Glossary

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Homeowner Insurance Glossary

Actual Cash Value

This is the cost of fixing or replacing damaged 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, When you buy additional coverage. Then it becomes an Endorsement or Rider to the original policy.

Additional Living Expense

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. This is where you can buy insurance.

Claim

This is a request made by an insured party. For the payment of benefits.

Coverage

This is protection you receive. That is under an insurance contract.

Depreciation

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

Dwelling Policy

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, condition, as well as circumstances. That have no cover under an insurance policy.

Insurance Fraud

If 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. From injury or property lawsuits, for instance.

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 that causes a loss.

Personal Liability

Please have a look at Liability Insurance.

Policy

A contract between the insurance company and the policyholder. It outlines 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 insurance covers the damage to the policyholder’s property.

Renters Insurance

This is insurance for renters. It covers personal property as well as liability.

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 homeowners insurance discounts, optional coverage, or covered losses? Our insurance agents and customer service representatives are here to help with your home insurance company needs. Call us today at 1-888-949-6289 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 helpful car insurance tips, local news and much more.

Additionally, we can help you find a homeowners insurance quote right on our website. Because we want  to help you save money wherever possible, we offer our insurance quotes completely free of charge. By navigating our website, you can also inform yourself about many useful topics, such as coverage for repairing or replacing parts for your car after a crash, 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.

More Information 

Do you need more information about homeowners insurance discounts, optional coverage, or covered losses? Our insurance agents and customer service representatives are here to help with your home insurance company needs. Call us today at 1-888-949-6289 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 helpful car insurance tips, local news and much more.

Additionally, we can help you find a homeowners insurance quote right on our website. Because we want  to help you save money wherever possible, we offer our insurance quotes completely free of charge. By navigating our website, you can also inform yourself about many useful topics, such as coverage for repairing or replacing parts for your car after a crash, 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.