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Insurance Glossary

Actual Cash Value – Abbreviated as ACV, this value is based on the property's value at the time of loss.

Additional Living Expenses – If you have a homeowners insurance claim and the home is not habitable, you may be entitled to additional living expenses under your homeowners insurance policy.

Deductible – The deductible is the portion of the loss that you are responsible for paying.

Endorsement – Also called a rider, an endorsement adds coverage for property that might not be sufficiently covered under a standard policy.

Flood Insurance – Most property insurance policies specifically exclude natural flooding. A separate flood insurance policy can be purchased to cover property damage caused by a flood.

Loss – The damage to or destruction of property covered under an insurance policy.

Named Peril – A named peril is a threat to property that has been specifically named in the insurance policy.

Notice of Loss – A notice of loss is the formal, written statement of detailing the damage or destruction of property that is submitted to the insurance company as part of the claim.

Peril – Perils are potential threats to the insured's property. Perils may be specifically named as well as specifically excluded from insurance policies.

Proof of Loss – Policyholders must prove their losses in order for a claim to be paid. The proof of loss is the documentation that the policyholder provides to the insurance company, proving the losses.

Replacement Cost – Many property insurance policies contain replacement cost coverage which replaces damaged or destroyed property at current market rates.

Rider – Also called an endorsement, a rider adds coverage for property that might not be sufficiently covered under a standard policy.

Vandalism – The malicious, unauthorized damage or destruction of another's property. Acts of vandalism include graffiti, broken glass, smashed mailboxes, rocks and bottles thrown against building surfaces, arson, slashing tires, and so on. Vandalism is typically covered by most commercial, business, homeowners, and renters insurance.