Named perils insurance policy is an insurance policy that would cover only the risks named in the policy. Examples of different perils in home insurance are fire, hail damage, flooding, earthquake, theft, etc. In some cases policy holders do not need particular perils such as earthquake peril, if they live in Saskatchewan, Ontario or Manitoba, and thus it makes sense to exclude these, resulting in a reduction of insurance premiums.
Opposite to a Named Perils Insurance Policy is an All Perils insurance policy that covers all perils (with a few exclusions, including nuclear disaster or act of war) with exception of those which are explicitly mentioned in the policy. These policies are typically more costly.
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