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 homeowner’s 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 at the same level of quality. As well as less depreciation. Which means the same condition as the property before the damage.
Extra coverage that you will be able to purchase. This will provide protection above and beyond that in the homeowner’s 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.
This determines the insurer’s liability loss when an insurer files a claim.
This is an insurance sales office. Moreover, this is where you can buy insurance products and services to protect your home, car, watercraft, etc.
This is a request made by an insured party. Specifically, for the payment of benefits.
This is the protection you receive under an insurance contract.
A decrease in the value of property due to use, time and wear-and-tear.
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.
An add-on to an insurance policy. It increases the coverage in your policy.
These are events, conditions, as well as circumstances that have no coverage under an insurance policy.
When someone lies to receive a payment from an insurance claim.
The party covered by an insurance policy.
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.
The price a house would sell for under current market conditions.
An event or circumstance which causes a loss.
Please have a look at Liability Insurance.
A contract between the insurance company and the policyholder. The terms & conditions of the policy outline what perils are covered. As well as the ones that are not.
This is the amount of money a policyholder pays an insurance company. The company then provides insurance coverage.
This type of coverage protects the damage to the policyholder’s property.
This is personal property protection for renters. It not only covers personal property, but it also includes liability coverage.
This is the cost to replace property. Without deducting depreciation from the item.
The chance that something might be lost.
A person who reviews applications for insurance coverage. As well as, deciding if the applicant will have insurance. They also determine the price.
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 homeowner’s insurance 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.
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