Home Insurance Terms R-S

Glossary of defined terms

The cost of insurance per unit of coverage

Real Property

Recall Period
A period of time under a home protection plan, that one can call a service provider and report that a repair failed.

Recording Agent
The insurance agent that sold the policy.

Discrimination against a risk based purely on its location

The restoration of a lapsed policy to full force and effect.

An insurance policy issued to replace one that has expired.

Rental Value
Insurance Protection against loss of rental value should the owner´s insured property suffer damages prohibiting use of the property.

Renters Insurance
Property and liability insurance designed to protect apartment renters

Replacement Cost or Value
The cost of replacing damaged property with that of similiar quality.

Residence Employee
An employee who is employed by the insured and whose job duties are directly related to the use or maintenance of the insured’s premises.

Residence Premises
The principal residence of the insured.

Rider (or Endorsement)
An attachment to an insurance policy that changes the policy’s coverage.

Violent activity by a number of people.

The chance of injury, damage or loss.

A list of individual items covered under one policy.

Scheduled Personal Property
A Listing of specific personal property and each items stated insured value.

Sinkhole Collapse
The sudden sinking or collapse of land into underground voids.

Smoke Damage
Damage caused by the smoke from a fire.

Stated Amount
An agreed upon amount of insurance, that will be paid in the event of a total loss.

Information from Deschutes Insurance

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