Understanding insurance terms: “All Risk” Policy

There are a multitude of different insurance policies available for homeowners to protect their home or property from all the damages that can occur in life. Along with windstorm and flood policies, there are also insurance provisions that home owners hope will protect them no matter what happens. One such example is the “all risk” policy.

An “all risk” policy is oftentimes purchased by homeowners in the hopes that it will work, as it seems to describe, to protect the owner from anything that might happen. On the surface, an all risk policy sells itself as a wide umbrella of protection that secures its validity by appearing to be all that could be assumed from its name. However, such policies also showcase just how intricate and complex the specific coverage can be and just how vague insurance companies can make coverage in order to charge high premiums and prevent payouts.

An all risk policy covers all risks unless a risk is specifically included so as not to be covered. These exclusions serve to insulate the insurance company from various different calamities that they refuse to protect claim-holders from and often relate to elements of the environment that home or property owners assume the risk of damage incurring from.

For example, damage from “surface water” may very well be one of those items an all risk policy excludes. The courts in the state of Louisiana have held that surface water may be defined by policies as bodies of water that collect and build on the surface of the ground. It does not include rainwater, overflowing a rooftop and seeping into a home.

If you feel your all risk policy covers a damage and you are not receiving the adequate policy coverage you deserve, it is essential to go back over your policy and closely examine all inclusive and exclusive language. In the event you feel that your policy covers the damages that should fall under your all risk insurance plan, call the Berniard Law Firm.

By calling toll-free 1-866-574-8005, our attorneys will help inspect your policy and guarantee you get the compensation you deserve.

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