Understanding PERILS and How to Protect Your Property
Owning a property comes with various risks, commonly referred to as PERILS, that can potentially damage your property. While homeowner’s insurance is a safeguard against many of these risks, it’s important to know what perils are covered and which are not.
Types of Perils
Homeowner’s insurance typically covers a wide range of perils, including those caused by accidents, nature, or people. Below are some examples of common perils that most homeowner’s insurance policies cover:
- Fire: Damage caused by accidental fires.
- Windstorm: Destruction brought about by high winds.
- Hail: Ruin due to hailstorms.
- Tornado: Property damage due to tornadic activity.
- Hurricane: Widespread destruction from hurricanes.
It’s important to note that homeowner’s insurance generally does not cover flooding from rising water. For flood protection, a separate flood insurance policy is typically required.
Examples
- For instance, suppose a windstorm damages your roof. In this case, your homeowner’s insurance may cover the cost of repairs.
- Imagine a fire breaks out in your kitchen due to a cooking accident. Your homeowner’s insurance would likely cover the damage caused by the fire.
Frequently Asked Questions
Q: What are perils in the context of homeowner’s insurance? A: Perils are various risks that can damage your property. Homeowner’s insurance covers many of these perils.
Q: Does homeowner’s insurance cover flood damage? A: No, rising water floods are typically not covered by regular homeowner’s insurance. A separate flood insurance policy is required for it.
Q: Can I add coverage for additional perils to my current policy? A: Yes, most insurance providers offer options to add extra coverage for specific perils not originally covered.
Q: How do I find out what perils are covered in my policy? A: It’s essential to read your insurance policy carefully and discuss with your insurance provider to understand all the perils covered.
Understanding the scope of perils and your homeowner’s insurance can ensure that your property is well-protected against unexpected damage. Always check with your insurance provider to clarify what is included in your policy and consider additional insurance if needed.
Related Terms: property insurance, natural disasters, disaster recovery.
