What is the difference between an "all risks" policy and a "named perils" policy ?

The main difference between two policies is that one type of policy covers what is "named" (included) in the insurance while the other covers what is not included. Named perils policy means the insurance policy for your home will only cover property damage that has resulted from some list of perils/loss. The cost of the premiums will depend on the location of the property and the likelihood of the specific peril like wind, fire, lightning, explosion, smoke. All risks policy covers your home from damages caused by any type of disaster which is not included in the policy. Floods and earthquakes are two events that are typically excluded and these can be included in policy with payment of additional fees.