Currently we offer two Homeowner policies, Broad and Preferred. The Broad policy is a "named peril" policy. Meaning that what you are covered for is listed or "named" in the policy. The Preferred is what is known as an "open peril" policy. An open peril policy tells you what your not insured against, this section of the policy is known as the "exclusions". The Broad and Preferred policies are ACV or actual cash value policies, however the Preferred does give you the option of buying replacement cost Coverage on your contents.