Plain-English meaning
Coverage structured to include direct physical loss unless a cause or circumstance is excluded or otherwise limited.
Why it matters
The label does not mean every event is covered; exclusions and conditions still control.
Where you may see it
Dwelling coverage, HO-3 or HO-5 explanations, DP-3 forms, and claim letters.
What to verify
Covered property, exclusions, limitations, burden of proof, and attached endorsements.
Do not confuse it with
All-risk or all-loss coverage without exceptions; no policy is literally unlimited.
For policy-specific meaning, read the definition and related provision in the issued policy.