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Buying and understanding homeowners insurance is very complex. Being aware of what type of coverage is best and how much coverage you need are all things to consider. Where you live and the climate can also affect your policy premium. Most insurance companies offer discounts for multiple policies, so finding one that offers insurance for other insurable items may also play a factor in your decision.

Below you will find a large selection of homeowners insurance terms with a brief definition of what they mean. These are common terms you will find as you begin your online insurance quest.

Appraisal
An evaluation of a home insurance property to determine property value or damaged property value.

Claim
A request for reimbursement from an insurance company policy for loss to property.

Deductible
The amount a home insurance policyholder must pay out of pocket for a covered claim.

Depreciation
Estimated decrease in property value over time due to wear and tear, aging and several other factors.

Endorsement
A document added to a home insurance policy that changes the original coverage offered in the policy.

Exclusion
Certain property, persons or circumstances specified in a policy as not being covered by the policy.

Home Inventory
A list of personal items you have accumulated over time, usually consisting of one s personal belongings. It will provide you and your insurance agent with a record of your possessions and can expedite a claim in the event of a loss of any or all of these items.

Independent Agent or Producer
An insurance agent who represents several other insurers.

Inflation Protection
A feature that automatically adjusts your home insurance policy limits to account for increases in costs to repair property.

Liability Coverage
This covers losses that an insured person is legally liable for due to negligence or other situations outlined in a policy.

Premium
The price a home insurance company charges for a specific policy over a predetermined amount of time.

Property Coverage Insurance
Protects personal property and land against loss or damage, as outlined in the policy.

Real or Tangible Property
Land, as well as anything permanently attached to, fixed in or growing on it.

Replacement Cost Coverage
Pays for the cost to replace damaged property or personal property without factoring in deductions for depreciation. There is usually a maximum payment amount.

The internet is a tool that provides users with an easy and convenient method of shopping and researching. Buying and looking into insurance shouldn t be any more complicated than buying a pair of pants. Having the knowledge and facts to make an educated and confident decision on homeowners insurance is important. Many of the sites we reviewed offer many resources and learning centers with the above information to help consumers. Check out the sites we reviewed such as Liberty Mutual, Amica and Progressive to get you going on your insurance needs.

 

 

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