{"id":5992,"date":"2023-11-14T12:16:50","date_gmt":"2023-11-14T12:16:50","guid":{"rendered":"https:\/\/businessyield.com\/ins\/?p=5992"},"modified":"2023-11-14T12:16:52","modified_gmt":"2023-11-14T12:16:52","slug":"peril-in-insurance","status":"publish","type":"post","link":"https:\/\/businessyield.com\/ins\/insurance-guide\/peril-in-insurance\/","title":{"rendered":"PERIL IN INSURANCE: Meaning, Types & More"},"content":{"rendered":"
A peril is a specific cause of harm or damage. Many insurance plans provide coverage for different types of perils, such as theft, wind, and fire. In the insurance industry, “peril” and “hazard” have very different meanings, despite their seeming similarities.<\/p>
Some of the types of perils that homeowner’s, condo<\/a>, and renter’s insurance typically cover are fire, lightning, and vandalism. Your insurer will cover the remaining cost of repair, replacement, or reconstruction if an insured peril destroys your home or property, less your deductible. A “hazard” is something that raises the probability of some kind of danger.<\/p> Insurance perils include, but are not limited to, fire, lightning, high winds, theft, and vandalism. Threats to your home or possessions from any source are also perils. Losses can be insured against in the event of “covered perils,” as defined by the policy, or “uncovered perils,” also known as “exclusions,” as defined by the policy’s terms. <\/p>Types of Peril in Insurance<\/span><\/h2>