Home Business Insurance Coverage Endorsement - Named Perils Policies

Home Business Insurance Coverage Endorsement

Named Perils Policies
 
Most all-risk homeowners policies are just sort of all-risk, because their coverage for contents/personal property is named perils coverage. There are exceptions, however. The personal property/contents coverage of some carriers' policies is all-risk coverage. This is an example of how an insurer may seek to compete with other insurers, including direct writers, by offering broader coverages at a comparable price.

It is differences like this that make comparison-shopping between homeowners policies of various companies difficult unless you have taken the time and trouble to have educated yourself. For example, if a direct writer's policy's contents coverage is named perils coverage, that insurer's agent, who only represents a single insurance company, would be unlikely to point out the differences between the coverage of the policies offered by the company he or she represents and one offered by a company whose homeowners policies include all-risk coverage on contents. Unless you know the difference and can assess that difference in terms of a potential noncovered loss exposure, you cannot make an informed decision.