My agent recommends that I replace my “named perils policy” with an “all-risk policy”. Whats the difference between them?
Your named perils policy does just that it names the perils you are covered for in writing on your policy, such as windstorm, hail and fire. If your property is damaged by something that is not written on your policy, then you are not covered. The all-risk policy takes the opposite approach by listing perils you are not covered for in writing on your policy. Generally, an all-risk policy gives protection in a greater number of situations than a named perils policy.
