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Named perils refer to a specific list of risks that are explicitly covered. Instead of providing protection for all potential hazards, only those specifically mentioned in the policy are included.
If a loss or damage occurs due to a risk that is not included in the list, it will generally not be covered. Common examples of named perils in property insurance include fires, theft, vandalism, windstorms, hail, explosions, and certain types of water damage. That is explicitly covered by policies like DP1 or basic dwelling insurance.
They are typically contrasted with open, also known as comprehensive coverage or all-risk policies. Open perils policies provide coverage for all risks, except those specifically excluded.
PSIC offers different products to meet the needs and situations of all our insureds. One of these products is DP1, which provides coverage for named perils—the most common risks that a property may face.
This type of protection is highly sought after by those who have Vacant homes, Second homes, or are Landlords. This clarity allows policyholders to understand exactly what is covered, providing peace of mind knowing that they are protected against these common threats. If you want to learn more about how named perils can safeguard your property, don’t hesitate to reach out to your agent for more information.
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Copyright © McGraw Insurance Services, L.P., Delaware L.P., 5515 E. La Palma Ave. Ste. 150, Anaheim, CA 92807, License 0K06900 / National Producer No. 17486061 The insurance policy, not the contents of this website, forms the contract between the insured and the insurance company. The policy may contain limits, exclusions and limitations that are not detailed on this website. Coverage may differ by state.
