Combined property and liability insurance that provides insurance coverage against the covered perils to which a homeowner is exposed.
Increased Cost of Construction Insurance
Commonly added as an endorsement to homeowner policies, "increased cost of construction insurance" covers the additional costs of building repair or reconstruction when you rebuild with more expensive services, materials and techniques required by local ordinances. Insurance that covers the additional cost of reconstructing a damaged or destroyed building where ordinances require rebuilding with more expensive materials, services or techniques than originally used.
Dangerous materials or activities that are not inherent to the property.
A contractor who represents different insurance companies
Indirect Loss (or Damage)
Loss resulting from a peril, but not directly caused by that peril.
Inflation Protection (or Inflation Guard Coverage)
An amendment to a policy that provides protection against inflation by adjusting the level or amount of the benefit.
A flaw in an item of property that will, in time, produces damage to the property without the assistance of an outside force
Replacement of property with other property instead of cash.
A state official charged with enforcing the state´s laws governing insurance.
State Government Department that is in charge of enforcing the laws governing insurance.
Any crime that involves an insurance company
The person(s) protected by an insurance policy.
The place where you live, any surrounding land you own, and any structures on your property.
The insurance company providing the coverage.
Life insurance policies written for children under a specified age.
Key Person Insurance
Insurance that helps protect a business against the loss of income resulting from the disability or death of a significant employee.
Insurance that pays when you are responsible for an accident in which you have injured someone or damaged their property.
A clause that states that should the insurer, within a specified period of time, begin offering a broadened version of the current policy without increasing the premium, then that increased coverage will apply to the current policy.
Limit of Liability
The maximum amount that an insurer agrees to pay in the case of loss..
Limited Building Code Upgrade
An endorsement added to a policy that provides coverage for demolition costs and increased construction costs required or regulated by law.
The maximum amount of insurance that will be payed for a covered loss.
The dollar amount of an insurance claim.
A type of coverage that protects a condo unit owner if fees are assessed by the condominium association for unexpected loss to the property.
Loss Deductible Clause
A clause that requires you to pay part of your loss before the company will pay the rest.
Loss of Use
Coverage to compensate a policyholder when they have lost the use of their property.
Loss Payable Clause
Extends coverage to parties with an insurable interest in your property.
Information from Deschutes Insurance