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There are many avenues to go down to obtain insurance. So, how are you supposed to know where to go for your needs? That’s why we’re here to help. By navigating through our homeowners insurance section, you’ll be able to quickly educate yourself. Then, you’ll know exactly what to look for when shopping for a provider.

Homeowner Insurance Glossary

Actual Cash Value

This is the cost of fixing/replacing damaged or destroyed property. The property has to be the same level of quality. As well as less depreciation. Which means the same condition as the property before the damage.

Additional Coverage

Extra coverage that you will be able to purchase. This will provide protection above and beyond that in the homeowners policy. (e.g., a higher amount of coverage against the theft of jewelry). Although, once you buy additional coverage, it becomes an Endorsement or Rider to the original policy.

Additional Living Expense (ALE)

ALE provides reimbursement for motel rooms and meals, as well as other expenses. This is while a house is being repaired or rebuilt.

Adjuster

This determines the insurer’s liability loss when an insurer files a claim.

Agency

This is an insurance sales office. Moreover, this is where you can buy insurance products and services to protect your home, car, watercraft, etc.

Claim

This is a request made by an insured party. Specifically, for the payment of benefits.

Coverage

This is protection you receive under an insurance contract.

Depreciation

A decrease in the value of property due to use, time and wear-and-tear.

Dwelling Policy

Dwelling coverage may help if you need your house rebuilt. However, that’s only if it’s damaged by a covered peril. This policy can exclude any liability coverage.

Endorsement

An add-on to an insurance policy. It increases the coverage in your policy.

Exclusion

These are events, conditions, as well as circumstances which have no cover under an insurance policy.

Insurance Fraud

When someone lies to receive a payment from an insurance claim.

Insured

The party covered by an insurance policy.

Liability Insurance

Insurance that pays and protects policyholders. More specifically, it protects them from injury or property lawsuits.

Loss Of Use

Please have a look at Additional Living Expense.

Market Value

The price a house would sell for under current market conditions.

Peril

An event or circumstance which causes a loss.

Personal Liability

Please have a look at Liability Insurance.

Policy

A contract between the insurance company and the policyholder. The terms & conditions of a policy outline which perils are covered. As well as the ones that are not.

Premium

This is the amount of money a policyholder pays an insurance company. The company then provides insurance coverage.

Property Coverage

This type of coverage protects the damage to the policyholder’s property.

Renters Insurance

This is personal property protection for renters. It not only covers personal property, it also includes liability coverage.

Replacement Value

This is the cost to replace property. Without deducting depreciation from the item.

Risk

The chance that something might be lost.

Underwriter

A person who reviews applications for insurance coverage. As well as, deciding if the applicant will have insurance. They also determine the price.

More Information 

Do you need more information about property and casualty coverage, optional coverage, or covered losses? Our insurance agents and customer service representatives are here to help with your homeowners insurance company needs. Call us today at 888-949-6289 or visit your nearest Insurance Navy location. For your convenience, Insurance Navy is open from 8 a.m. to 9 p.m. CST, 7 days a week.

We also have a strong presence on social media, so like or follow us on Twitter, Facebook, Instagram, or Pinterest. After that, we can keep you updated on various things such as local news, auto industry news, or how you can obtain the cheapest homeowners insurance (such as by installing a security system or fire extinguishers).

Additionally, we can help you find a cheap homeowners insurance quote right on our website via our instant quote tool. Because we want to help you save money wherever possible, we offer our home insurance quotes completely free of charge. By navigating our website, you can also inform yourself about many useful topics, such as comparing quotes to obtain the best home insurance rates, how to file a police report, and why you should never admit fault immediately following a car crash.

Lastly, we also have blogs that may help you with any questions you have. For instance, our blogs cover many different topics. From how to keep your car cool in the summer, to proper steps to take after Godzilla damages your car.

*Please review your own policy for details on what your homeowners insurance covers. Homeowners insurance coverage may vary by state, insurance company and policy.