Open Perils (All-Risk)
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Coverage for any loss except those specifically excluded.
Definition
Open perils coverage (also called all-risk) covers any cause of loss unless it's specifically excluded in the policy. This is broader than named perils coverage. Common exclusions include floods, earthquakes, intentional acts, and normal wear and tear.
Example
Under the open perils policy, the mysterious water damage was covered because it wasn't specifically excluded.
More Home Insurance Terms
Insurance that covers the structure of your home.
Coverage for your belongings inside your home.
Coverage for structures not attached to your home.
Pays living expenses if you can't stay in your home.
The cost to replace property with new items of like quality.
Covers injuries to others that occur on your property.
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