GLOSSARY TERMS & DEFINITIONS
Not sure what an insurance word means?
Can't understand our industry's Weird & Complex LINGO?
Below we have provided a compiled glossary/dictionary that is based on the most typical and common Insurance Terms & Definitions used in the industry. Please be advised that any Coverages and/or Benefits listed below may not be available in your state and could be subject to actual policy language. Some coverages and/or benefits might be offered at an additional cost if they are available and applicable to your specific policy.
If you need better clarification or a few examples of the definitions/benefits, please feel free to contact one of our knowledgeable independent agents at Reliable Insurance who are always eager and happy to speak to you about anything insurance related! We Hablamos Insurance!
A coverage that protects businesses engaged in electronic commerce from losses caused by hackers.
A seller’s market in which insurance is expensive and in short supply.
HOMEOWNERS INSURANCE POLICY
The typical homeowners insurance policy covers the house, the garage and other structures on the property, as well as personal possessions inside the house such as furniture, appliances and clothing, against a wide variety of perils including windstorms, fire and theft. The extent of the perils covered depends on the type of policy. An all-risk policy offers the broadest coverage. This covers all perils except those specifically excluded in the policy.
Homeowners insurance also covers additional living expenses. Known as Loss of Use, this provision in the policy reimburses the policyholder for the extra cost of living elsewhere while the house is being restored after a disaster. The liability portion of the policy covers the homeowner for accidental injuries caused to third parties and/or their property, such as a guest slipping and falling down improperly maintained stairs. Coverage for flood and earthquake damage is excluded and must be purchased separately.
Equal to 365 days of insured coverage for a single dwelling. It is the standard measurement for homeowners insurance.
A percentage or dollar amount added to a homeowner’s insurance policy to limit an insurer’s exposure to loss from a hurricane. Higher deductibles are instituted in higher risk areas, such as coastal regions. Specific details, such as the intensity of the storm for the deductible to be triggered and the extent of the high risk area, vary from insurer to insurer and state to state.