. Examples of home peril include wind, flood, fire, and theft.

Some home insurance plans, called “named peril” policies, cite specific perils covered. As long as an incident occurs, that’s listed by name within the policy, and the insurance company pays the policyholder for the damages. Another type of coverage, “all-risk” policies, cover all perils-unless they’re specifically listed as excluded in the plan.

The more perils a policy covers and the greater the risk of exposure-the more it costs the policyholder.


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