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It Pays to Understand the Difference Between Named Perils and All Perils

It pays to educate yourself prior to comparing home insurance plans. There are far too many people out there who believe that if you’ve read one home and auto insurance quote, you’ve read ‘em all. Nothing could be further from the truth. Understanding a bit about what’s covered and what’s not will help make your insurance shopping that much simpler.

Do you know the difference between “named perils” and “all perils”? If not, don’t feel bad. Not a lot of people do, which is why there’s such a gap in understanding between insurance companies and their customers.

Named peril insurance specifically puts down in black and white what kinds of perils, or hazards, are covered. Anything that’s not written down isn’t covered.

All peril is closer to what you might think of as comprehensive insurance coverage in that all hazards are covered, except those that are noted. If you’ve got all peril coverage and you see a specific hazard listed, that means it’s not covered.

The next time you get busy comparing home insurance – which is something that you should do at least once a year, even if you’re perfectly satisfied with the coverage you have – keep these two terms at the forefront of your mind. Doing so could prevent you from getting a big fat letter of rejection if you experience damage to your home and your insurer won’t cover it.

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