What is Open Perils (All Risk)?
Insurance glossary entry on BeCovered.ai for the term "Open Perils (All Risk)": Property coverage for any cause of loss except what is explicitly excluded. Scope: plain-language meaning for coverage discussions; confirm definitions on your policy forms.
Property coverage for any cause of loss except what is explicitly excluded.
Understanding Open Perils (All Risk)
Open perils (special form) is broader for dwelling and often personal property on modern HO policies. Exclusions still remove flood, earth movement, wear and tear, etc.
Examples
- Mysterious disappearance of property may still be excluded or limited—read special limits.
- Sudden pipe burst may be covered while long-term seepage excluded as maintenance.
Common Questions About Open Perils (All Risk)
Open perils mean everything covered?
No—exclusions and limits still apply. 'All risk' is shorthand, not a guarantee.
Open perils for personal property?
Many HO-5 style policies broaden personal property to open perils—verify form edition.
Related Insurance Types
Related Terms
Replacement Cost
The amount needed to replace damaged or lost property with new items of similar kind and quality.
Actual Cash Value (ACV)
The value of property at the time of loss, calculated as replacement cost minus depreciation.
Coverage Limit
The maximum amount your insurance company will pay for a covered claim.
Exclusion
Specific situations, conditions, or types of damage that your insurance policy does not cover.