The term “named perils” refers to insurance for predetermined risks. With named perils insurance, the homeowner determines their list of covered incidents (Example: fire, theft and water damage) ahead of time. Unless it appears on the list, the peril is NOT covered. The only way for damage not listed as a named peril to be insured is if you add an endorsement (coverage add-on) to your insurance policy a-la-carte. Otherwise, the damage will not be covered.