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An all risks policy is an insurance policy that protects the insured with coverage on all perils except those specifically stated as exclusions in writing.
Homeowners who buy these policies will not have to worry about whether fire insurance covers home contents, or if loss from burglary is covered by insurers.
Also known as open perils policy, an all-risks insurance policy eating at a buffet restaurant compared to dinner on an a la carte menu.
This is as opposed to a named perils policy where only the items listed in the contract will be covered by the insurer.
Homeowners should be mindful with signing up for all-risks contracts as these packages often attempt to sell features and insurance components that the customer has no need for.
Just like how there will always be types food at the buffet that you will not have eaten. Yet your price had taken them into account.
It is recommended to contemplate what you really need and purchase them as they are.
Otherwise it might also overlap with other insurance policies which you might already have.
Insurance agents might argue that this will be great as it increases your coverage amount.
But the probability of something bad happening to the property is low.
Insurance should serve as protection and to provide peace of mind. Not about profiting from disaster.