All Risks Policy
A homeowners insurance policy that provides coverage for all perils except those specifically excluded in the policy.
Detailed Explanation
Also known as 'open perils' coverage, this type of policy offers broader protection than a named perils policy because it covers any risk not explicitly excluded. Common exclusions include floods, earthquakes, war, and normal wear and tear.
Practical Example
Michael's all risks homeowners policy protected him when a tree unexpectedly fell on his roof during a windstorm, as this peril wasn't listed among the policy's exclusions.
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