Florida Homeowners Insurance Glossary of Terms
Large firm that offers ratings on insurance companies and have the authority to offer financial stability ratings based on a propriety system
A fortutious circumstance, quality, or characteristic, an undesirable or unfortunate item that occurs.
Is the overall net cost of an asset (home) after you finish up adjusting for all tax-related items
Is an individual that conducts a full investigation and trys to settle insurance claims for insurance carriers.
A licensed professional of a captive insurance company or an independent licensed representative that can sell insurance policies.
is understood as an increase in the value or price of an asset.
The dollar amount assigned to a home for purposes of getting the correct taxability of the property.
a process of home improvement that in return increases the value of your property.
Insurance arrangement where coverage is offered until a contract is issued.
Is a singular insurance policy that coverage more than one home or person.
This can refer to major cuts, physical injury, bruises, or hard to the body due to a personal accident.
is known as being a failure to finish an designated obligation.
This is defined as equipement, machinery, materials, or other items that are considered to be personal property and owned by the insured. Carriers usually offer a limited benefit for this product.
Is known as the termination of an insurance contract prior to a policy renewal date.
This is a type of insurance program that covers liability for property damage.
Is defined as a payment needed to cover a loss that is insured by an insurance carrier.
A pseron who makes a claim on an insurance policy.
Is understood as the shared risk between an insurance carrier and a policy holder.
The coverage amount an insurance company offers for protection under the policy. This is known as a a fixed dollar amount or a type of loss.
is a document that outlines the summary information about an insurance policy.
The part of the insurance policy that shows you detailed information such as, name, address, property info, and the policy period. It also tells you the amount you are covered for.
The annual amount an insured must pay out of their pocket before insurance coverage starts.
An amendment to the insurance policy that changes the original contract terms.
Something that an insurance policy will not cover. You might see this in health or homeowners insurance.
If your house has a fire, make sure you have fire insurance coverage.
This covers you If it rains to much and you lose property due to a flood. You have to buy this part seperate from the main policy for an additional premium to the homeowners.
Homeowners insurance tool that tells you the required amount your house should be covered for.
A policy that covers all future losses on your homeowners policy
The property and liability insurance policy that covers your home. Some people call it a "homeowners insurance" policy.
The individual proteced by the insurance policy.
The actual insurance carrier that offers to pay you if something happens to you or your home.
In very legal speak, it is the legally enforceable obligation by any party.
An insurance policy that pays when you end up being responsible for any accident or if someone gets hurt on your property.
A homeowners insurance policy that covers you for a mobile home that doesn't move.
Is a life insurance policy that you get to cover the amount you have left to pay on your mortgage. It is usually a term life insurance policy.
The individual or group to whom an insurance policy is offered.
An insurance policy that does not allow you to keep it after a certain period of time.
Is better known as holding the possession of property close to your hear.
Is a structure like your garage or other strange place you keep your tools.
Defined as the potential accident or future claim yet incurred.
This can be the piece of property of someone other than the actual physical property.
We all have some of these, an asset that can be rolled quickly to cash.
This is the estimate of a homeowners, health, life, or any price of insurance. Final rates usually come to be final once you complete an underwriting process.
The cost of an insurance contract. Can be offered in monthly, quarterly, or annual premium rates.
Typically you see your health insurance renewal increase. Is defined as being when your insurance policy period is over. Most common is 12 month.
Long list of items covered under your insurance policy contract.
Beware Florida homeowners insurance policy holders. Sinkholes happen often and is the sudden sinking or collapse of land into the groud.
This is also known as a renters insurance policy.
This is the total loss of your home. Say your house completely burned to the groud. You would have an unfortunate "total loss".
An insurance contract that offers coverage in additional amounts of your current in force policies.
The expert insurance actuary in most cases that accepts or rejects the risk of all insurance products.
lso happens when you have a leaky roof. Claimed insurance against a loss or damage due to water. In Florida, most likely from a hurricane.
a windstorm inspection and sometimes referred to as a wind mitigation inspection or report.
Many carriers do not offer this coverage on your homeowners policy. You might have to buy an additional policy to cover you from windstorms or tornadoes.