What is the average home insurance policy?
If you’ve seen our previous home insurance article in this series, you know the first thing we need to do is define what the average home insurance policy is.
When it comes to your home insurance policy, there are two main types of coverage: open and named peril. A peril is a cause of damage to you, your home or your belongings. Named perils means every peril that is covered will be listed. Open means that you can assume that most perils are covered, and instead exclusions or what is not covered will be written in the policy.
The most common type of homeowners policy in the U.S. is called an HO-3 which would cover your home and other structures on the property on an open peril basis. It would cover your personal property from named perils.
Now assuming our movie families have the most common type of homeowners policy, let’s look at a few favorites and guess which claims would be paid out by their insurance companies. (Warning: Spoilers ahead. Although this article mostly discusses damage, not film endings, if you haven't seen one of these, read at your own risk.)