Renters Insurance: Terms and Glossary | MyMoneyMyQuotes

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Renters Insurance Terms and Glossary

• some of the common important terms to know

Presented by mymoneymyquotes.com
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• Familiarizing yourself with the common insurance
  industry terms for renters insurance is very
  important so you can understand your coverage and
  at the same time better equipped to negotiate for
  the best price on your renters insurance quote or
  policy.

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Here are some of the common and important terms
to know
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Actual Cash Value (ACV)

• Current cash value of the property. This is
  calculated by reducing depreciation from the
  replacement cost.

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Additional Living Expenses (ALE)

• This coverage usually pays for hotel
  accommodation, meals, and other temporary rentals
  or living expenses while the rental home is being
  repaired.

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Annual Limit

• A maximum cap on the amount your insurance
  company will pay out to you in any
• calendar year.

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Appraisal

• An appraisal is an unbiased professional
  evaluation to determine the insurable value of
  property or amount of a loss.

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Claim

• A formal request made by a policyholder to an
  insurance company to recover for damage or loss
  covered through the policy coverages.

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Coverage

• Insurance coverage basically represents
  specifically, how much protection your insurance
  policy provides. Usually, there are several
  different types of coverages listed in an
  insurance policy.

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Deductible

• Deductible is the amount of money the
  policyholder agrees to pay in an insurance claim
  before the insurance company starts paying based
  on the insurance coverages.

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Depreciation

• A reduction in the value of property due to time,
  wear and tear.

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Effective Date

• The effective date for renters insurance coverage
  or policy is the date when your coverage or
  policy officially becomes active. It is this date
  when a policyholder can start receiving services
  and your insurance company will pay out the
  benefits.

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Endorsement

• An insurance amendment to a renters insurance
  policy may be used to change the terms of the
  policy by making additions, deletions, exclusions
  or otherwise alter any coverages.

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Exclusion

• An exclusion in a policy narrows the scope of
  coverages provided by the insurance company. It
  is a means or a policy provision that eliminates
  or reduces coverage for some of the events or
  certain types of risks.

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Grace Period

• An insurance grace period in a renters insurance
  is a specific amount of time during which
  policyholder can pay off an overdue balance
  without coverage lapse.

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Liability Coverage

• Liability coverage on a renters Insurance policy
  covers for bodily injury and property damage.

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Limit of Liability

• It refers to the maximum amount of money your
  insurance company is on the hook for if there is
  an event of damage or loss.

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Limits

• A limit is a maximum amount your insurance
  company will pay for a claim filed against a
  covered loss as defined in your renters insurance
  policy.

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Peril

• A peril is a specific cause for a loss or damage.
  Among many others, usual perils covered by
  renters insurance include burglary, fire,
  vandalism, falling objects, water-related damage
  and electrical surge damage.

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Qualifying Event

• An event that triggers your renters insurance
  coverage to become active. For example, a fire,
  water leak or theft.

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Rider Endorsement

• A rider (also referred to as endorsement) allows
  a renters insurance holder to raise the claim
  limit of a specific category, such as jewelry.

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Total Loss

• A loss so large that the property or possession
  is considered to be of no remaining value.

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