|
|
|
 |
Glossary
- Actual Cash Value – Refers to the amount that an insurance company pays when depreciation is calculated into the value of a damaged or destroyed item.
- Additional Living Expenses – The reasonable amount that an insurance company pays out to policyholders who cannot live in their home after an insured loss.
- Claim – A request to an insurance provider for reimbursement or payment for an insured loss.
- Conditions – Regulations stipulated in the insurance policy as to what exactly is covered, under what circumstances, and for how much.
- Condominium Insurance – An insurance policy designed specifically for condominium owners that takes into account the master policy already purchased by the group of condo owners in a complex or building.
- Damages – The cost that a policyholder must pay to compensate another for injury or property loss.
- Depreciation – An amount of value for any given property or possession due to wear and tear and the passage of time.
- Extended Coverage – In addition to the standard homeowner's insurance policy, this provides for additional coverage with higher limits or a broader range of events.
- Flood Insurance – Usually separate from a standard homeowner's insurance policy, this covers the cost of damage to property and possessions due to a flood.
- Homeowner's Policy – An insurance policy for home owners that covers structure of the home, personal liability, additional living expenses in the event of a disaster, and personal property.
- Liability Insurance – This pays court fees, medical costs, and property replacement costs for welcomed guests who are injured on your property or by you or a family member.
- Limit of Liability – This refers to the highest amount of money that a policyholder will be reimbursed for damages and loss.
- Loss of Use Insurance – This insurance policy covers the amount lost due to loss of the use of a possession or property.
- Market Value – The amount that a provider pays to a policyholder for a lost piece of property or possession that is equal to the amount it will cost to replace it
- Mobile Home Insurance – An insurance policy specifically created for those who own mobile homes that covers personal liability, personal possessions, and structure of the home
- Partial Loss - A loss as defined by the insurance provider that does not require replacement of the possession or rebuilding of the property.
- Peril – This refers to a disaster or emergency, natural or otherwise, that causes a loss worthy of an insurance claim.
- Property Insurance – An insurance policy that covers the cost of damages or loss of personal property.
Get your home insurance quote today! >>
Home Insurance Basics is not an insurer and cannot issue home insurance policies. This site provides free information about home insurance policies and companies. The companies detailed have not endorsed or sponsored these pages. Products and services may not be available in all states.
|
|
| |
|
 |
