Understand An Insurance Quote

Within homeowners insurance quotes there are many insurance terms.   Here is a very brief listing of a few of those terms.

Hazard: a situation which could be potentially harmful.

Home protective devices: fire alarms, burglar alarm, smoke detectors, dead-bolt locks.

Inland Marine: scheduled personal property

Liability: damages paid when insured is negligent for an occurrence arising out of ownership or use of property

Loss of use: money for living expenses if after a loss insured is required to leave the residence.

Medical payments: medical payout for non family members

Perils insured against: fire, lightening, wind, hail, explosion, riot, smoke, aircraft, theft and vandalism

Personal Property: furniture, appliances, electronics, clothing, etc in use at the insured’s residence.

Replacement Cost: depreciation is not factored in on a claim settlement

Call your insurance agent for a more detailed listing of insurance terms used in homeowners insurance quotes.