noun
fire and water; flooding and fire
Refers to the two elements together, often in the context of disasters or insurance coverage. The second gloss 'flooding and fire' is a common extension in disaster-related contexts.
この保険は水火災害をカバーしている。
This insurance covers fire and water damage.
水火の被害に遭った家屋が多く見られた。
Many houses were seen that had suffered fire and flood damage.