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The replacement cost of an item minus depreciation. For
example, a couch that cost $900 two years ago is now worth
$600.
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A form of insurance that pays a homeowner the increase in
living expenses needed to temporarily maintain a household
elsewhere (e.g., motel or hotel) when damage by an insured
peril has made the home unlivable.
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A representative of an insurance company who determines the
amount of a loss and how much the company will pay for it.
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A survey of property to determine its insurable value.
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Referral to impartial but knowledgeable parties when the
company and the claimant cannot agree on the value of a claim.
The arbitrator's decision is binding on both parties.
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An acknowledgment that the insurance for which you applied
is in force, whether or not you have paid for it or received
a policy.
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Coverage for the cost of removing debris resulting from damage
caused by a covered cause of loss.
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Amount you agree to pay on each loss before your insurance
company pays. Generally, the larger the deductible, the smaller
your premium.
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Decrease in the value of property over time due to wear and
tear and obsolescence.
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An insured's home.
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An addition or extension of coverage to an insurance policy.
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Hazards, circumstances, or property not covered by an insurance
policy.
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You may qualify for minimal fire and vandalism insurance
through the Fair Access to Insurance Requirements (FAIR) Plan
if you have difficulty obtaining traditional insurance protection
for your home. This policy provides limited protection and
no liability coverage.
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An endorsement to a homeowner policy that automatically increases
the amount of insurance.
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An amount of insurance at, or close to, the value of the
property insured.
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When premium payments are in default, an insurance contract
becomes void and is said to have "lapsed."
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This coverage pays for damages you cause to other people
and their property.
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Specific events covered by a policy, such as fire, windstorm,
and theft.
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The OIGA settles unpaid claims when an insurer becomes insolvent
and then assesses other member insurers to cover claim costs.
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Events that cause damage to property, such as fire, windstorm,
floods, and theft.
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An insured's personal belongings, such as clothing, jewelry,
and furniture.
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A formal statement made by a homeowner that identifies specific
damages.
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A dwelling or home is often referred to as real property.
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The amount it would take to replace your home or personal
items (of like kind and quality) or rebuild or repair your
damages with materials of similar kind and quality.
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A temporary addition to an insurance policy.
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Articles such as jewelry, furs, stamps, money, guns, computers,
antiques, and other items that may exceed normal policy limits
in your regular homeowner policy.
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The basic role of an insurance company: examining and accepting
or rejecting risks, and classifying the ones that are accepted
to determine premiums.
Actual cash value:
Actual cash value:
