Material Damage Insurance
An insurance cover that protects physical assets. Also known as Property Damage
There are 16 basic peril types that are commonly covered by a "named perils" insurance policy. However, this isn't a universal list.
Exactly what is or isn't covered in your policy can vary based on your insurance company, your location and the type of insurance policy you bought, so it's essential you read your own policy in detail to know what it covers.
They are sometimes called "perils insured against," and you can usually find yours in the "Perils Insured Against" section of your homeowners or renters insurance policy.
For example, in some coastal areas, wind damage may not be included by default and will require a separate endorsement. And if you have an open perils policy, that means you won't have any perils listed; only exceptions.
Example List of Insurance Perils
- Riot/civil commotion
- Vehicles impact
- Smoke damage
- Vandalism/malicious mischief
- Falling objects
- Weight of ice, snow, sleet
- Accidental discharge/overflow of water or steam
- Sudden tearing apart, cracking or bulging (in water/air systems)
- Damage from electrical current
- Volcanic eruption or subterranean fires