All perils insurance policy is an insurance policy that would cover all the risks unless these are explicitly excluded in the policy text (with a few exclusions such as nuclear disasters or acts of war). Examples of different perils in home insurance are fire, hail damage, flooding, earthquake, theft, etc.
Opposite to an all perils insurance policy is a named perils insurance policy (also called “specified perils policy”) that covers all only those perils that are explicitly mentioned in the policy. These policies are typically cheaper than all peril policies.
Specifically for condo insurance policies: examples of typical perils are falling objects, water escape, smoke, windstorm, hail, fire, lightning, rupture and freezing pipes and several other perils. Don’t forget that your locker is often covered under your condo insurance policy as long as you informed your insurer about it. Here you can find out more about average condo insurance rates in Canada.
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