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Real Estate

Homeowners Insurance

TermDefinition
What is a policy endorsement Also called a rider. Adds a specific type of coverage to a policy that isn't included in the basic policy
What is liability coverage It protects a person/owner against claims from others for injury or property damage caused by the owners "negligence". It covers legal costs as well as damages
What is a STANDARD SETTLEMENT Standard settlement pays the actual cash value. ACTUAL CASH VALUE = original cost minus depreciation
Explain GUARANTEED OR EXTENDED REPLACEMENT COVERAGE Pays actual replacement cost, with no reduction for depreciation. Difficult to find so most policies provide extended replacement coverage instead of guaranteed, which reimburses up to approx. 20% more than the value of the policy
What is a co-insurance clause Means the owner assumes some of the risk
What is a subrogation clause Prevents the insured from collecting for a loss from both the insurance company and the party that caused the damage.
Created by: StellaAZ
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