The whole point of insurance is to protect yourself in the face of the unexpected. These unexpected events are better known in the insurance world as perils and help determine what is or isn't covered by your insurance policy. But what is a peril in insurance, and why do you need coverage for it? That's why our team of expert brokers are here: to help you protect you, your car, your business, your family, and any valuable items against the cost of any unexpected events or perils.
As Ontario's top experts in the insurance industry, the team at Morison Insurance is dedicated to helping you find the most comprehensive coverage for your needs, including determining what perils insurance coverage are necessary in your life. From weather-related perils to accidental impacts and unexpected equipment breakdowns, we'll help you find the best perils policy for you. Contact us today, or read on to learn the answer to the question "What is an insurance peril?"
So, what is a peril? In insurance terminology, peril refers to a situation or event that results in loss or damage to yourself, your property, or your business. An example of this would be a fire destroying your home or commercial property. In this case, your insurance provider would generally cover you for the loss of any personal belongings or items, the cost of repairs, and many medical bills or legal costs associated with the event, up to the coverage limits in your property or homeowners insurance policy.
While a fire is a common peril in insurance terms, it is not the only one. Nor is it included as a peril under every type of policy. That's where our experienced brokers can help.
At Morison Insurance, we want you to have the most comprehensive insurance package possible, and for that to happen, we need to make sure you know and understand peril meaning in insurance terms. Different types of policies include coverage for different perils, and the types of perils included, or not included, under your policy coverage determine what events or scenarios are or aren't covered by your insurance plan.
Read on to learn more about how different peril attention can protect you, or contact us today!
As per the peril meaning in insurance, any event that results in losses or damages can be an insurance peril. Some common perils in Ontario include fire, theft, vandalism, storms, flooding, and collisions with or by another vehicle.
To ensure you are properly protected against these events, it's important to take time to consider and discuss with your Morison Insurance broker about what your insurance needs are and the type of perils you are concerned about or are likely to encounter. You should also take care to review your policy documents and language regularly to ensure that any insurance perils listed in your policy still apply to you. If you are concerned about the potential insurance peril meaning, give us a call to discuss how it may impact your coverage.
Also known as specified perils in insurance documents, this term refers to perils that are specifically listed in your policy, with anything that is not listed not being covered under your policy. While this results in narrower coverage, it does allow you to better customize your policy if you are concerned about a certain peril in insurance coverage for your home, valuables, business, or auto insurance. Many policyholders will also find that named peril coverage is more cost-effective compared to its counterpart. However, you have to prove that any losses or damages occurred because of that specific event.
One example of a named peril is damage from lightning. Most homeowners policies or commercial property insurance policies do include lightening damage under their standard named perils coverage. This means that if your property is damaged due to a lightning strike, your policy will typically cover the repair or replacement costs. However, it is important to review your policy details to ensure lightning is listed as a covered peril.
Another example of a named peril is hail damage. If you live in an area prone to hail storms, you need to ensure this coverage is included in your insurance package, as neither a standard property insurance nor car insurance coverage automatically includes this damaging event. To learn more about what add-on options you need for your named perils policy, speak to your Morison Insurance broker.
Also known as all risks coverage, all perils meaning in insurance refers to the fact that, unless it is explicitly excluded in your insurance plan, all potential perils are included under your insurance coverage. While this ensures a comprehensive insurance package and places the burden of proof on the insurer to prove if any damages or losses are due to an excluded peril, having an all-perils insurance policy will result in a much more expensive insurance plan.
If you are unsure about what is or isn't a covered peril under a particular policy, make sure to speak to your Morison Insurance expert to understand the type of peril coverage you have.
We've covered the different types of peril meaning in insurance, but what types of events count as perils? While different insurance carriers and policies have different coverages and rates, some common examples of insurance perils include:
Keep in mind that this is not a universal list of what can or cannot be covered under your perils policy. There are many other perils, including those that have to be specifically listed in a standard policy, such as overland floods or other natural disasters. For a complete list of what can be covered under your peril policy in terms of financial losses and property damage, speak to your Morison Insurance representative about how you can improve your base coverage.
While the goal of insurance is to protect you from unexpected losses or damages, it can't protect you in every single scenario. Some common exclusions that won't be covered by your insurance company's perils coverage include:
High-risk events, preventable events, and criminal activities are generally not covered under insurance, and unless a specific event was listed as a named peril in your policy, your insurance claims will be rejected. Additionally, if you try to submit a claim in the latter two cases, your policy can be cancelled.
It's important that you thoroughly understand what is or isn't covered under your insurance policy. Keep in mind that not all insurance companies provide coverage for the same types of perils, so it's important to speak to your broker at Morison Insurance to ensure you have the perils insurance coverage you need.
If you are asking yourself, "What is a peril in insurance?" and "Do I have the coverage I need?" then reach out to the team at Morison Insurance for the home, business, auto and personal insurance coverage you need. Whether it's to protect yourself from a chance event or a common risk in your area, we'll help find the right level of protection for you.
Contact us by calling 1-800-463-8074, or by filling out our form for a free online quote today.
This content is written by our Morison Insurance team. All
information posted is merely for educational and informational purposes. It is
not intended as a substitute for professional advice. Should you decide to act
upon any information in this article, you do so at your own risk. While the
information on this website has been verified to the best of our abilities, we
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