Fire and Allied perils You may wish to insure your house and contents under a Fire and Allied perils policy. It essentially covers your property against the risks of fire, lightning, natural perils such as cyclone, flood, volcanic eruption, earthquake, tidal wave, subsidence, landslip and heave. Other perils usually insured under this policy are full explosion, impact damage, fall of aircraft, bursting or overflowing of water tanks, apparatus or pipes, and sprinkler leakage. Burglary cover is also added in case your house contents are insured.