House insurance terms explained


House insurance terms explained


The definitions of the property, and the extent of coverage vary by state, company and product. So it is important for the consumer to understand the definitions of the covered property. The four separate categories for your home, as defined by insurance companies, are:1. This includesfurniture, appliances and clothing. Not all personal property is covered.

Jargon Buster The insurance industry uses quite a number of technical terms, usually for reasons of precise meaning, which are not necessarily easily understood by the layman. ADDENDUMA document setting out agreed alterations to an insurance contract. (See also endorsementHelping Texans with their auto, commercial and residential property insurance needs.A free service of the Texas Department of Insurance and Office of Public Insurance Counsel.

SearchThis site works best with Firefox, Chrome or Safari browsers. Homeowners Insurance Price Comparison Glossary of Common Homeowners Insurance TermsNOTICE: This document is for informational purposes only and is not intended to alter or replace the insurance policy. Additionally, this informational sheet is not intended to fully set out your rights and obligations or the rights and obligations of the insurance company.

New terms will be added to the glossary over time.The definitions in this glossary are developed by the NAIC Research house insurance terms explained Actuarial Department staff based on various insurance references. These definitions represent a common or general use of the term. Appraisal An evaluation of a home insurance house insurance terms explained claim by an authorized person to determine property value or damaged property value. Cancellation The termination of a home insurance policy during the policy term.

An insurance company can only cancel a home insurance policy for reasons stated in the policy and permitted under the law of the state in which the policyholder resides. Deductible The amount a home insurance policyholder must pay out of pocket for a covered claim. Depreciation The estimated decrease in property value over time due to wear and tear, aging and other rel.




House insurance terms explained

Terms insurance explained house

House insurance terms explained



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