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There are generally three types of policies, known in the industry as the Standard (or Basic), the Broad, and the Comprehensive. The "Standard" provides protection against a number of "named perils" that might cause damage to the dwelling and its contents. Named perils could include such things as fire, lightning, windstorm, hail, theft, and specific types of water damage. The "Broad" policy improves named perils coverage on a dwelling to "all risks" coverage, but leaves the contents coverage on a named perils basis. ("All risks" coverage provides protection from anything that can cause you loss or damage, unless the policy specifically excludes that cause of damage. Typical exclusions on an all risks policy could include faulty workmanship -- e.g., your roof shingling was not properly installed and the shingles are now causing water to leak into your home, or wear and tear -- even all risks policies would not provide protection if some component of your home or contents simply wore out. The "Comprehensive" policy provides all risks coverage on both the dwelling AND the contents.

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