Named Perils Policy

Named Perils Policy

A homeowner's insurance policy that only provides coverage for events named in the policy. For example, a named perils policy may cover tornados and fires, but not hurricanes and burglaries. These policies are less expensive than comprehensive policies, and are designed to cover only the most likely events. However, comprehensive policies themselves do not cover all likelihoods and a named perils policies may also serve as supplemental insurance to fill holes in one's broader policy.

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Named perils policy. A named perils policy is a standard homeowners insurance policy that offers limited protection for damage from fire and theft and other hazards specified in the policy.