Home > Uncategorized > Let’s Talk Insurance – The Benefits of Open Perils Coverage

Let’s Talk Insurance – The Benefits of Open Perils Coverage

The past couple of weeks on our radio program (which is available at www.hollandshometownagency.com) we have been discussing the benefits of the Open Perils Endorsement, that is available for purchase on most homeowners insurance products. Your home & outbuildings enjoy Open Peril coverage (meaning whatever IS NOT excluded on the policy is covered), while your contents (your “stuff”) is covered for Named Perils only (meaning there is a list of 17 occurrences that are covered).

Another benefit for the Open Perils Endorsement is that the burden of proof at the time of loss is on the insurance company to prove that the loss is excluded on the policy. A standard homeowners policy (HO-3) places the burden of proof on the insured to prove that the loss is covered under one of the 17 named perils. I know for myself I would rather have the insurance company prove to me that its not covered versus myself having to prove that it is.

The downside is that your insurance deductible still applies to any loss, which is why we recommend “scheduling” items such as jewelry, electronics (such as cell phones & computers), & collectible items. By “scheduling” items on an insurance policy, it not only places the Open Perils coverage on the items but also eliminates the deductible.

If you don’t have a Hometown Insurance Agent where you live (Michigan residents only), visit us for a quote – www.hollandshometownagency.com

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