Multi-peril Policy

Published: | Updated: January 27, 2017

Definition - What does Multi-peril Policy mean?

A multi-peril policy is an insurance policy that covers a number of different causes of loss, rather than just one. These types of policies provide comprehensive coverage and are common in property insurance.

Insuranceopedia explains Multi-peril Policy

Many insurance policies only offer coverage for one type of peril. For example, earthquake insurance may only cover earthquakes. But oftentimes, it makes financial sense to purchase multi-peril policies due to the various perils that may lead to property damage. This eliminates the need to shop for various individual policies and enjoy comprehensive coverage with just one policy and thereby meet several insurance needs. For instance, a multi-peril policy may cover fire, vandalism, theft, water damage, and more.

How Well Do You Know Your Life Insurance?

The more you know about life insurance, the better prepared you are to find the best coverage for you.

Whether you're just starting to look into life insurance coverage or you've carried a policy for years, there's always something to learn.

Share this: