Named perils are events or hazards specifically listed as covered in a property insurance policy. Examples include theft, vandalism, fire, windstorm, and earthquake. This type of policy differs from all-risks, comprehensive, or broad policies, which typically offer more coverage. Given the limited coverage of named perils insurance, its premium is often lower.
Most comprehensive homeowners insurance do not necessarily provide insurance for all risks or may offer too much coverage. In case you are not worried about perils like earthquakes and floods, you can choose a named perils policy and request coverage for more general perils like fire and theft.
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