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Submitted by: Alisa Murphy
When you are in the processes of buying a new home, or if you are simply wanting to find a better insurance plan for your current home, you will no doubt come across some terms in the paperwork you are not familiar with. Home insurance terms can pop up in conversations with agents, in the paperwork, and in any other communications. It is important to know that these terms mean before you sign any paperwork and accept any terms for a policy- this is vital if you are going to get the best plan possible. Here are a few of the most common terms that you may not be familiar with that are sure to come up during your search for the best insurance policy from a Fort Lauderdale, FL Insurance Broker:
Actual Cash Value The ACV is defined as the current value of items and belongings in the home at the time that they were stolen or damaged and include things like furniture, appliances, and clothes.
Adjusted Basis Depreciation can lower the value of a home and improvements can raise the value; these are the figures that can be used to determine the current value of the property.
Assessed Value This figure can be different for the adjusted value and it simply the value that your home is appraised at for tax purposes and usually only looks at the homes condition, age, etc..
Cash Value This is the amount of money given when you decide cancel your coverage, it is what your policy is worth based off the coverage you have for your property.
Deductible The amount of money that the terms of your insurance policy says is to be paid by you the policy holder before the insurance company is to be held liable for any damages.
Flood Insurance Physical property damage is covered for any damage that is caused by flooding waters or standing water entering the home.
Hazard Insurance This type of insurance coverage helps to cover damage to the home and anything in the home resulting from hazards and accidents involving wind, fire, vandalism, other hazards, etc.
Lapse If you are late with a payment or do not pay the deductible or premiums the policy coverage will lapse and your home insurance terms becomes void and you are not covered.
Medical Payments Coverage The insurance plan that covers medical expenses you are liable for and often is issued along side other coverage options.
Personal Liability Protection Coverage Coverage that protects you and family members against lawsuits if workers or others on your property are injured while on your property.
Property Damage The term that is used in insurance policy contracts to note the loss or destruction of tangible property within the home.
Replacement Cost The amount of money that would be needed to replace stolen, damaged, or lost items within the home that are covered by insurance.
Surcharge Added fees and charges that come after having several claims filed on your policy- many claims that make you a high risk for companies and they often charge additional fees for covering you.
Underwriter The individual who reviews and evaluates the company’s homeowner insurance policies and applications and finalizes all terms and agreements between the company and the policy holder.
When you have a better understanding of the terms and jargon you run across on your policy and conversations, you can be better prepared for what happens.
About the Author: Get the best insurance policy from a
Fort Lauderdale, FL Insurance Brokers
at Alexander, Greep & Tate Insurance.
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