TRANSCRIPT:

Hi Greg Vojtanek here of Fade In Financial. Today we’re going to talk about Homeowner’s insurance policies and the Perils that are covered, or not covered, within these policies.

You’re going to see three main categories. They would be Basic Perils, Broad Perils, and Open Perils. The Perils being the things that cause damage.

So the Basic Peril coverage would be damage from windstorm, hail, aircraft, riot, vandalism, vehicles, explosions, smoke, fire, lightning, and theft.

Now the Broad Perils coverage is going to cover all of those things that I just mentioned in Basic, as well as a rupture of a system, artificially generated electricity, falling objects, and freezing of plumbing. Those would be covered under the Broad Perils.

Now there is Open Perils. Which basically covers anything with the exception of those listed as Exclusions in the contract.

Some common Exclusions that you’re not going to see in Homeowner’s Policies would be earthquakes, flood, neglect, if you just neglect the problem or neglect your home, intentional loss, which could also be known as insurance fraud, and power failures. Those are generally excluded from any Homeowner’s insurance policies.

Now that is not everything to consider when looking at Homeowner’s insurance policies, but I do hope you found this helpful and thanks again for watching.