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Insurance Definitions and Insurance Terms
Insurance Terms By Alphabet
Insurance Glossary and Insurance Terms Definitions are below.
Choose the letter of the alphabet that your Insurance question or term falls under. You may browse the
definitions to obtain an understanding of the product you have. These definitions are not limited to just car
Insurance. Thank you for visiting our site.
HARD MARKET

HOMEOWNERS Insurance POLICY
The typical homeowners Insurance policy covers the house, the garage and other structures on the
property, as well as personal possessions inside the house such as furniture, appliances and clothing,
against a wide variety of perils including windstorms, fire and theft. The extent of the perils covered depends
on the type of policy. An all-risk policy offers the broadest Coverage. This covers all perils except those
specifically excluded In the policy.

Homeowners Insurance also covers additional living expenses. Known as Loss of Use, this provision In the
policy reimburses the policyholder for the extra cost of living elsewhere while the house is being restored
after a disaster. The liability portion of the policy covers the homeowner for accidental injuries caused to
third parties and/or their property, such as a guest slipping and falling down improperly maintained stairs.
Coverage for flood and earthquake damage is excluded and must be purchased separately.

HOUSE YEAR
Equal to 365 days of insured Coverage for a single dwelling. It is the standard measurement for homeowners
Insurance.

HURRICANE DEDUCTIBLE
A percentage or dollar amount added to a homeowner’s Insurance policy to limit an insurer’s exposure to
loss from a hurricane. Higher deductibles are instituted In higher risk areas, such as coastal regions. Specific
details, such as the intensity of the storm for the deductible to be triggered and the extent of the high risk
area, vary from insurer to insurer and state to state.




NOTICE: These glossary definitions provide a brief description of the terms and phrases used within the
Insurance industry. These definitions are not applicable In all states or for all Insurance and financial
products. This is not an Insurance contract. Other terms, conditions and exclusions apply. Please read your
official policy for full details about coverages. These definitions do not alter or modify the terms of any
Insurance contract. If there is any conflict between these definitions and the provisions of the applicable
Insurance policy, the terms of the policy control. Additionally, this informational resource is not intended to
fully set out your rights and obligations or the rights and obligations of the Insurance company, agent or
agency. If you have questions about your Insurance, you should contact your Insurance agent, the
Insurance company, or the language of the Insurance policy
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