Homeowners Insurance Definitions And Terms

A single insurance policy that combines several coverages available separately. A savvy consumer is a well-informed consumer and a well-informed consumer is a satisfied policyholder.

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Generally refers to the overall care cleanliness and maintenance of a property and is a key factor when an underwriter considers accepting your policy.

Homeowners insurance definitions and terms. Other terms conditions and. Trying to make an informed decision about house insurance when you dont understand any of the terms you encounter is impossible. These definitions provide a brief description of the coverages Progressive offers and some of the terms and phrases used in connection with homeowners insurance.

It is paramount that you read and understand the policy completely and are satisfied with the terms before committing to it. Homeowners insurance A policy that includes hazard coverage covering loss or damage to property as well as coverage for personal liability and theft. This helps by covering losses and damages to your home and personal belongings inside it.

Bailee - A person or organization that has temporary possession of someone elses personal property. Owning a home is a goal to which most Americans aspire to achieve. ACTUARY An insurance professional skilled in the analysis evaluation and management of statistical information.

Evaluates insurance firms reserves determines rates and rating methods and determines other business and financial risks. Homeowners Insurance is a kind of property insurance that is designed to protect an individuals home against damages to the house itself or to possessions in the home. A standard homeowners insurance policy insures your homes structure house and your belongings in the event of a destructive event such as a fire.

Tenants - homeowners insurance sold to tenants occupying the described property. A homeowners insurance policy financially protects your home and your family with a combination of dwelling structure coverage personal property and personal liability insurance. These definitions are not applicable in all states or for all products.

Term Insurance - life insurance payable only if death of insured occurs within a specified time such as 5 or 10 years or before a specified age. In addition homeowners insurance policies are generally package policies This means that the coverage includes not only damage to your property but also your liabilitythat is legal. The policy usually covers interior damage exterior damage loss.

Term - period of time for which policy is in effect. Homeowners insurance is a form of property insurance that covers losses and damages to an individuals house and assets in the home. Homeowners insurance covers the home and things on the property garage fence etc while condo insurance is limited to whats within the walls of the customers condo.

Here are some terms that can help make it easier to understand. It is also the largest investment many of us will make in our lifetime which means it is important to. Homeowners insurance policy Insurance that protects the dwelling and personal property of the policyholder and covers the homeowners personal liability for covered injuries or damage to others.

Homeowners insurance can be a complicated and confusing subject. This is not an insurance contract. Root Home only provides homeowners insurance at this time.

A property insurance term referring to the possible cause of loss such as a fire or a windstorm. A homeowners insurance policy is a legal contract between you as the policyholder and the insurance company. For example homeowners insurance is a package policy combining property liability and theft coverages.

There are seven forms of homeowners insurance. That is the premise behind this section of our site the glossary of terms. Bailees customer policy - Nonfiled commercial inland marine form obtained by a bailee to cover loss or damage to customers property in the bailees custody without regard to liability.

Back to the Insurance Terms and Definitions index. Make sure you are aware of your rights and responsibilities and the rights and responsibilities of the company. It also provides liability coverage against accidents in the home or on the property.

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