Definition - What does Multi-peril Policy mean?
A multi-peril policy is an insurance policy that covers a number of different causes of loss, rather than just one. These types of policies provide comprehensive coverage and are common in property insurance.
Insuranceopedia explains Multi-peril Policy
Many insurance policies only offer coverage for one type of peril. For example, earthquake insurance may only cover earthquakes. But oftentimes, it makes financial sense to purchase multi-peril policies due to the various perils that may lead to property damage. This eliminates the need to shop for various individual policies and enjoy comprehensive coverage with just one policy and thereby meet several insurance needs. For instance, a multi-peril policy may cover fire, vandalism, theft, water damage, and more.