This is extra coverage that financially protects you for loss or damages caused by water damage due to events like a sewer system backup or fresh water flood.īecause the base policy typically doesn’t include everything, extensions are included to provide additional coverages to the policy for specific property or circumstances (with limits in most cases).

This means that coverage under the policy is limited to the direct physical damage to your property. This simply refers to a policy that offers condo coverage. The Claim Forgiveness enhancement can be added to your home coverage for an extra cost. This means we won’t increase your renewal premium just because you’ve filed a home insurance claim. This will help you pay for reasonable and necessary additional expenses (like hotel costs) in the event you’re forced to leave your home for a period of time due to a covered damage or loss.

This refers to what your insurance policy will specifically cover if your property gets damaged, or if someone gets hurt (for example, slips and falls) while on your property and brings a legal action for damages against you. It’s also the factual information you submit if you accidentally cause damage or harm to someone else or their property. It’s needed for us to validate your coverage and work on approving your compensation for that loss. This is the factual information you submit to us after experiencing damage to your home and/or belongings. For example, if you have an engagement ring, you can get an appraisal from your jeweller to determine the value of your ring.Ī temporary or preliminary agreement which provides insurance coverage until a final and complete policy can be written or delivered.Ī set of rules that specify construction, repair and replacement standards for buildings and structures. This is the process of assessing an item’s worth, including the cost to repair or replace the item. This is someone who assesses risk and determines how likely certain events are to happen and, as a result, how much insurance premiums should cost.Īdvisors are on the front lines, working directly with customers to provide advice and guidance on what insurance policies are available as well as what policy makes the most sense for each person, group or family. That way, we know that when it comes time to talk about insurance, you’ll be ready. That’s why we’ve put together this handy glossary of insurance terms, with definitions that are easy to understand. Unless you’re fluent in the intricacies of indemnities or subrogation, it can be difficult to decipher what your policy means.

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