All Risks Insurance
= Better Cover for Landlords & Property Owners
Essentially, insurance companies write two kinds of policies for home owners and small businesses:
named perils (also known as landlord insurance by home insurers) and
All-Risks (also known as ‘Property Owners’ insurance by some insurers / agents / intermediaries).
Here’s 3 Reason on how they differ:
Named Peril Policy
e.g. if it doesn’t say you are covered for malicious damage or accidental damage, then you aren’t
All Risks Policy
So WHICH is better ?
the All-Risks policy will prove to be much more comprehensive and may allow cover for more extensive aspects of the damage and thus
places you in the same financial position as before the damage i.e. not at a loss
A named perils policy will cover you for the most common perils which are the ones we tend to think of i.e. theft, fire, storm, water damage.
Even though an All-Risks policy could cost more, in a world where freak accidents happen, the broader your insurance coverage, the better off
you’ll probably be as ‘unexplained loss’ is also generally covered
Typical other headline cover features which an All-Risks policy will provide
(and a named perils policy will not) are;
The named Peril Policy may be Cheaper, but will you be covered in the event of a claim?
Don’t risk it, Cover yourself with All Risks Insurance.
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