Insurance Quote Terms
Within homeowners insurance quotes there are many insurance terms. Here is a very brief listing of a few of those terms.
Hazard: a situation which could be potentially harmful.
Home protective devices: fire alarms, burglar alarm, smoke detectors, dead-bolt locks.
Inland Marine: scheduled personal property
Liability: damages paid when insured is negligent for an occurrence arising out of ownership or use of property
Loss of use: money for living expenses if after a loss insured is required to leave the residence.
Medical payments: medical payout for non family members
Perils insured against: fire, lightening, wind, hail, explosion, riot, smoke, aircraft, theft and vandalism
Personal Property: furniture, appliances, electronics, clothing, etc in use at the insured’s residence.
Replacement Cost: depreciation is not factored in on a claim settlement
Call your insurnace agent for a more detailed listing of insurance terms used in homeowners insurance quotes.
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