Insurance Terms Defined – All Risk
If you’re in the market for home insurance, you may have come across the term all-risk insurance. Not sure what specifically this refers to? Read on for a definition and more details on this type of coverage for your home or property…
All-risk insurance defined
All risk insurance refers to home insurance that covers against loss or damage from all perils except those specifically excluded in the policy. In contrast, other types of home insurance will specifically list out which perils they will cover – anything else would not be included in coverage. The main thing to remember with all risk insurance is that it is broader coverage and can cover off accidents and other occurrences that might not immediately come to mind when it comes to covering your home. It is a more flexible type of coverage.
Some things to consider with all-risk insurance:
~ All-risk insurance policies will be pricier than their counterparts limited to certain perils only. If you’re having trouble deciding, talk through your coverage needs with a trusted insurance advisor.
~ Despite the definition, it’s important to note that there are exclusions with all-risk policies. For example, water damage is often not included in all-risk plans. Always read the fine print and get a thorough understanding of the plan you are considering.
Want to discuss your home insurance options or all risk insurance with an insurance professional that specializes in Ontario? Click here to get in touch with someone from our team. Or go here if you’d like to get a quote online.
We have provided the definitions in this blog post for general information purposes only. They are not meant to be complete descriptions to cover any and all terms, conditions and exclusions that are found in different insurance policies. If there is any inconsistency between this information and the definitions in your policy, it is your policy that governs. Contact your insurance broker if you have any questions or need any clarification about your particular policy and the definitions therein.
Image source: FreeDigitalPhotos.net | Stuart Miles