| A | B |
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| Term | Definition |
| Accident | A sudden, unplanned and unexpected event; neither intended nor expected |
| Age Of Structures | Factor that affects cost of premium; older houses are more expensive than newer houses |
| Amount Of Coverage | Factor that affects cost of premium; more coverage means higher premium |
| Cancellation | The termination of an insurance policy before its expiration date. Either the insured or the insurer may cancel the policy. (At any time) |
| Claim Frequency | Factor that affects cost of premium; more claims means higher premium |
| Coinsurance | Typically 80%; Policy condition that requires the insured to pay part of a loss if the amount of insurance carried on property is less than specified percentage of the value of the property at the time of loss |
| Dwelling Coverage | Includes basic covered perils plus: Burglary Damage, Falling Objects, Weight of Ice/Snow/Sleet, Tearing apart/crackling/burning/bulging, Accidental discharge/overflow of water/steam, Freezing of Plumbing and Electrical. |
| Fixture | Any personal property affixed to real property in such a way as to become part of the real property. |
| Home Security System | Factor that affects cost of premium; burglar alarm decreases losses from theft |
| Homeowner's Insurance | A form of property insurance designed to protect an individual's dwelling place against damages to the dwelling itself, or to possessions in the home; also provides liability coverage against accidents in the home or on the property. |
| Inventory | A list of all personal belongings including their value and serial number. |
| Joint Owners/Tenants | Two or more persons each having a full interest in the property. Each tenant has an insurable interest to the full extent of the property value. |
| Landlord | A person who leases or lets a property to another. |
| Lease | A rental agreement, often requiring that the tenant has renter's insurance |
| Lessee | See Tenant; Someone who pays to use, possess, or occupy property belonging to another. |
| Lessor | See landlord; A person who leases or lets a property to another. |
| Liability Insurance | Covers personal property against perils such as fire, theft, and vandalism |
| Limit Of Liability | The maximum amount of damage you have to pay in the event of a loss |
| Local Fire Protection | Factor that affects cost of premium; the closer you are to a fire station, the lower your premium |
| Market Value | The amount property could be sold for at the time of loss. May be used to determine the amount of reimbursement for a loss. |
| Negligence | Failure to act within the legally required degree of care for others, resulting in harm to them |
| Neighborhood | Factor that affects cost of premium; neighborhoods with higher claim rates have higher premiums |
| Occurrence | Losses caused by continuous pr repeated exposure to conditions resulting in injury; neither intended nor expected |
| Liability Coverage | Protects policyholders from claims or judgements made against them for the following: damage to the claimant's property ("Fido dug up my rosebushes!"), physical damage to a claimant ("Your son ran me over with his Ripstick!"), |
| Personal Property | All tangible or intangible property that is not real property. |
| Premium | Recurring payment that covers the cost of insurance; paid by the policyholder to the insurer |
| Proof Of Loss | Official inventory of the damages |
| Property Insurance | Insurance that protects against the risk of damage and destruction to all types of property. |
| Protective Devices | Items that provide a discount in renter's insurance, include smoke and fire detectors, fire extinguishers, and burglar alarms |
| Real Property | Tangible property consisting of land, all structures permanently attached to the land, and whatever is growing on the land. |
| Renter's Insurance | Covers loss of a tenant's personal property as a result of damage or theft |
| Replacement Cost | The cost to fix a damaged or destroyed item of property |
| Salvage | Damaged property that can be retrieved, reconditioned, and sold to reduce an insured loss. |
| Size And Makeup Of Household | Factor that affects cost of premium; the more people in your house, the higher likelihood for claims |
| Spoilage Endorsement | Endorsement (optional) that provides coverage for the insured's perishable items |
| Tenant | Also known as lessee; Someone who pays to use, possess, or occupy property belonging to another. |
