We hope that our extensive glossary of common (and some not-so-common)
insurance terms and phrases proves helpful to you! Simply start
below by choosing the first letter of the word or phrase you want to
learn more about.
A - B - C - D - E - F - G - H - I - J - K - L - M
N - O - P - Q - R - S - T - U - V - W
HACKER INSURANCE - A
coverage that protects businesses engaged in electronic commerce
from losses caused by hackers.
HARD MARKET - A seller’s
market in which insurance is expensive and in short supply. (See Property/casualty
insurance cycle)
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. (See Flood
insurance; Earthquake
insurance)
HOUSE YEAR - Equal to 365 days
of insured coverage for a single dwelling. It is the standard measurement for
homeowners insurance.
Want to lower your homeowner’s insurance rates every day
of the year? Click here to get up to five free homeowner’s
insurance rate quotes from agents near you.
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. |
