FAQ: What are “Named Perils”?

Here is an excerpt from a new blog post at GreggMarcus.com:

The dangers that a homeowner’s insurance policy specifically covers are called perils in an insurance contract. A named peril policy only covers these specific risks, or perils, that are decided upon when writing the policy. Gregg S. Marcus, a Long Island Insurance Executive explains, “Named peril coverage is a more affordable option compared to comprehensive coverage, but does not protect your home as much as all-risks coverage would.”

The actual definition of a peril is the exposure to various risks such as injuries, losses and complete destructions. A peril in insurance terms is an event that could cause damage to the property covered. Common named perils include:

Fire: Will cover anything that produces a spark, flame or glow.

To read this post in it's entirety, click here to visit the Gregg Marcus official website.