Home Insurance Glossary

Is this your first time buying a home insurance policy? You might find that you aren't completely familiar with all the various terminology out there for home insurance. That's why we've provided you with this easy and concise glossary of common home insurance terms!

• Actual Cash Value Coverage - Provides you with the amount of money an item is worth at the time of it's loss.
• Adjuster - A professionally trained individual that assesses home damage and settles claims.
• Appraisal - An evaluation of your property claim.
• Claim - Request for reimbursement for a loss that is covered in your policy.
• Deductible - The amount of the loss you must pay out of pocket for your claim.
• Depreciation - How much your home's value has decreased since it was built due to age, damage, or other factors.
• Exclusions - Specific causes or conditions not covered in your home insurance policy.
• Liability Coverage - Insurance that covers you should anyone or anything ever be injured or damaged on your property.
• Limit - The maximum amount of compensation your insurance policy provides.
• Premium - The amount of money you pay for your policy.
• Replacement Coverage - Provides you with the amount of money to replace damaged or stolen items at current values.
• Settlement - The amount of money you and your insurance provider accept as payment for your loss.