Home Insurance Glossary

When searching for home insurance keep the following terms in mind.  They will help you to get the best deal possible.

Actual Cash Value: Stands for the current cash value of the property.

Casualty Insurance: Protects you in a legal sense as far as damage to another’s property, or injury to another person.

Coverage A: Covers your home as well as anything that is attached to it.

Coverage B: Covers anything on your property that is detached from your home such as a shed or garage.

Coverage C: Offers coverage anywhere in the world for your personal property.

Coverage D: Covers expenses that you may incur due to having to live elsewhere because of damage to your covered home. 

Exclusions: A section of your policy that notes what type of loss and damage is not included.

Liability Coverage: Covers property damage and bodily injury.

Limit of Liability: If a loss occurs, this is the maximum amount that you will have to pay out of pocket.

Property Insurance: An aspect of home insurance that covers real or personal property.

Statutory Limits: The minimum amount of coverage that is allowed by law.