Named perils home insurance is one of the three main types of home insurance coverage options to choose from to protect your property. Often referred to as a basic plan, it's the most affordable policy. But, it also offers limited protection against threats.
Keep reading to learn more about named perils home insurance. Find out how it works, what these policies cover, and how they differ from other plan options.
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Named perils is a type of home insurance policy that only covers perils that are specifically named in the policy. This coverage is also referred to as specified perils, standard or basic coverage.
Named perils insurance can vary by insurer. The specific perils listed in your policy can change. Often, you’ll have a choice of what perils you choose to include and omit.
Since this policy covers fewer threats compared to other policies, you take on more financial risk of loss. If your home is damaged by a threat not listed in your plan, it's not covered by your insurer. But you also pay lower premiums. So, there are pros and cons to this level of coverage.
Named perils home insurance is for people looking for basic and affordable coverage. It is ideal for homeowners who have higher risk tolerance. They are willing to take on the burden of a financial loss if their home is damaged by a peril that is not part of the policy.
The tradeoff is that they will pay significantly lower premiums compared to other policy options. Before choosing this plan, make sure you are clear on what is and is not included. Understand situations where you can and cannot file a home insurance claim.
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Get startedA named perils policy only covers the threats and losses specially listed in your policy. If a peril is not listed, it’s not covered. You do have some flexibility to choose what perils are covered. Typically, your plan will cover the main threats to your home - fire, smoke, theft, and vandalism. What else is covered will depend on your insurer and if you choose to add additional protection.
Here’s a list of named perils that can be included in your policy:
As the most basic home insurance plan available, you have the least amount of protection. But, knowing what is not covered is simple. If a peril is not specifically named in your policy, you do not have coverage.
If you are not sure if something is covered, speak with your insurance professional to get clarification. Never assume you have coverage or you could find yourself in a situation where you have a named perils home insurance claim denied.
You have a named perils policy. As part of this coverage, you are only covered for fire and smoke, water, windstorm, theft, and vandalism. These are your named perils. On a cold winter night, an old tree falls on your roof. It was covered in ice and the extra weight caused it to fall. Since you didn't have falling objects listed as a peril, you are not covered. But, if the same tree were to fall as a result of a windstorm, you may have a case to file a claim.
If you had comprehensive home insurance or Broad form home insurance, you would be covered in both situations.
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Compared to other options, a named perils policy is the most affordable Ontario home insurance plan.
You pay less for this insurance plan because it offers the least amount of protection. You’ll typically pay less than the average home insurance premiums in the province.
However, it's challenging to provide a specific cost for a policy because there are so many variables to consider. You have to factor in your location, home size, and type. You also need to consider the specific perils that you chose to name in your policy. All of these considerations are used by insurers to determine your premiums. Overall, if the price is your main concern, then a named perils insurance policy may be the right solution for you.
Yes, named perils policies include personal liability coverage. You have protection if you are sued or have legal fees related to an insured loss.
A named perils plan covers only the perils that are specifically listed in the policy. An all-risk policy (comprehensive), protects against all risks unless they are specifically excluded from your policy. All risk offers more coverage but is more expensive. Named perils plans cover less, but are more affordable.
The most attractive feature of a named perils home insurance policy is the price. It is the most affordable policy option. The trade-off is you will have less protection. The main drawback of this policy is you assume more risk. But, if you are willing to take on some of the financial risks, it's a policy worth considering.
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