WATER DAMAGE: Call us FIRST at the FIRST sign of damage at 866.281.2242, or call our preferred water damage restoration partner Rytech at 800.865.8787.

Understanding Homeowners Insurance Terms: Named Peril vs All-Risk Policies 

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What your homeowners insurance policy does and does not cover is specifically laid out in your documentation. For most Floridians, a standard (HO3) homeowners policy covers a range of named perils, and specific deductibles apply to specific circumstances.

Another option is an all-risk policy, which covers a wider range of potential loss scenarios and excludes only specifically described events. All-risk policies generally have a much higher premium, since they cover situations that normally require a separate policy or a special endorsement or rider to be added to an HO3 policy. 

Named Peril Policies 

Typically, damage which you can prove was done to your home or property by any of the following is covered as a named peril in your HO3 homeowners insurance policy: 

Unless specifically named as covered, losses from all other situations are assumed to be not covered. 

All-Risk Policies 

All-risk policies cover many of the situations excluded by a named perils policy but are significantly more expensive. The most common circumstances covered by a all-risk policy include: 

In most cases, an all-risk policy is not required by the homeowner or their lender. Many homeowners opt to simply add coverage for the most common circumstances through their preferred carrier, instead of buying an expensive all-risk policy. 

The Olympus Difference 

Olympus offers broad coverage and additional endorsement options to expand coverages at a lower cost than an all-risk policy: 

Floridians should also ask agents about flood policy options. Both coverage through the FEMA administrated National Flood Insurance Plan (NFIP) and private flood insurers is available.  


Hurricane deductibles are typically a percentage of the insured value of the home. A 2% deductible on a home with an insured value of $350,000 would be $7,000. Olympus Insurance offers flat rate $500 and $1,000 hurricane deductibles as an option for homeowners who want protection without the risk of a high out-of-pocket cost in case of hurricane damage.  

Damage caused by something other than a hurricane would be subject to your policy’s All Other Perils (AOP) deductible, which can vary based on the terms of your policy; ask your agent about adjusting premiums and deductibles to arrive at the perfect combination of coverage for your home and pocketbook. 

Olympus is committed to providing comprehensive coverage that is tailored for each homeowner. Ask your agent if your carrier covers these common situations! 


About Olympus Insurance Company     

Headquartered in Palm Beach Gardens, FL and founded in 2007, Olympus Insurance Company specializes in Florida property insurance. Through its independent agency force, Olympus insures $40 billion worth of residential and investment property including homes, condos, rental property, and valuable personal property, with umbrella coverage and Spartan Enhanced Coverage available. Coverage for individual risks up to $5 million in total insured value is provided on one of the most comprehensive coverage forms in the industry.    

For more information, visit olympusinsurance.com.

This article is for informational purposes only and does not form a part of, replace, change or amend any terms, conditions, provisions or language within your Olympus Insurance policy. We encourage you to read your entire policy.

Olympus Insurance is licensed by the state of Florida. Information found on this site is intended for Florida residents only.