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Homeowners Insurance Terms and Definitions

Homeowners insurance terms could be useful for every consumer who looks for policy for new or used house. Here we gathered almost all main definitions for getting a homeowners policy. When you apply for quotes or sign an agreement, there are many unclear interpretations and proposals which may be which can be explained to our customers through insurance terms. Take a minute to check up here.

Actual Cash Value

As a rule, this option means the price for repairing of someone's damaged property or just replacing it with asset item of the same quality. Actual Cash Value provides also less depreciation.

Additional Coverages

This item is created for the purpose to form additional assurance, that is above or beyond than in your standard homeowners policy. Any customer can decide for himself whether to pay or not a higher number of the sweep against, for example, theft actions.

Additional Living Expense

When as a result of loss of a property a policyholder finds his/her temporary place of living, Additional Living Expense coverage pays for motel apartments, meals and some other costs.


A representative of an assurance organization, whose aim is to establish the extent of insurer's responsibility in case of a claim process.


An insurance department, which suggests different products and services related with customer's protection. Directed typically by a general manager.


A person who has an assurance license and has a right to effect on insurance agreements, representing the interests as the insured and the insurer.

Captive Agent

An insurance courier who sells protection products for a single company only.


Any requirement which insured can make in order to get payment of benefits offered by an assurance city-state.

Condominium Owners Insurance

This type of assurance as well does not cover the building itself.


A certain amount of protection suggested by an insurance agreement.


Any reducing with the value of a property over a time term, depending on the period of usage or obsolescence.

Dwelling Policy

This kind of insurance mostly excludes liability reach. Such term is used by almost all companies.

Emergency Measures

Actions, that allow to insure a policyholder and his/her property from further casualties when it was destroyed by a covered risk level.


Situations or circumstances that are specific and listed in any assurance policy. Events like these are usually not being covered.


There is no enough coverage in original homeowners policy for full value of such items a s jewelery and furs. They move from place to place and cover damages wherever they appear.

Homeowners Insurance

A special program for homeowners that provides protection against property and responsibility risks.


Any particular equipment, which allows to reduce the chance of damage. It transfers perils of individuals to insurance corporation.


A person, who is protected by an agreement with an assurance department, to whom an insurer ready to provide various insurance services.


When someone caused damage or injuty to other individual, he has a full responsibility for it. This type of coverage called Liability or Personal Liability as well.

Package Policy

Usually any single assurance policy that includes several coverages acceptable separetely for a customer.


A certain written agreement between an insured and an assurance agency, which determines risks and damges what may be covered or not.


A particular sum of money charged by an insurance company time to time in order to provide sweep that described in the assurance policy. This item can be changed annually.

Property Coverages

Items that cover various damages with a customer's property.

Replacement Value

Price, with the help of what property can be replaced without deducting for depreciation.


See Endorsement.


In its first meaning it is a chance of damage, from a peril as well. The second meaning is for an individual, who is assured by a policy.


A company's agent, who gets applications for protection coverage to be sure that they are reasonable and priced in their right manner.

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Here every consumer is eligible for discount on home or auto insurance. Quotes are provided on auto or homeowners insurance by zip code, discount up to 40% on annual premiums is included. Take few minutes, spend time to get more savings on home policy.