Home Insurance Glossary

Understand Your Policy

Understanding your homeowners insurance policy doesn’t have to be a difficult. Use our home insurance glossary below to look up terms that you may find on your home insurance policy. For further explanation of your policy, be sure to contact your home insurance agent or visit Home Insurance 101.

A

A.M. Best

Accident

Actual Cash Value (ACV)

Adjusted basis

Adjuster

Agent

Appreciation

Assessed Value

B

Betterment

Binder

Blanket Insurance Policy

Breach

C

Cancellation

Cash Value

Casualty Insurance

Chattel

Claimant

Coinsurance

Coinsurance Clause

Common Areas

Company Profile

Conditional Receipt

Condo Insurance

Condominium

Contents Coverage

Contract

D

Declarations Page

Deductible

Deposit

Depreciation

Dividend

Dwelling Coverage

E

Earned Premium

Effective Age

Effective Date

Endorsement

Exclusions

Experience Period

Expiration Date

F

First Party Loss

Flood Insurance

G

Grace Period(s)

H

Hazard Insurance

Homeowners insurance

I

Incontestability

Independent Adjuster

Inland Marine

Insurance

Insurance Binder

Insured

Insurer

J

K

L

Lapse

Legal description

Liability

Liability Coverage

Liability Insurance

Limit of Liability

Loss

Loss History

Loss of Use Coverage

M

Master Association

Material Misrepresentation

Medical Payments Coverage

MedPay

N

Net Cash Value

Non-renewal

O

Other Structure Coverage

P

Paid-Up

Peril

Personal Liability Protection Coverage

Personal Property Coverage

Policy

Policy Owner

Policy Period

Premium

Premium Expense Charges

Property Damage (PD)

Property Insurance

Public Adjuster

Q

R

Rated Policy

Renewal Policy

Replacement Cost

Return Premium

Rider

S

Staff Adjuster

Subrogation

Surcharge

T

Third Party Loss

U

Underwriter

Underwriting

Unearned Premium

V

W

Waiver

X

Y

Z

DISCLAIMER: The information provided above is intended to be a guide to understanding common homeowners insurance terms. HomeInsurance.com does not intend this information to be official or legally binding. HomeInsurance.com uses this list as a basic guide to understanding these terms and should not be considered complete or definitive.