A householders insurance policy only provides coverage on losses incurred to the insureds property from hazards or events named in the policy. The perils covered will be clearly spelt out (Named Perils Insurance Policy)
Householders insurance covers the house structure and its contents against fire, riots, bursting of pipes, earthquakes etc. Apart from the structure, it covers the contents against burglary, housebreaking, larceny and theft
Named peril policies may be purchased as a less expensive alternative to a comprehensive coverage or broad policies, which are policies that tend to offer coverage to most perils
All-risks insurance is obviously the most comprehensive type of coverage available. It is therefore priced proportionately higher than other types of policies
All risks means that any risk that the contract does not specifically excludes is automatically covered. What is excluded will be clearly spelt out.
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