Homeowner Insurance Glossary
Actual Cash Value
This is the cost of repairing 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.
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.
This determines the insurer’s liability loss. When an insurer files a claim.
This is an insurance sales office. This is where you can buy insurance.
This is a request made by an insured party. For the payment of benefits.
This is protection you receive. That is under an insurance contract.
A decrease in the value of property due to use, time and wear and tear.
This policy can exclude any liability coverage.
An add-on to an insurance policy. It increases the coverage in your policy.
These are events, condition, as well as circumstances. That have no cover under an insurance policy.
If someone lies to receive a payment from an insurance claim.
The party covered by an insurance policy.
Insurance that pays and protects policyholders. From injury or property lawsuits, for instance.
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 that causes a loss.
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.
This insurance covers the damage to the policyholder’s property.
This is insurance for renters. It covers personal property as well as liability.
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.