INSURANCE QUOTESSTART HERE Peril Definition Peril is the risk and loss covered by the insurance policy. Examples are fire, windstorm, lightning, hail, smoke and theft. Home Insurance Articles Total Loss Total Annual Loan Cost Adhesion Insurance Contract Additional Living Expense Loss Ad Valorem Accelerated Depreciation Replacement Cost Peril Non Recourse Mortgage Named Perils Home Insurance Resources Home Insurance Definitions Home Insurance Q&A