All Risk Home Insurance Coverage: It’s a Risky Business to Go Without


We have all heard the horror stories about people not buying specific insurance coverage and then losing their homes to a tragedy. After an earthquake in California, our neighborhood chat groups began buzzing about whether or not the earthquake insurance was worth the money. We often don’t think about our home insurance coverage. Unfortunately, we end up risking the odds because of ridiculously high premiums. Plus, we think we are safe when there are no real damaging earthquakes, floods, or extreme weather near our homes. We see tragic events like hurricanes and mass floods and hear that people did not buy flood insurance, but it’s not happening to us.

So what is the right financial move for you? Do you need to buy every potential insurance to cover you from risks? In this article, we will discuss the different types of home insurance coverage and specifically one referred to as “risk coverage”. This coverage is aimed to protect your home from any and all potential hazards. However, this can be rather expensive. We are here to list out the pros and cons of risk insurance and home coverage to help you better decide.

What is an “All Risk” or “Open Perils” Contract?

This is a policy that a homeowner holds to specifically protect their personal belongings and home from any potential loss or damage, regardless of cause. This could mean fire, flood, hurricane, earthquake, etc. One of the reasons a lot of people choose this home insurance coverage is because of the area they live in. It might also be best for people with a high value of the home and belongings they own.

What Is So Great About “All Risk” Home Insurance Coverage?

A lot of people prefer to have full control of their policy and like the freedom of specification that comes with “All Risk” coverage. With this policy, you are able to specify what items or properties you would like protected in the event of vandalism, theft, or other damage. Of course, there are some restrictions to these policies. You can discuss these with each provider to find the terms of their coverage.

Did You Claim It?

Many of the complaints about this type of home insurance comes from a lack of diligence. Make sure that all items you want to protect are named and listed directly in your policy. Another important aspect of the policy is to name specifically what coverage each item has (whether fire, water, theft etc). Sometimes, certain items are left out of specification for “risks”. Thus, you may not have coverage from a flood for that vintage chair. Additionally, your insurance provider should work closely to identify potential risks and work with you to provide a true “all risk” assessment.

Potential Risks: Have you claimed these?

Typically when we think about “perils” or “risks” posed upon our home our mind goes to a few common causes. Just to name a few, fire, flood, earthquake and tornado. But, have you thought about some of these odd ones? You may want to rethink your claim after reading these! There are many odd claims that people have made under “all risk” home insurance policies. Some of these include damage by vehicle, flying object, falling objects, wind, and smoke! More often than not these will come up in  life and identify a key error in your policy. Better safe than sorry! Check with Insuravita and find a provider that can offer all the specific coverage that your home needs today.

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