Actual Cash Value

The cost of repairing or replacing damaged property. This is with property of the same kind of quality. As well as less depreciation (i.e., in the same physical condition as the original property prior to 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). 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, meals and other expenses. This is while a house is being repaired or rebuilt.


Determines the insurer’s liability loss for a filed claim.


An insurance sales office.


A request made by an insured for payment of benefits.


Protection that is under an insurance contract.


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

Dwelling Policy

This policy can exclude any liability coverage


An add-on to an insurance policy that increases coverage.


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.


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.


An event or circumstance that causes a loss.

Personal Liability

Please have a look at Liability Insurance.


A contract between the insurance company and the policyholder. It outlines which 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.

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.


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.