Fire and Allied Perils Insurance is a type of insurance policy that provides financial protection for property owners against losses and damages that may arise from fire, lightning, explosion, earthquake, storm, flood, and other allied perils. It is important for property owners to have this type of insurance to safeguard against unexpected events that can result in significant financial losses.Fire and Allied Perils Insurance policies can vary in terms of their coverage and cost. Some policies provide basic coverage for fire and allied perils, while others offer more comprehensive coverage for additional risks such as terrorism or malicious damage.