Learn — Policy basics
Named peril vs open peril
How named peril and open peril homeowners policies differ, why open peril (all-risk) coverage is broader, and why the exclusion list still matters.
Named peril policies cover only specifically listed events (fire, theft, wind, etc.). Open peril (all-risk) covers everything except listed exclusions.
Open peril is broader and is standard on many quality homeowners policies for the dwelling. Always read the exclusion list.