Question

in a typical homeowners insurance policy, an 'ALL RISK' (special)policy is usually responsible for _____________

Answer 1

An 'ALL RISK' homeowners insurance policy covers all events that lead to financial damage unless explicitly excluded, providing a safeguard against various risks.

Step-by-step explanation:

In a typical homeowners insurance policy, an 'ALL RISK' (special) policy is usually responsible for covering financial damage from all events unless specifically excluded.

This type of policy contrasts with 'named perils' policies, which only cover the risks listed in the policy. Insurance is a method of protecting a person from financial loss, where policyholders make regular payments to an insurance company.

In return, the insurance company compensates the insured when they suffer significant financial damage from an event that is covered by the policy.

In a typical homeowners insurance policy, an 'ALL RISK' (special) policy is usually responsible for covering a wide range of risks or perils that could cause damage to your home or belongings.

This means that unless a particular risk or peril is specifically excluded in the policy, it is generally covered. Examples of perils covered under an 'ALL RISK' policy may include fire, theft, vandalism, and water damage from burst pipes.