When you purchase insurance coverage for your home, business, or other property, the policy outlines specific events or causes of damage that are covered. These events are known as “insured perils.” Understanding insured perils is crucial because they determine whether your insurance provider will compensate you for any losses or damages incurred.
So what is an insured peril? An insured peril is essentially a risk or hazard that is explicitly stated as being covered by your insurance policy. If the cause of damage or loss to your insured property falls under the definition of an insured peril, your insurance company is obligated to provide compensation in accordance with the terms and conditions of your policy.
Common examples of insured perils
Insured perils can vary depending on the type of insurance policy and the provider. In most standard Irish home insurance policies, you’ll find coverage for common household perils like fire and smoke damage, water damage from burst pipes or appliance leaks, theft and vandalism, electrical surges, and windstorms with hail. These are the everyday risks that most homeowners face, and standard policies are designed to protect against them.
However, it’s important to understand that standard Irish home and commercial insurance policies typically do not cover certain catastrophic natural events without specific endorsements or separate policies. Events such as hurricanes, tropical storms, tornadoes, volcanic eruptions, and tsunamis usually require additional coverage. Flood damage almost always requires separate flood insurance, and earthquake coverage needs its own endorsement. This catches many policyholders by surprise, so it’s worth reviewing your policy carefully to understand which natural perils are actually covered.
“At Insurance Claim Solutions, we understand the complexities involved in navigating insurance claims, especially when it comes to insured perils,” said Trevor Kelly, CEO of Insurance Claim Solutions. “Our experienced team of loss assessors is dedicated to working with policyholders to help them achieve fair and accurate settlements for damages caused by covered events. We provide guidance and support during these challenging times.”
Trevor Kelly, CEO of Insurance Claim Solutions
Does insurance cover an insured peril?
If the cause of damage or loss to your insured property is an insured peril listed in your policy, your insurance provider should cover the associated costs, subject to the policy’s deductibles, limits, and exclusions. The key word here is “should” because there’s often more complexity involved than simply checking whether something is listed as covered.
Your policy will have deductibles you need to meet first, coverage limits that cap how much the insurer will pay, and exclusions that can void coverage even for listed perils under certain circumstances. This is why it’s essential to carefully review your policy to understand not just which perils are covered, but also any limitations or exclusions that may apply to your specific situation.
What isn’t covered under standard policies
Certain events or causes of damage are almost never considered insured perils under standard insurance policies in Ireland. Wear and tear or gradual deterioration won’t be covered because insurers expect you to maintain your property. Pest infestations fall into the same category. Mould or fungus growth is typically excluded unless it results directly from an insured peril like a burst pipe. Earth movement needs specific coverage unless your policy explicitly includes it. Acts of war or terrorism require separate policies, and any intentional acts or neglect by you as the policyholder will void your coverage entirely.
These exclusions exist for good reason from the insurer’s perspective, but they can leave significant gaps in your protection if you’re not aware of them. Understanding what’s not covered is just as important as knowing what is.
How loss assessors help when disaster strikes
In the aftermath of an insured peril, loss assessors play a crucial role in assisting policyholders with their insurance claims. Loss assessors are independent professionals who work on behalf of policyholders to evaluate the extent of damage, document losses, and represent the policyholder’s interests during the claims process. This is fundamentally different from the loss adjuster your insurance company will send, who works for the insurer.
Loss assessors conduct thorough inspections of your property, meticulously document every aspect of the damage, and prepare detailed reports that support your claim. They understand policy language and know which damages are covered under which terms. Most importantly, they negotiate with loss adjusters on your behalf to work toward fair and accurate compensation for the losses you’ve incurred. Their expertise can make a substantial difference in complex claims where the damage extends beyond what’s immediately visible or where policy interpretation becomes contentious.
Which insurance policies contain insured perils?
Insured perils appear in virtually every type of property insurance policy, though the specific perils covered will vary significantly. Homeowners insurance and renters insurance both list insured perils, though renters policies typically cover only contents rather than the structure itself. Commercial property insurance includes business-specific perils and often has different coverage limits. Business interruption insurance protects against income loss from covered perils. Flood insurance and earthquake insurance are almost always separate policies or specific endorsements because standard policies exclude these catastrophic risks.
The key is understanding that not all policies are created equal. Two homeowners policies from different insurers might cover different perils or apply different exclusions to the same peril. Reading your policy carefully and asking questions about what’s covered is time well spent.
Expert help for Dublin homeowners and businesses
Insurance Claim Solutions is a leading loss assessor firm based in Dublin, Ireland. With years of experience in the insurance industry, our team provides professional guidance and support to policyholders throughout the claims process. We understand the stress and confusion that follows property damage, and we’re here to help you navigate the complexities of insurance claims.
We specialise in handling various types of claims, including fire damage, water damage, storm damage, flood damage, malicious damage, and subsidence. Whether you’re a homeowner dealing with a burst pipe or a business owner facing extensive property damage, we have the expertise to ensure your claim is properly documented and presented.
Contact us at info@insuranceclaimsolutions.ie or call 086 053 9137 for assistance with your insurance claim. We work to help ensure your claim is properly documented and presented in the event of an insured peril.