Understanding Homeowners Insurance
Many different kinds of property and casualty insurance are available to homeowners, apartment owners and renters can. Insurer’s talk in terms of two general types of policies: named peril and all peril. Named-peril policies specify risks covered and exclude everything else. All-peril policies specify risks not covered but include everything else.
Nationwide, HO-3, an all-peril policy, covers all risks except those specifically excluded. Typically, an HO-3 policy excludes coverage for damage caused by flood, earthquake, war, nuclear accident, landslide, mudslide and sinkholes. Some insurers now exclude or limit coverage for mold. Flood insurance is almost always be bought separately.
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