Insurance perils are specific events covered in your policy. It's important to understand the limits of your homeowners insurance policy, especially any excluded perils. Here's a quick guide to the basics:
A named perils plan covers 16 types of peril. However, it's not a universal list. For example, wind damage is not included in certain coastal zones and must be separately endorsed.
The words risk and danger are similar to each other and are sometimes used interchangeably. However, insurance counts them as separate things. A risk is the possibility of a loss, while a peril or hazard is the actual cause of a loss.
Some common examples of insurance risks include:
The HO-2, HO-3 and HO-5 types of homeowners policies determine if your policies are defined against a set of specific risks based on location or home features.
A homeowner is affected by the perils insured in their policy, but so is the insurance company. Increased risk and covered perils both pose a higher cost to your insurer, which can increase the cost of your coverage.
Your mortgage lender could also be indirectly affected by home insurance risk because damage could negatively affect your home's value. To determine the specifics of your homeowners insurance, consult your provider for details.
Originally from Philadelphia, I moved to Metro Atlanta in 2005. My experience as a business owner, along with my tenure in the insurance industry and Senior Living has provided me with valuable skills that I use on a daily basis in real estate negotiations, educating homebuyers and sellers, and effectively marketing my listings.
I believe that hard work, consistency, trust and integrity will help my clients realize their dreams. I treat every client as if they are my only client in an effort to build rapport, trust, and confidence. A satisfied customer pays dividends for years to come. It is my pleasure to be of service. Whether you're in the research phase at the beginning of your real estate search or you know exactly what you're looking for, you'll benefit from having a real estate professional by your side. I'd be honored to put my real estate experience to work for you.
