Dwelling (Coverage A)
Provides protection for the structure of your home in the event of a covered loss. For example: the walls, roof, or attached garage. Deductibles will apply.
Other Structures (Coverage B)
Provides protection for the separate, stand-alone structures on your residence premises, such as a detached garage or shed.
Personal Property (Coverage C)
Provides protection for your belongings in your home such as furniture and clothing.
Loss Of Use (Coverage D)
Provides reimbursement for your expenses such as meals or lodging when your home becomes uninhabitable due to a covered loss.
Medical Payments
Provides protection to someone not living at your residence if they are injured on your property. Covers medical expenses to others, caused by the actions of an insured, regardless of legal liability.
Ordinance or Law:
Covers increases in the cost to repair your home due to local laws or ordinances.
Replacement Cost
Provides loss settlement for your property with a similar item of the same quality, make, and model. Replacement cost does not consider depreciation and usually does not include the cost of wear and tear.
Actual Cash Value
An estimation of how much it will cost to replace or repair something damaged or stolen minus depreciation (the decrease in value over time).
Total Loss
When it costs more to repair your personal belongings or your home than it would to replace them.
HO-3 Homeowners
A package policy that covers both property and liability for the owner and resident of a single family home. The policy form provides coverage for the home (dwelling) and its contents. The HO-3 policy form covers all perils unless specifically excluded in the policy language.
DP-3 Dwelling Property
It's a type of landlord policy. Dwelling property policy form is not a packaged policy. Liability coverage must be purchased at an additional cost (varies by state).
HO-6 Unit Owners Form
A package policy that covers both property and liability for the owner of a condominium unit whether the unit is owner occupied or rented. This form provides coverage for personal property and additions and alterations and does not cover the building itself.
Forced Placed Insurance
A type of policy that a lender can impose on you when you fail to meet their minimum insurance requirements. Your bank may force-place insurance on your property if your homeowner's insurance is cancelled, has lapsed, or the bank has deemed it insufficient to protect the bank's interest.
Additional Interest
A person added to your insurance policy that only receives notification of coverage in effect. An additional interest does not have an insurable interest in your property and is not entitled to collect a claim payout in the event of a covered loss.
Additional Insured
A person who has an insurable interest in your home and who is entitled to coverage under your insurance policy. In some cases, an additional insured may be an entity.
